How to Transfer Funds Internationally

Do you need to send international funds to family or friends who are in desperate need of foreign currency as soon as possible? This is one area where it pays to shop around and compare prices, because fees from service to service can vary greatly.

Method 1 Transferring Funds via PayPal

1. Make certain that both the sender and the recipient have PayPal accounts. PayPal is one of the simplest and cheapest ways to send money internationally, but you and the recipient must both have a PayPal account. If you don’t already have a PayPal account, creating one is simple. Check out how to Set-Up-a-PayPal-Account for more information.

2. Please sign in to your account. Enter your PayPal ID (the email address you used to sign up) and password, then click the “log in” button at the bottom of the screen.

3. Go to the appropriate location. After logging in, you should be taken to the “account overview” screen. Click the “send and receive” tab at the top of the screen, or the “pay or send money” button below it, from the account overview screen. If you click either one, you’ll be taken to a screen that asks whether you want to send money to a merchant or to a friend or family member. Select Friends or Family from the drop-down menu.

4. Fill in the blanks with the necessary information. You’ll be asked to enter the recipient’s PayPal ID as well as the amount you want to send.

The cost of sending money internationally varies depending on the destination country. You can choose who pays the fees, and PayPal will tell you how much they will charge before you send the money. PayPal’s transaction fees for international transfers, on the other hand, are typically low.

International transfers are available in twenty-five different currencies and in nearly every country on the planet.

Keep an eye on the exchange rate. Again, PayPal is usually a very good value for international transfers, but they make their money by providing a slightly lower exchange rate than you might find elsewhere.

Method 2 Transferring Funds Using Western Union, MoneyGram, Viamerica, or Xoom

1. Determine whether a physical location is required for your deposit. If you need to transfer money in person, your two options are Western Union and MoneyGram. However, for both Western Union and MoneyGram, making a transfer in person usually costs more than making it online.

For example, as of January 2017, MoneyGram charges $9.99 to send a $200 remittance to Mexico from the United States, compared to $4 for the same service online.

2. Check to see if an online deposit is a good option for you. Online money transfers can be the simplest and most convenient way to make a transfer. From online portals, all four major transfer companies provide international transfer services. Choose the one that is best for you.

Viamerica and Xoom are two newer companies that specialise in remittances. While Viamerica has some of the best overall rates, they only cover a small portion of the country. Xoom has an excellent network of international pickup locations, but it is slightly more expensive.

Western Union and MoneyGram, in general, offer competitive rates and a large network of pickup locations, though this varies by country.

3. Make a decision on how you want to pay. While paying with a debit card is the quickest way for the recipient to receive their remittance, arriving in minutes, it also has the highest fees, often by a significant margin. A direct transfer from your bank account will incur significantly lower fees, but the money may take several days to arrive.

You can pay in cash or with a debit card in person, or with a debit card or direct transfer from your bank account online with MoneyGram or Western Union.

Xoom accepts credit card, debit card, and bank account payments online.

Viamerica only accepts direct bank transfers, which take a few days to confirm and set up.

4. Determine how you want the funds to be delivered. Although picking up cash in person is common, you can also deposit the money in the recipient’s bank account and, depending on where you are, on a debit card, mobile wallet, or delivered in person. Again, when making your decision, consider potential delays and fees (including any fees imposed by the recipient’s bank).

Kenya, Zimbabwe, Tanzania, and Romania all have mobile wallet services. Usually, the funds are available within a few minutes.

5. Make contact with the recipient. When the recipient picks up cash at a physical location, you must follow a specific procedure. After the transfer service receives the funds from you, they will provide you with a code to access the funds on the other end. After that, you will contact the intended recipient and provide them with the code. When the funds arrive, they present the code to the cashier and receive the funds.

As you might expect, if you don’t know the recipient, the code/cash pickup system has a unique set of security flaws. Money transfer services such as MoneyGram and Western Union are vulnerable to fraud. Make certain that you are only sending money to people you know and trust.

Method 3 Sending Money With a Special Bank Service

1. Check to see if these services are available in your destination country. Some large banks provide specialised remittance services that allow you to send money abroad at a lower cost than a wire transfer. However, the list of destination countries is usually shorter than it would be if you used PayPal or a money transfer service like MoneyGram or Western Union.

Wells Fargo, for example, provides an ExpressSend service to 12 Latin American and Asian countries, including Mexico, China, India, and the Philippines.

2. Collect the necessary data. Every bank is different, but in general, you will need to provide certain information to the bank in order for them to process your request. Using Wells Fargo ExpressSend as an example, you will require the following:

The name, address, and phone number of the recipient, as well as the name of the Remittance Network member from whom the funds will be collected.

The address must be a real-world address. PO Boxes are not permitted.

Indicate whether the provided phone number is a landline or a mobile phone.

You’ll need to know whether the funds will be delivered in cash or as an account deposit to the recipient of the transfer. If it is to be deposited into their account, you must provide the recipient’s account number.

3. Send the funds. Make it a point to inform the recipient of the currency in which the funds will be available. For example, Wells Fargo uses local currencies in some countries and US dollars in others. If the funds are deposited in US dollars, the recipient may be charged additional fees to exchange the currency.

Method 4 Sending Money Using a Wire Transfer

1. Determine the amount of money to send. Wire transfers are among the most expensive methods of international money transfer, typically costing $30-$60, but they have much higher available limits than most other methods. So, before you send money via wire transfer, make sure it’s an amount that can’t be sent any other way.

The daily outgoing wire limit will differ depending on your bank and the type of service you use on a regular basis. A typical CitiBank customer, for example, has a daily $50,000 limit on outgoing international wires. However, for certain Personal International Banking clients, the daily limit is increased to $250,000 USD.

2. Gather all of the necessary documentation. The documentation requirements are fairly standard, and there is a very detailed article on how to Make-an-International-Wire-Transfer here. You will need the recipient’s name and address, the recipient’s bank, and the name of the account where the money will be deposited. You will also need the recipient’s account number or International Bank Account Number, as well as the recipient bank’s SWIFT code.

3. Indicate the type of currency. You must specify the currency type that the recipient should receive. Keep in mind that in most cases, the recipient will find it more convenient to receive the funds in their native currency. If the exact amount to be transferred is critical, make sure to check the exchange rate offered by the bank.

4. Inform the recipient about the transfer time. Make sure to inquire with the bank about how long the wire transfer will take. The transfer is usually completed in one or two days, but it can sometimes take up to fifteen business days. The exact time depends on the amount of money sent, the date it was sent, and the destination country.

Method 5 Sending Money Using a Prepaid Debit Card

1. Find a prepaid debit card that suits your needs. Several companies, including Akimbo, provide prepaid debit cards with the ability to send money abroad. Each prepaid card brand will have its own set of fees associated with its use, but at the very least, expect an activation fee. Some cards also charge fees for loading funds onto them and withdrawing funds from them.

There are two ways to send money abroad using a prepaid card. You can purchase a Visa or Mastercard gift card with international capabilities that has a limited, non-reloadable balance. You can also use a card that allows you to set up a large, replenishable account from which users with sub-account cards can withdraw.

2. Put money on the card. The methods of adding money to your card will be determined by the type of card you use. Of course, they all accept cash. Some replenishable cards, on the other hand, allow you to transfer money directly from a bank account to the card.

3. Send the card to the intended recipient. You must send the card to the recipient or recipients if you are using a single prepaid card or a card with sub-accounts. Use the post office or a private carrier such as DHL, UPS, or FedEx. Make sure to look into withdrawal limits and transaction fees, as there is frequently a daily limit on the number of transactions or the amount of money that can be withdrawn.

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