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A Guide: The Cost Effective Ways to Send Money Internationally

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Times have changed with the advent of modern day technology which has revolutionized the way people send and receive money. Transferring money by cash, bank draft, cheque or money order may fast become extinct, as faster electronic methods for transferring money between accounts, states and even countries are fast becoming a thing.

When you need to use a money transfer service, it pays off to do some research. In terms of cost, there are certainly inexpensive options for transferring money, and the cheapest method may vary depending upon the circumstances. You’ll find out that fees and exchange rates can vary, and you may also consider things like speed, safety and customer support.

  1. Banks:

Financial Institutions can assist with different types of fund transfers. If you are only transferring money from one account to another within the same financial institution, this is an activity you can easily perform at your bank for free. At the bank, tellers are readily available to assist in setting up suitable transfer services, including wire transfers to another bank, state or country.

Overseas money transfers are possible through your bank as well, though you will often require a lot more information, including the name and address of the account holder, information about the financial institution the money is being sent to and the SWIFT or IBAN of the recipient bank. Rates may vary depending upon your bank.

  1. Western Union:

Western Union and other transfer services like MoneyGram provide similar services that allow you transfer money to a different city, state or country.

Western Union is an international money transfer service, which enables individuals to send and receive money worldwide. With a network in over 200 countries, Western Union controls 20% of all remittance transactions.

With this money transfer services you are charged a flat rate for the transfer that is based on the speed of the transfer, the location you’re sending money to and the amount of money you are sending. If you’re doing an overseas or international transfer, you’ll also be charged an exchange rate. The major benefits of these services is that they tend be both highly dependable and convenient. A maximum send limit of 1,000 USD per customer, per quarter applies. Western Union offer competitive rates and are also fast and reliable.

  1. MoneyGram:

MoneyGram and Western Union enable you to send money to anyone just about anywhere in the world, there are a few differences between each that are worth considering. For instance, Western Union has over 500,000 international agent locations, while MoneyGram has closer to 350,000. More locations mean more places to send and receive money around the globe. This is particularly helpful if using other options to transfer funds, such as a phone or computer, are not available.

  1. WorldRemit:

The benefit of WorldRemit is that it is a secure, quick, reliable, seamless and cost-effective international funds transfer service. With WorldRemit, no minimum amount for transfer. However, the initial transaction is subject to a maximum of USD 2,000, while the maximum limit per transaction is USD 7,500, the total of which must not exceed USD 50,000 every 6 months.

  1. Africash:

Take advantage of one of the most efficient payment system for the thriving and largely informal trade activities within the African Regions of the WAMZ, UEMOA, CEMAC and East/Southern Africa.

Africash offers a seamless platform for the settlement of imports and exports in respect of their formal trade transactions. An easy way to transfer and collect money, with Africash sending and receiving money across Africa is a breeze.

  1. E-Transfers:

Many financial institutions allow you transfer money online, in a way similar to how you would if you were paying a bill online. To perform these services, you will require an account number and bank routing number. For E-transfers to international accounts you’ll require a SWIFT or IBAN number. The account holder’s name as it appears on their account will also be required.

E-Transfers come in very handy for transferring funds on a regular basis, as you can set up the frequency of the payment if it will be on a regular basis.  It is a less expensive method of making transfers.

Whether you’re sending money from the United States to Canada, from Nigeria to China, from Australia to India, or to or from anywhere else in the world, it’s your hard-earned money and its worth taking some time to make sure it’s in good hands.

Written by Mariam Barry

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