How to Send Money to a Foreign Country?

In today’s developed times, sending money to a foreign country is easy. There are different ways for sending money also. The only things keep in mind while choosing the method are the time factor and the safety factor.

Money can be sent by mail, by international money orders or via online transfer. Each has its advantages as well as its disadvantages. Let us see each in detail:

Postal Money Order

Sending money through money order is very easy and it is cost effective. To send an international money order -

1. Check if the destination country accepts international money orders.
2. Ensure that the money being sent is going to be denominated in the currency of the country you are sending it to. Also check the exchange rates online.
3. Arrange for the cash that you are going to send. Keep an extra $10 to $12 for the money order fee and postage.
4. Go to the post office and buy a money order for the destination country. Ask for the total cost. It will be the exchange rate plus the processing fee. This has to be paid in cash. The limit on the money sent on a single money order is $700. In case you want to send more than that you will have to buy additional money orders.
5. Buy the required postage for sending the money order. Additional protection can be provided by certified mail.
6. Put money order(s) in the envelope, attach postage and hand it to the clerk. And do not forget the receipt.

Limitations of Postal Money Order

The only limitation with an international money order is that country to which money order is being sent should accept international money orders. In case it does not, another method has to be chosen.

International Wire Transfer

This is the safest way to send money overseas and it is very fast also. The steps to send money through this are:

1. Find out the recipient’s bank address, his/her account number and the bank’s routing number. The routing number can be found out from the bank.
2. Go to the bank and speak with a personal banker or manager. According to your needs, the banker will provide a form with the required information.
3. Complete the form and sign it. Take the receipt for the same. The bank will do the rest. The money generally reaches the recipient’s account in 24 hours or on the next business day.
4. This method is best suited for large amounts. The transaction can be checked from both the sender’s and the recipient’s bank.

Limitations of Wire Transfer

The main limitation with this method is that it is very expensive. It is also not recommended for smaller amounts.

Online Transfer via Western Union

Sending money online via Western Union is very fast and convenient. The steps are:

1. Start by going to westernunion.com and ensure that there is a pickup location in your recipient's area.
2. Register with Western Union. Your name, address, phone number have to be provided. Create a password.
3. Click on "Send Money" under Online Transactions. Select the country and Money in Minutes option. There is also an Economy option which is cheaper but it takes three days for the money transfer.
4. Provide the recipient's information, and enter your credit card/debit card information when prompted. Save any control numbers provided by the site.
5. Inform your recipient that the money has been sent. Provide any additional information as advised by Western Union. He/she can then pick up the money in local currency at the Western Union agent location you've arranged or any other location in the area.

Limitation of Western Union Money Transfer

This method is not very convenient for the recipient as he has to go to the local Western Union office to get the money. It is comparatively costlier than a money order and not as safe as a wire transfer.

Keeping in mind our requirements, we can choose any one of the above mentioned options for sending money to another country.