You probably want to transfer some funds to your child living or studying abroad but don’t know the best way to send money cheaply. Worry no more as you’ve come to the right place. You’ll learn how to find the best way to transfer money abroad affordably.
Best Ways to Transfer Money Cheaply Online
There are many funds transfer options available, such as bank transfers, cash transfers, and foreign money transfer services. However, their charges tend to vary depending on the amount of money you intend to transfer and where you are sending the funds.
Some of the charges you’ll incur when sending money abroad are transaction fees and exchange rates. The good news is that agencies specializing in online money transfers are undercutting the competition by charging low transaction fees and exchange rates.
Now, let’s look at some of the best ways to send money online at affordable costs.
PayPal is one of the most popular methods to transfer funds online. While most people use PayPal to buy products from online merchants, you can also use it to send funds to an individual with a PayPal account. It offers free or low-cost transfer services.
PayPal offers free transfers in the U.S. when sending money through PayPal balance or a bank account. However, you’ll pay a fee when transferring the funds from a credit or debit card. Also, the recipient might incur charges if it’s a business payment.
What about international transfers? You can also use PayPal to send money abroad, but you’ll have to pay a moderate fee, depending on where you send it. However, the maximum amount you can transfer per transaction is $10,000.
Trusted by millions of customers worldwide, Knightsbridge FX is another cheapest way to send money online. The agency offers free wire transfers, making it cheaper. You’ll only pay a small fee of as low as 0.1 – 0.5 percent on currency exchange, Oshawa.
Other reasons to consider Knightsbridge FX include:
- Guarantees security of funds
- Offers faster, more efficient, and friendlier customer services
- Provides more convenient funds transfer services
- Offers same-day delivery of money to desired destinations
Thankfully, Knightsbridge FX offers the best exchange rates for sending foreign money abroad. You can also use the agency’s services to pay international student tuition fees. With its consistent bank-beating rates, you’ll save a lot of money on funds transfers.
Most banks usually offer international wire transfer services. However, it tends to be costly when sending money from one bank to a different one abroad. While banks’ transaction fees are usually high, they also tend to charge high exchange rates.
However, if the recipient abroad has opened an account in the same bank as yours, you will most likely pay no or low transaction fees. You’ll need the recipient’s bank account and routing number to send the funds. However, finding the details may take much time.
Thankfully, some banks will allow you to send funds for free using the recipients’ email addresses. Such banks include Well Fargo and Bank of America. Before transferring funds abroad through bank transfers, check with your bank to find out their charges.
If you are searching for the fastest way to send money online, consider Google Pay. It allows instant transfers of money into debit cards, making it more convenient. However, the maximum amount of funds you can transfer per transaction is $10,000.
Besides, you can send money to your email address or phone number for free using Google Pay. It covers 100 percent of verified unauthorized transactions and integrates with Google accounts such as Gmail, making it a cheap way to send money abroad.
Google Pay works more efficiently with a Gmail account. When you receive funds in your Google Pay, you can transfer it to anywhere, including your bank account. Also, you can use the Google Pay MasterCard for ATM withdrawals and purchases.
Western Union is one of the oldest ways to send money outside banks. With this funds transfer method, you can send money to more than 200 countries and territories. Thankfully, it has a vast range of funds transfer channels and payment methods.
You can send money to your child abroad through Western Union’s website or mobile application. You could also transact in one of their bricks-and-mortar offices near your location using cash. Notably, it also allows transfers through debit and credit cards.
Most people use Western Union because it’s highly reliable, secure, and flexible. Also, it charges low markup fees for currency exchange services. However, it might take three to four business days for Western Union to deliver funds to your preferred destination.
Xoom Transfer Service
Xoom is a PayPal service specializing in the fast transfer of funds from Canada or the U.S. to over 130 countries worldwide. You can transfer funds to a bank account abroad within a few minutes. However, the delivery time varies depending on currency types.
With Xoom, you can send large amounts of funds up to $25,000. However, the limit for some countries is $10,000 or even lower. The service fee also varies depending on the country you send the money, the payout currency, and your funding source.
The payment methods for Xoom include credit cards, debit cards, and bank accounts. It partners with several banks abroad, making it easier for clients to receive funds in their bank accounts. Incredibly, Xoom also offers doorstep cash delivery services.
Sending money to your child abroad doesn’t have to be very costly. Now that you know some of the best ways to send money cheaply, select one that fulfills your needs. But first, you need to compare the exchange rates and transaction fees to find the cheapest option. That way, you can quickly determine the best way to send money abroad.