4 Ways to Transfer Money Across International Borders

Now can be an uncertain time for many individuals all across the world. Many are faced with economic hardship due to the loss of jobs or lack of education. Hundreds of miles separate families, so it can be challenging to provide monetary help to loved ones. However, technology has many different solutions to offset the challenges of distance. Here are four ways you can transfer money internationally. 

Online Money Transfers

Many companies offer online money transfers. For instance, sharemoney.com  can transfer money abroad to family members quickly and securely. Usually, the process is simple to set up, and once complete, you can send money the same day. Most companies allow online transfers using several different transmitting options. Some of these include home delivery, bank deposit, and cash deposit. There are currently many countries that accept these kinds of transactions. You can even send money to Pakistan, for example.

Using Your Bank to Send Money

Some banks or credit unions allow you to send money to others using the same service. Generally, they require the account and routing number for the recipient. You can initiate these services online or by visiting a local branch. 

You can also send money to family members using bank wire transfers. However, this method typically includes high transfer fees. Generally, wire transfers are beneficial when the dollar amount exceeds $1000 or when the transaction is over the daily limits enforced by the institution. 

Prepaid Debit and Credit Cards

Other companies allow you to place money on a prepaid debit card. Friends in need can use these cards to withdraw cash in their country’s currency. Once the money is gone, you can add more to it within minutes. However, depending on the service or company, fees can make this option more expensive. Often there are fees included to send the card to the recipient and additional charges to replenish it. Yet, even with potential costs, this option may meet the needs of you and your loved ones, best. Consumerreports.org recommends shopping around before picking a money-transfer service so you can choose what works for you.  

The Power of Cell Phones

Hand-held technology can streamline any money transfer option. Often you can access services online through your phone’s browser. There are also many different apps you can download to your phone that can assist in transferring money back and forth between friends. Apple Pay is a money transferring option available to people with iPhones, while Google Pay is available to anyone with access to a computer or Android. Simply access your phone’s application store to find a tool that could work for you. 

Decide What Will Work for You

Whatever option you decide to use, check for hidden fees or special offers. Finder.com also suggests comparing exchange rates between countries. You can use these rates as a baseline to determine how much money you should initially send. It may also be a good idea to send more money per transfer to avoid high transaction fees. Often providers will waive or discount fees with larger transfers. 

The economic downturn may cause you or loved ones to need assistance due to the loss of a job or household provider. Many individuals all over the world are facing hardship associated with income. However, there are ways you can help your family, friends, and loved ones. You can offset their financial problems by using online transfer services or sending a prepaid debit or credit card. Many downloadable apps are also useful for transferring funds to friends. Be mindful of potential fees, but ultimately use the resource that works best for your situation.