There are a multitude of reasons why you may need to send money overseas, from supporting a child studying abroad to helping someone out in an emergency to paying a business supplier.
There are also a multitude of ways you can send money overseas as well, ranging from bank wire transfers to prepaid debit card to credit cards to international money transfer services to simply sending a check.
Out of these options, a money transfer service will arguably be your best choice for making an international transfer.
Here are the top three advantages to using an international money transfer service:
Advantage #1 – It’s Safe
Security, rather than speed, should be your top priority in any transaction. Even if you need to send the money urgently because it’s an emergency, you also don’t want anything happening to that money, right?
If you send your recipient a check in the mail, not only will it be slow getting to them, it will also be risky. Anything can happen to that check, whether it be lost or stolen…and if it does get stolen, whoever stole it will have access to your account and routing numbers. Money transfer services, however, are one of the safest options available for sending money over borders.
Advantage #2 – It’s Fast
One of the most popular and well-known options for sending money overseas is to make a wire transfer with the bank, which can be done either in-person or online. While wire transfers are certainly secure, they are also expensive…not to mention downright slow.
Whereas bank wire transfers may take up to five business days (or more) in order to go through, money transfer services can send the money and have it processed within just one business day or two at the most. This helps you to steer clear of any late charges that you might otherwise incur.
Advantage #3 – It’s More Affordable
It’s virtually never free to send money overseas, unfortunately. But by using a money transfer service, you can reduce the cost of transferring money internationally considerable. Wire transfers at your bank will often require you to pay a flat fee of $40 to $80 on average. In contrast to this, money transfer services will charge a small percentage usually between 1-3%.
If you’re sending a smaller sum of money, such as three hundred dollars or so. a flat fee of around $50 is very hefty. But paying a 3% percentage, or $9, would be much more reasonable.
Sending money via debit cards and credit cards is also expensive, because you’ll need to pay a flat fee for the card (usually around $20) in addition to a small fee with each transaction.
Money Transfer Service Advantages
While a money transfer service is certainly not your only option for making an international payment, for the reasons that we have covered it is definitely one of your best choices.