When it comes to sending money online, there are many factors to consider. For most people, the most important aspects will be the cost of completing the transfer, how secure the funds are and how convenient the process is. Here we examine some of the best ways to send your money abroad online to see which one could benefit you most:
Using your online banking website or application to transfer money online can be a reliable and easy way to send your money overseas. However, fees vary greatly between banks and sometimes transactions can lack transparency due to further fees processed later on.
In general, completing an international currency transfer through your bank may cause you to be charged more than if you had considered other websites or platforms. Banks can also take quite a while for users to add new recipients to be paid to their accounts or for the money transfer to be received abroad. In the past, banks may have been the best way to send money overseas online, but this is certainly no longer the case as you will see below.
2. Western Union
Western Union is another more traditional way to send your money online. Although it is a more old-fashioned option, Western Union is available almost everywhere in the world and allows the recipient to collect money in cash wherever their nearest branch is. Western Union offers both domestic and international account-to-cash transfers. Funds transferred can be available within minutes or you can choose to opt for next-day collection. Fees can vary but in general they can be quite substantial. For example, sending a $50 transfer comes at a cost of $5 in the US. Overall, Western Union is not the most complete service as the recipient must locate their nearest Western Union branch (which could be quite a distance away depending on your location) and the fees for the sender can be significant.
PayPal has for a long time been one of the best options when it comes to sending money online. PayPal offers an online platform, Android and iOS mobile applications allowing you to send money in just a few clicks or taps. Many people use PayPal globally for both personal and business transactions. Personal transactions are free if you use a PayPal account, debit card or bank account. While PayPal supports international money transfers, it can charge substantial fees on these as well as varying currency conversion rates.
When it comes to business transactions, fees can be quite hefty. And don’t forget, once the money reaches your PayPal account you may need to wait up to five working days to cash out the payment into your bank account. Overall, PayPal is convenient mainly for personal transactions between two people both holding a PayPal account. However, it is not the most advanced way to send your money online, especially when it comes to overseas transactions as fees can be very confusing.
4. Google Wallet
Google Wallet offers a rapid way for people to send money through their Gmail accounts. It is currently only available for those living in the US, but the service is set to expand internationally in the near future. The Google Wallet Android and iOS applications let you send money for free from a Google account, a debit or credit card, or a bank account (Note: Fees apply when using a credit card). It can also be used for contactless payments in-store and when shopping online. The biggest disadvantages to Google Wallet are that it is not available internationally and all parties involved must have a Google email address in order to avail of the service.
Venmo is the latest craze to come out of the US and is actually owned by PayPal. It makes sending instant payments from your phone easier than ever, but unfortunately is not available at this time outside of the US. The Venmo Android and iOS applications have been very popular as all you need is the phone number or email address of the person you wish to send money to. Sending money from the Venmo wallet is free when using a debit card or bank account, while a 3% fee applies to credit cards or smaller debit card companies. Once you receive a payment through Venmo, you can cash out this money to your bank
account within one to two business days. This offers an advantage over the above options as it is far more rapid and easy to use, however it is unfortunately not available for international transfers and there is a maximum weekly sending limit of $2,999.99.
WireCompare.com is quite unique and stands apart from the more traditional money transfer
websites and applications above. Instead of offering one single platform through which to send your money online, WireCompare analyses a number of different money transfer applications and searches for the best one for you to use for your desired money transfer transaction.
WireCompare differs from options such as Google Wallet and Venmo as it also operates international transfer services, taking into account all relevant fees and currency conversions when considering your money transfer requirements. It allows you to easily send money anywhere in the world within a matter of minutes, while guaranteeing you the best value
possible on your money transfer.
In order to send money overseas via the Internet, you must be certain that the platform you use transfers money securely and rapidly from your account to the recipient. When you use WireCompare, you are accessing only the most trusted and reliable platforms through which to send your money. This ensures you have total peace of mind that your wire transfer will arrive safely with the recipient in a timely manner. See how much time and money you can save by using WireCompare for your next
international money transfer.