THE BEST WAYS TO SEND MONEY ABROAD

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THE BEST WAYS TO SEND MONEY ABROAD
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Factors To Keep In Mind That Determine The
Best Money Transfer Service

• The current exchange rate between currencies
• Are you transferring one currency to another or
  keeping the same currency (i.e. transferring USD
  to a CAD account in Canada or transferring USD to
  a US Account in Canada)
• How much money you want to send (a small amount
  or large amounts)
• Is it a one off transfer or a reoccurring one
• How quickly you need the payment to get there
• The country you are sending from and the country
  you are sending to (we are assuming you are
  sending from the US)

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Online Payment Services

• This is most likely your most convenient option
  to send money or transfer money to another
  country as you can do it from your own home on a
  computer, in only a couple minutes at most. These
  companies are ubiquitous and easy to use.  If you
  use an online payment service such as Paypal you
  do not have to worry about any hidden or extra
  fees outside of the initial fee and the exchange
  rate (if you are sending abroad).

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Money Transfer Operators

• Money Transfer Operators are companies with
  ground locations that specialize in quickly
  moving money for clients from one location to
  another, even between countries. A money transfer
  operator service is ideal if you need to send or
  transfer money internationally very quickly.
   These usually offer both services online and at
  street locations through various office branches
  all around the world.

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Bank (International) Wire Transfers

• If you need to send money abroad another option
  to pursue is a bank wire. This can be done online
  or in person. A bank wire is a electronic
  transfer of funds from one bank to another where
  both parties involved need a bank account. To
  send a wire transfer there are specific details
  needed such as the recipients  full name, branch
  number, transit number and bank account number.
  There is a specific form that you will have to
  fill out whether you do it online or in person.

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 Foreign Exchange (FX) Broker 

• FXs brokers are on average 3-4 cheaper than
  sending money through a bank transfer/wire. So
  for large sums AND for a much better exchange
  rate than banks will give, the FX Broker is one
  of the best options.
• You get a lot of currency conversion options with
  Forex online Brokers. You can also set a price
  watch so when a currency reaches a certain price
  you will get a notification. Further you can set
  up recurring payments to an international source
  using one of these services. You can even lock in
  exchange rates. There are options to make
  reoccurring large payments between countries
  (such as mortgage payments from one country to
  another) that are free even.

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