Here we are going to discuss the Best Ways to Send Money Internationally. Wire transfer is a way in which we send money electronically. There is No Exchange of Physical Money. Why, can you send money to another place without going anywhere?
Limit of Wire Transfer
Do you know the limit of wire money transfers? You can transfer up to $500,000. Different ways to send money via wire. The limit of money transfers depends on which method you use for wire transfers. Mostly the limit depends on which type of currency you transfer and which location. The banks and credit unions set their limits on daily transfer amounts.
Ways to Transfer Money Internationally
Some important ways to transfer money internationally are as follows:
The best way to transfer money internationally is OFX. There is no fee for transferring money using the OFX platform. Through OFX, you can transfer a minimum of $1,000 to 197 countries. It is the cheapest way to transfer money all over the world. Through OFX, the money is transferred within 5 to 7 working days.
2# Western Union
A western union is the oldest way to transfer money around the globe. The Western Union also has physical branches in different countries. The average rate of transferring money through Western Union is 1% to 6%. If you want to transfer money faster, they charge some fees. For a regular transfer fee, maybe it would take a week. The rate depends on the location where you transfer money.
3# Bank Transfer
Some banks offer the facility to transfer money internationally. It’s a secure wire transfer to send money around the globe. If you have an account in the bank that transfers money internationally, you can easily transfer money to your family or friends. To process a wire transfer, maybe it may take 2 to 3 days.
The best thing about MoneyGram is if you want to a money transfer the same day, it provides this facility for you. MoneyGram is another wire transfer international working in more than 200 countries. Along with MoneyGram, they charge some amount. The exchange rate is more than 3%.
PayPal is a wire transfer mode internationally. You can use PayPal if you send money to you and also have a PayPal account. If you send money through PayPal, the fee is 5%. You can transfer the minimum amount of visa, PayPal is 99 cents, and the maximum amount is $4.99.
Do you know the fastest way of a wire transfer? Xoom is the fastest way to transfer money around the globe. Xoom and Venmo are also owned by PayPal. Through Xoom, you can transfer. Xoom charges $4.99 for transferring money through a bank account.
What is the Most Secure Wire Money Transfer Method?
A bank account is the safest way to transfer money internationally. Also, the companies do checks and balances and measure the safety of the sender and receiver who sent money internationally.
Important things required for international wire transfer
- Full name of the recipient and its address
- The recipient’s bank name and address are also required for the wire transfer
- The total amount you want to transfer
- The bank Routing number of recipient’s
- Reason for transfer (i.e. Family support, fund, or other)
- Need SWIFT or BIC code if required