The world we live in today is driven by technology. It may look like the traditional ways of transferring money are becoming obsolete because of the faster and more convenient electronic methods of money transfer services. In addition to the speedy transaction, another important factor to put into this consideration is the transfer fee. So what are the 6 low-cost ways to transfer money?
Keeping transaction costs at a minimum is what you should look for when doing international money transfers. While most of the providers may charge you a percentage of the money you are transferring upfront, others will charge you a flat fee for your transfer.
This article will be your guide to choosing the best 6 low-cost ways to transfer money if you’re looking for how to transfer money abroad.
Your Bank
Your bank can still be your go-to provider for transfers if you are just looking to send money to another account within the same bank.
It is usually free and can be done by withdrawing money from your account and depositing it into the recipient’s account either physically or by online money transfer.
Local banks can also serve as your international money transfer agents, but it will require more information before processing your requests. This information includes but is not limited to the account number of the international recipient. The rates of transfer here can cost up to $45 for American dollars or $35 for other currencies and may vary depending on your bank.
PayPal
PayPal is an online money transfer service that offers a variety of payments and speedy transactions. Money sent using PayPal is usually received instantly in the beneficiary’s PayPal account which can then be withdrawn into a linked bank account. A big advantage of PayPal is that a beneficiary can spend money directly from the wallet without withdrawing; this is particularly useful if you want to shop online.
PayPal international money services come with humungous fees, so it is best to use it to send money within the United States. It offers large transfers without a limit, but individual transactions are capped from $10,000 to $60,000.
You can send money using the app or the web version, if you do not have a PayPal account, signing up is easy and free. You can equally check out remitly money transfer service.
Best Finance
Best finance offers a convenient money transfer that is fast, reliable, and has high-security standards. You can transfer money to over 130 countries. They offer low commissions and funds are received in less than a minute.
Additionally, transfer rates may vary differently depending on the recipient’s country. There are no extra or hidden charges attached. The sender pays the commission so you do not have to worry about the recipients paying for withdrawals.
Signing up is easy and free either on the app or via a web browser. Additionally, they offer 24/7 customer service to ensure all your questions are answered.
Cash
This is one of the traditional methods of transferring money, although it can have its perks in some situations. For example, when time is not on your side and you need to send money across; you can easily withdraw cash and deposit it into another account. Money sent in this manner is usually available for withdrawal upon receipt. However, sending cash via mail is frowned upon because there is no retrieval system if the mail is lost.
Personal Checks
Writing and depositing money into another account, or simply sending it via mail across to someone in another state or city can be an affordable route if your bank gives you free checking.
But sending checks across the border is another ball game entirely. Sending checks in American dollars usually encounter delays in cashing in because banks will have to verify the deposit, and unfortunately some banks do not accept foreign checks. It also incurs fees when cashing such checks to cover the exchange rate.
Email Money Transfer
Another convenient method to transfer money is by email. Larger banks such as those in Canada offer this method of money transfer. This can also be likened to a form of electronic check. The money itself is not sent via email rather the transaction is executed by email and the beneficiary will be notified by email to inform them about the funds. You do not need the recipient’s account number in this case, you will only be asked a security question to verify the identity of the recipient before they can receive the fund.
Final thoughts
There you have a few low-cost options you can use to transfer your money. There are many more other options available out there. If you’re still unsure of the best options and need help. We are happy to help. Our specialist agents will walk you through different options and help you to make the best options. Let’s know how you get on in the comment section!
