Finance

How do I send money to another country

We have listed the top 5 ways which are mostly used by many to transfer funds. Grab any of these options to send money to another country online.  

  1.    High Street transfer firms (Instarem, MoneyGram, Western Union)
  2.    Look for Banks licensed to send money to overseas
  3.    Foreign Exchange (FX) Brokers
  4.    Block chain technology (Bitcoins)
  5.    Social Media Platforms for sending money (Facebook Snapchat..)

Let use discuss more about these payment services to send money to another country.

  • High Street transfer firms

Western Union, Ria, MoneyGram, OFX are some of the popular methods used by many in the world to send money to another country. All you need is to deposit your amount in your currency, and they will convert it into the recipient’s currency. Money transfer centers are very fast in delivering your desired amount if you are sending a small amount.

Most of these services have agents across many countries, and you can even find at post offices. All you need is to simply drop your fund, pay fees depending on the country and speed of delivery. Just get the reference number and send it to the recipient to let them pickup.  Remember these services may be fast, reliable but at the same time expensive too to send money to another country.

2. Bank Accounts

One of the standards employed is sending money to overseas through banks. A fee will be deducted in sending to the targeted recipient and exchange rates will vary from bank to bank. All you need to give is complete details of beneficiary SWIFTBIC, routing numbers, IBAN and unique identifier Account number of the recipient which has set by the financial system of that country. Let’s say you want to send money of $1000 to the USA then you need to fill all the details set by the bank, and a fee of few dollars will be charged along with the exchange rates.  Banks are most widely used because of their safety, convenience to send money to another country.

3. Foreign Exchange Broker

Have you got a problem in sending a large sum of money to another country, is your bank and high street services are demanding more fees. Then forex brokerage is the best solution to send money to another country. Forex brokers are the best option for sending bulk and larger amounts, usually over £3,000. If you are transferring more than £3000, then you won’t need to pay fees. And remember they are specialized in currency transaction, and the best exchange rate can be spotted with the help currency specialist. And money will be sent to recipient bank account in a couple of days. Another benefit that falls under forex broker is capable of maintaining regular payments.

4. Bitcoins

Bitcoin blockchain comes with a speed delivery and becoming one of the popular ways to send money to another country. For example, if you are purchasing bitcoins with CoinJar then create an account in CoinJar and deposit the cash. After that convert cash into bitcoins. Then mention the receiver’s wallet address and the amount in the ‘send bitcoin’ section. When it is delivered the recipient turns the bitcoin at a local exchange. It is one of the best methods in removing exchange barriers and helps in accelerating globalization. You can send money to another country with bitcoins which is an easy task.

5. Social Media – send money to another country

Facebook introduced the peer to peer feature via messenger app which enables to send money to friends and family. To avail, this payment feature in Facebook all you need to do is add a debit card issued by US Bank to your Facebook account. But currently, it is limited to only US users.  To initiate a payment the user has to press the $ icon and enter an amount simply. The messenger prevents it from visible to everyone. If anyone uses it for business purpose, then Facebook blocks this feature for them to use.

Snapchat made a partnership with Square for users to exchange money and created Snapcash. It comes with an easy way to transfer money  to send money to another country. The debit card details of the snap user are stored securely by Square, and then people can send cash directly to their friend’s bank accounts. To send money, go to chat then type $ along with the amount and hit SnapCash button.  It is also a P2P payment system; hence it should not be used for business purpose. Users are not allowed to sell or buy snaps, stories usernames or adding someone as their friend.

Read more at https://www.instarem.com/