Suppose there is one question that has no definite answer, then it has to be, the best way to send money internationally. International remittance has been in practice for centuries, and today, people have adopted modern ways of sending money internationally. It should not go without mentioning that technology has played a vital role in remittance that it integrates all methods of sending money.
The global market has become smaller thanks to the availability of swift money transfer services. Nevertheless, immigrants are today finding it easy to send money back home, which has contributed significantly to the job migrations that have made the world a community.
International money transfer in the 21st century
When technology is the order of the day, there had to be a more technological way of sending money. In the past, international remittance was offered by institutions like banks and post offices. When computers and programmers advanced and technical methods of sending money were developed, it was convenient. Today, you can send money thousands of miles away without by only spending a few minutes on your phone.
With the ability to send money online, financial institutions like banks had no choice but to meet the consumer's needs at that particular time. Today, mobile banking has significantly reduced the traffic in banking halls and has gone further to allow customers to access their banks via their phones.
We cannot count all the money transfer apps globally because some only exist and operate in specific countries. However, it is good to know that if you want to make an international money transfer, you don’t have to pay your money transfer service provider a lot of money. If you do adequate research, you can send money to any part of the world for free.
How to send money internationally
Generally, there are three main ways of sending money abroad, and they include;
1. Money transfer apps
If you are an immigrant who regularly sends money back home, then you have to be familiar with at least one money transfer app. One benefit of sending money online using money transfer apps is that it is cheaper than other available options. If you use services like XE Money or XendPay, you get to send your money abroad for free. The only problem is, your transaction can take longer.
There are also money transfer apps that can allow you to send money internationally within fifteen minutes. It is, however good to know that these usually come at a cost. Some apps allow you to send money directly from your bank account. Some money apps even let you keep money in them and still be able to use it for purchasing items or send money abroad.
2. Cash pick up services
When the cash pickup is mentioned, two names come to mind: Western Union and MoneyGram. In the past, cash transfer and pick-up were a little complicated. One had to make it to the agent’s location in order to send or receive money. Traditionally, money pick up services relied on banks as their agent’s location points
Today, you can send money for a pick up at any Western Union outlet using the Wstern Union app. The main benefit of this app is that it allows users to send money for pick up without lining up at the bank as it was in the past. Other cash pick-up services, including Travelex and MoneyGram, have also taken the digital route to give their customer a better and simplified experience. It is also good to know that cash pick-up services are quite costly than the money transfer app. That is maybe because their services are instant.
3. Bank transfers
Banks have been playing art in international remittance ever since currency began to make sense. It is safe to say that there is no financial institution that has been around for longer than banks. International money transfer through a bank is one of the safest ways to send money abroad. It is especially ideal for large transactions that are associated with things like buying property.
With technology revolutionizing the financial industry, banks have managed to adapt, and today, you can easily send money in and out of some of the top money transfer apps around. Sending money abroad using bank transfer services can take a few days, but the transaction can take a shorter time if you are using the same banks for transfer.
Best way to send money internationally
There is no best way to send money abroad because people send money for different reasons. Also, money transfer agents have different ways of conducting transactions; therefore, it can be said that the best way to send money entirely depends on why you are sending it.
While some people see cheap money transfer as the best way to send money internationally, some enjoy the benefits that come with costly options. The diverse human preferences when it comes to money transfer has made it impossible to know the most appropriate way to send money abroad. Until a free and instant money transfer service is established, this question if the best money transfer method will remain unanswered.
Things to consider before you send money internationally
One of the first things you will want to keep in mind before sending money abroad is your security. To do this, you have to ensure that you give your money to a trustworthy money transfer agent that will complete your transaction as expected. Without a proper search, you can easily fall victim to fraudsters who pose as legit money transfer. To stay clear of such risks, you need to rely on platforms like Exchange Rate IQ.
The cost and speed of transfer cannot miss on the list, and it will save you so much trouble if you know the kind of service to expect with your transfer. By understanding the cost, you can evade expensive transfer options if you take the time to compare. As for speed, you will know when to send money from it to reach at the right time. For easy comparison of the available money transfer services in your country, you can try out our up to date database with all the top money transfer options for your international transfer.
You have the freedom to send money to any part of the world, and you can do so in a matter of minutes. However, you need to watch out for some of the risks that come with international money transfer. You also may want to take some interest in the exchange rate news if you are a regular money sender. That way, you can avoid exploitation from a money transfer service that don’t implement the updated rates as soon as they are declared.