Two decades ago, someone who wants to send money internationally has two, maybe three options in total to choose from. Nowadays, there are countless startups vying for international money transfer business and more coming all the time. Making sense of all the competing offers can be stressful.
Given the very broad range of services available, you can easily spend more than necessary to send money internationally. Each option has its own advantages and disadvantages, so you need to choose your priorities: a fast transfer speed or low transfer fee.
The following five remittance services are some of the best options to send money internationally.
Transferwise
· Best for: People who want the most favorable exchange rate
· How long the transfer takes: Anywhere from one to four working days
Transferwise believes that it should be simple to send money internationally and that the transfer fee should be fair. When you send money through Transferwise, you will be what is known as the level of the mid-market, or "real" exchange rate - this means you will not face the markup whatsoever, and it's based on the level that you would find on the website of foreign exchange such as XE .com. Customers can transfer funds to the beneficiary bank account via ACH transfer, bank transfer, debit card payment or a credit card.
Costs vary depending on the method of transfer, the exchange rate and the amount transferred. For example, as of this writing will cost $ 6.86 in fees to transfer $ 1,000 USD for a nation that uses the euro, based on the mid-market level of 0.88370 - the recipient will receive € 877.64. Conversely, the same shipment $ 1,000 could cost from $ 6.90 to ship to the UK in pounds, $ 10.15 to send the Japanese yen or $ 16.01 to send to South Africa. According to Transferwise, during the transfer of the money received within 30 hours, they guarantee the exchange rate quoted.
You can send money internationally to over 70 countries. Transfer time can be anywhere from one to four working days, depending on the payment method, purpose and how long your recipient bank to process the transaction. When you make the transfer, the company's website lets you estimate how long the transfer will take, depending on the factors listed above.
You can transfer up to $ 10,000 per order once every 24 hours through the ACH and up to $ 50,000 per order every 24 hours by using other methods. You will need to open an account and verification is completed before you can transfer the money.
Transferwise likewise gives bank SWIFT code or BIC code which is utilized when you move cash to abroad. Assume you need to move cash between commonwealth bank to commbank bank around then transferwise give you commonwealth bank swift code and commbank swift code so we can utilize it effectively.
pro:
· Using the mid-market exchange rate
· Offers a variety of payment methods
· The website is easy to use and offer upfront information through its FAQ section
Cons:
· A transfer may take longer than other competitors
· Recipients can only receive the money if they have a bank account
OFX
Best for: People who want to send large amounts of money and eliminate transfer fees
How long the transfer takes: Anywhere from two to six working days
Headquartered in San Francisco, OFX does not charge transfer or limit how much money you can send to 56 countries' support. Another perk is their variety of transfer options, different on you create single or recurring transfers. For smaller amounts, OFX has what is called a rapid transfer, in which you can lock in the exchange rate when making a single transfer. For recurring transfer, you must commit to four scheduled transfers. Both options require a minimum of $ 150.
OFX also allows you to set the exchange rate target, but only if you are transferring large amounts of money. Buy Now, Transfer Then their choice allows you to lock the rate today so you can order the transfer of up to twelve months; however, you will need to transfer a minimum of $ 30,000. Their level Target tool to monitor the exchange rate you want for up to six months. When it reaches your target level, OFX will contact you to complete your transfer - $ 30,000 $ 10,000 minimum online or over the phone.
After creating an account, you can transfer (although only via ACH or wire transfer) and the recipient will receive cash in their bank accounts. You also can download their mobile app to keep track of transfers, transfer money and find the exchange rate.
OFX exchange is not based on the mid-market level as Transferwise, so you may lose money after your transfer is complete. As a comparison, you will not pay any fees in OFX, but when we tried to transfer $ 1,000 USD to the Euro, the recipient only gets € 865.30, less than Transferwise.
pro:
· No transfer fee
· You can send large amounts of money
· OFX gives you the ability to lock in exchange rates and perform repetitive transfers
Cons:
· You can only send and receive money via ACH or wire transfer
· Some OFX preferred bids require a high minimum transfer amount
· Not the fastest transfer options
Xoom
High-quality for: individuals who want to switch cash fast, despite the fact that its method paying better charges
How long the transfer takes: A few minutes to several days, depending on the recipient country and method for receiving funds
Owned by Paypal, Xoom offers one of the fastest delivery times - money can take minutes to reach your destination. For example, if you send money to locations ranging from Albania to Vietnam, the recipient can access the cash in a few minutes when picked at participating locations.
You can transfer to more than 132 countries and depending on the country, the recipient can withdraw cash at participating locations, through a bank deposit or courier delivery. You can send international money by bank transfer, debit or credit card. Since the Xoom is a company Paypal, you can also use your Paypal to send cash, although you can not use your Paypal balance - just a bank account, credit card or debit card associated with the account.
The amount you send depends on the level of giving your Xoom. If you provide all the necessary documents - government-issued photo ID, bank statement or pay stub and complete the security questions - you can send up to $ 50,000 within 24 hours and up to $ 60,000 per month. However, sending more than $ 10,000 times the processing delay times. Xoom said it would take two or three working days in addition to the normal processing time, assuming you send funds before 4:00 PT.
As for the cost, Xoom costs quite a bit depending on the method of payment. For example, sending $ 1,000 to Austria means the recipient will only receive $ 873.20. You do not have a fee if you transfer money through your bank account, but you're looking at a cost of $ 30.49 if you do it through a credit card or debit card.
pro:
· Money can arrive in a few minutes
· You can send money using a variety of methods and you can choose how you want the recipient to obtain funds
Cons:
· The cost can be quite steep, especially if you send money using a credit card or debit card
Remitly
Best for: People who want a low cost and the option to transfer money faster
How long the transfer takes: Depending on the country and how do you send the money, it can take anywhere from an hour to five working days
Launched in 2011, Remitly wanted to create a company that helps immigrants and their families save costs on international money transfers. Customers can send money to more than 40 countries through their express option - the money arrives within hours - or the choice of their economies in which the funds arrived within five working days. The company also claims to offer a money-back guarantee if your money does not arrive on time.
You can choose whether the recipient receives the funds through bank transfer, cash pickup or delivery, although not all options are available in all countries. You can pay a fee depending on the location and how you want to send money. It can be as low as $ 0:49 for economic options, and some transactions may even not be charged at all. Although there are no actual costs Remitly mentioned on the website, you can pay a higher fee if you use a credit card.
Currency exchange rates are not based on the mid-market level, so Remitly also will make money from the difference. For example, at the time of publication, Remitly offers a 3.97 exchange rate when transferring money to Malaysia, compared to the mid-market level of 4.06. In other words, while sending $ 1,000 USD through Remitly, your recipient will receive $ 3,970.00 ringgit Malaysia, compared with $ 4,060.76 using the mid-market exchange rate.
Although there is no minimum requirement of the transfer, you can only send up to $ 10,000 in the first 24 hours after signing up for your account, based on additional personal information that you provide. When you have your account open for at least 180 days, you can increase that limit to $ 60,000.
pro:
· low cost
· Offers the option to send international money faster
Cons:
· Available in countries with fewer than most competitors
· Send a lower limit of a competitor if you do not pass the security check
How to send international money safely
Assume cash will move between Commercial bank of ceyloan and Commonwealth Bank of Australia so we have to both bank SWIFT code or BIC code. Here Commercial bank of ceyloan swift code is CCEYLKLX and Commonwealth Bank of Australia swift code is CTBAAU2S.
Significant:
SWIFT Code of bank's everything branch is the equivalent. Here we move cash between Commercial bank of ceyloan Colombo city any branch to Commonwealth Bank of Australia Sydney city any branch. So here we submit Commercial bank of ceyloan SWIFT / BIC code of Colombo city any branch is CCEYLKLX and Commonwealth Bank of Australia SWIFT / BIC code of Sydney city any branch is CTBAAU2S
Money transfer services over the review provide a convenient and secure way to send money internationally. Use one of them, and avoid unknown or strange choices. There are many complicated transfer schemes that scam people and steal their money. Remember, transfer money like sending cash: Once the money leaves your hands, there is almost no way to track the transfer of faint and get your money back.
Avoid sending money to someone you've never met. There are a lot of scams - people say you have won a foreign lottery, calls from long lost relatives in crisis, mysterious online purchases you do not really make - and the scammers usually try to get you to make money transfers. They also send their target victim an email that looks from a legitimate money transfer companies, such as those listed above, asking you to open an account. Ignore this requirement, since most companies will not contact you in this way. Most of the remittance company has a team of fraud detection to monitor suspicious transactions.
You can send international money cheap and convenient. However, you will need to remain vigilant and do some research to make sure your money is safe and up to the intended destination. With so many options available, choosing the one most suited to your needs and review all the information before you send money.
Related Topics
Disclosure advertiser: Products that appear on this site may be from companies that we receive compensation. This compensation can affect how and where products appear on this site (including, for example, the order in which they appear). we do not cover all financial institutions or all products offered on the market.