Here are three methods through which you can transfer money overseas:
- Money Order
- Cash Transfer
- Bank Transfer
Money Order is an order which is issued by the Post Office to transfer a sum of money on the name of the recipient. It is a secure way to send money overseas as the person receives money at his place or house. The senders have to buy the money orders from the postal office. Each money orders is traceable through a unique reference number.
You can buy a money order with a normal limit of $700 per money order. However, it is possible to buy more than one money order in a day calculating up to $10,000. In America, money order fee ranges from $3 to $9.
International Cash Transfer service is offered by money transfer companies. They charge a money transfer fee based on country to country.
$300 money transfer from America to the Philippines will attract different transfer fee from the following companies:
- Moneygram provides an online money transfer service overseas within minutes. It charges $9.99 for transferring money in 10-minutes.
- Western Union has a vast network across more than 200 countries. It charges $16 for overseas money transferring service in minutes.
- Xoom offers low money transfer fees. It charges $14 for money transfer from America to the Philippines.
Most of the banks offer international money transfer services. Although, you have to confirm it first from the bank whether they are offering this service or not.
One of the international money transfer options through a bank is to send a cheque in the recipient’s country. Although, the recipient has to encash the check and pay a huge fee of around $50 and an additional fee for converting into the local currency. Another problem is Cheques may also take 6 weeks to cash.
The better option is to use a wire transfer method offered by the banks. This money transfer service can be utilized even if you don't hold a bank account with the bank. Although, the recipient must have access to the corresponding bank to collect the money received in the wire transfer. You can even transfer money immediately through wire transfer but you have to pay the money in cash for this.
Bank charges for wire transfer vary from bank to bank. Usually, bank charges around $65 from non-account holders and nearly $40 from bank account holders.
So, all the important methods for transferring money overseas have been explained along with money transfer comparison. Before choosing a method or company, it is important to be concerned about the safety and security system. There are other ways as well to reduce the cost such as finding a credit card allowing low transaction fees for overseas withdrawals.