How to Send Money Overseas
Transferring money to friends, family members and vendors overseas has never been easier than it is today in the digital age of the internet. There are all kinds of ways to send money overseas, a variety of fees to go along with each one as well as a variety of differences. The fact of the matter is that if you’re in the United States or abroad you can send money to anyone via online services or traditional methods. The method you choose can vary in terms of speed, the pre-qualifications that exist and how the recipient can withdraw money.
A bank wire is perhaps an overarching method of sending money overseas and worldwide to which many people turn. All that’s required for a bank wires is a checking account at a bank in your home country. The recipient also needs to have a checking accou nt. The entire process of using bank wires to send money overseas varies according to each bank and country’s regulations. In general, however, you can expect to wait up to 7 business days or more for the recipient to receive his money into his bank account. Fees also vary; some smaller banks and credit unions don’t charge for international bank wires while many banks do charge.
Money Wire Transfers
Yet another method in which you can send money overseas is through money wire transfer services. The two major carriers and providers of money transfer wires are Western Union and Moneygram. These two services allow you to take cash to a drop-off or money wire office in your home country, fill out a simple form with yours and the recipient’s name and contact information. When using these services to send money overseas, money is available to the recipient in a matter of hours, depending on the international location to which the money is being transferred.
Online Payment Services
There are basically two types of online money services that allow you to send money overseas. The first is online services like PayPal, AlertPay and PerfectMoney. When you sign up for these services, both you and the recipient must have the same type of online account with the payment transfer service. When you transfer money overseas to another individual, the money stays in the recipients’ online account until he moves it to his bank account or withdraws it in some other manner.
The second type of online services is those that allow you to send money via the Internet, but require the overseas recipient to sign up. The recipient either receives a pre-paid debit card to withdraw the cash from an ATM or makes purchases or transfers the money out to a bank account. Examples of these online services include iKobo and Obopay.
As you can see, you can send money overseas in multiple ways. The internet has certainly revolutionized the way that money can be transferred, but you still have traditional methods–like the bank wire–that allow you to easily send money overseas from one person to another.