INTRODUCTION
There are many families who have some of their members working abroad. Also, there have been many situations which would require the families residing here to find out ways to send money abroad to their relatives. Some of them charge a lot, while some of them involve a lot of risks. Often people are trapped in these confusions and are unable to choose the perfect way to send money abroad. However, due to an increase in the demands for a better method for such transfers, various options have come up that provide attractive benefits to the people who wish to send money at low prices.
THE WIDELY ADOPTED WAYS TO SEND MONEY ABROAD
Out of all the ways that people have experimented on to send money to their relatives staying abroad, the following are the notable ones:
- THE BANK
Your very own bank can be the best way to send money abroad. Several banks have several policies pertaining to international transfers of money. Also since the money transfer talks place within the financial institution itself, zero or very less charges are levied for the transfer. The bank can also initiate transfers to other banks using wire transfers. In all these cases the only thing you need is the account number of the recipient. The domestic banks also carry out international transactions when furnished with all the necessary details including the IBAN number of the bank to which the recipient account belongs. An estimate shows that international wire transfers that are sent in US dollars can be charged at about 45 dollars. However, all these additional charges depend upon the bank and their policies. Thus transferring through your own bank is the most feasible way to send money abroad.
- E-TRANSFER METHODS
This way to send money overseas has been in use since long back and proves to be an efficient method in the context. These transactions are carried out online by certain financial institutions which is very similar to the domestic online transactions. However, the IBAN number of the recipient bank is a must for such transfers. This way of sending money abroad is quite helpful if the fund transfers are required on a regular basis. The required frequency can also be set where the transactions will be automatically initiated.
- INTERNATIONAL TRANSACTION SOFTWARES
Online transaction software like PayPal are one of the most efficient ways to send money abroad. These software have high levels of global usability which leads to lower charges on the international transactions. Both the sender and the recipient, however, need to have accounts on PayPal synchronized with their bank accounts for lucid money transfer. Through this way to send money abroad the recipient is charged 2.9% for transfers up to 3000 US dollars with an additional of 0.3 dollars as transaction fees. However, there is a concession for transfers of higher amounts and this is proportional to the exchange rates.
- MONEY TRANSFER AGENCIES LIKE WESTERN UNION
This way to send money abroad is taken to be the most convenient way. With the services ranging from city level to international levels, these agencies have been ruling the international fund transfer segment. These agents charge a certain amount for the transfer which is determined to base upon the transfer speed and the location of transfer apart from the money to be transferred. A widespread network has been the cause of somewhat lower charges for carrying out the transfers. The Western Union has about 170000 agents across the globe and is the mostly used agency for carrying out international money transfers. The major benefit of using this way to send money abroad is the convenience and the safety.
- CASH AND PERSONAL CHECKS
Although these methods have been outdated, these petty ways to send money abroad come to the rescue at the end. It involves a situation of physically carrying the money abroad or through writing checks and depositing in another account. Additional ways to send money abroad also include bank drafts, email money transfers, money orders etc. which can be used as per the requirements and their terms and conditions.
CONCLUSION
A thorough analysis regarding all the possible ways to send money abroad can be helpful in hitting on the most feasible one. All the above-listed methods have different charges associated with them and hence this can serve as a basis along with the time taken for the transfer to choose the best method.
