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Everything You Need to Know About International Money Transfer Services

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The costs of international money transfer on a per wire basis and the poor exchange rates you will get from the banks make it a costly business for those who need to transfer large amounts. For example, people who move abroad, live abroad, study abroad, invest abroad, receive large payments from abroad, manage a small international business, and so forth.

But do they offer good value for your money? And are they safe to use? In this article, we’ll take a look at how these services work, what to watch out for, and whether or not you should consider using them when transferring money abroad. Let’s get to the details.

What is International Money Transfer?

International money transfer is a service that allows you to send or receive international payments and transfer funds abroad. It’s often used by international corporations, business owners, immigrant workers living in another country, international organizations such as the UN, international students studying abroad for an extended period, and any other individual who needs to make international transfers.

What are International Money Transfer Services?

There are several international money transfer services available, but the most popular ones include companies like Western Union, MoneyGram, and PayPal. These are the most recommended services for U.S customers and allow you to send or receive international payments quickly and easily through their websites or mobile apps. Here are the companies in detail.

Western Union

Western Union is one of the most popular international money transfer services and offers a fast, convenient, and reliable way to send or receive payments. You can use their website or mobile app to send funds to over 200 countries and territories worldwide.

MoneyGram

MoneyGram is another well-known international money transfer service with an extensive global network of almost 350,000 agents in over 200 countries. When you sign up for a MoneyGram account and send international payments, you will get the opportunity to track your transaction through their website or mobile app and see when it arrives at its destination.

PayPal

PayPal is one of the most widely used international payment platforms and offers a fast, easy, and secure way to send or receive international payments. You can use their website or mobile app to send money to almost anywhere in the world.

Wise

Transferwise is a newer international money transfer service that offers low-cost, transparent international transfers. You can use their website or mobile app to send money to over 60 countries and receive the mid-market exchange rate with no hidden fees.

Worldremit

WorldRemit is another international money transfer service that offers international transfers to over 140 countries. You can use their website or mobile app to send international payments and receive the mid-market exchange rate with no hidden fees.

OFX

OFX is a global leader in international payment services, offering a wide range of international money transfer services to individuals and businesses. You can use their website or mobile app to send international payments, get the best exchange rates, and save on transfer fees.

WorldFirst

WorldFirst is an international money transfer service that offers international transfers to most developed countries. You can use their website or mobile app to send international payments, get the best exchange rates, and save on transfer fees.

The above are some of the most popular international money transfer services, but there are many more to choose from. Do your research and find the service that is best suited for your needs.

How Do International Money Transfer Services Work?

There are a few ways that you can make international money transfers. The most common way is through a wire transfer, where the funds are transferred electronically from one bank account to another. Another way is by using a money order or traveler’s check, both physical forms of payment that you can use to send or receive international payments.

When you use an international money transfer service, the funds will be transferred through their system and exchanged into the desired currency. This process usually takes a few business days, so make sure to factor in this time when sending international payments.

Can I Use My Bank to Send International Payments?

Most banks offer international money transfer services, but they usually come with a higher cost due to the fees that the bank charges. However, you can transfer money to a bank account abroad for cheap with companies like OFX and WorldFirst. It is also essential to find the best foreign exchange rate, as it can vary greatly between international money transfer services.

How Much Does It Cost to Send Money Internationally?

The cost of international money transfers varies depending on the money transfer companies that you use and where you are sending the funds. It is essential to do your research to find out how much international payments will cost for your specific situation.

What to Look for in an International Money Transfer Service?

There are a few essential things to consider when choosing international money transfer companies:

  • Fees and exchange rates – The most important thing you will want to consider is the fees that international payment services charge and the exchange rate they offer. Make sure you compare the rates between different companies to find the best deal.
  • Speed of transfers – How fast do you need your international payments to be processed? Some services can take a few days, while others can process payments within minutes.
  • Location – Where is the service based? Can they send international payments to the country where you need them sent?
  • Customer service – Make sure to choose a company with good customer service if you have any questions or problems with your transfers. International money transfer services offer international payments to most developed countries. You can use their website or mobile app to send international payments, get the best exchange rates, and save on transfer fees.

International money transfer services are a great way to send or receive international payments. As you can see from this list, different services cater to different needs. Before choosing one, it is essential to consider the fees and exchange rates that international money transfer services charge, how fast international payments can be processed, where they are based, and what customer service they offer. Using these tips, you can choose an international money transfer service that best fits your needs.

What do you think?

Written by JD Hysen

JD Hysen is a fin-tech writer and music critic for Millennial Magazine. As host of The TrueMan Show, he covers all things related to stocks, tech and culture. He's a market analyst by day and a music scout by night, combing venues in search of fresh acts and noteworthy performances.

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