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What is the best way to transfer money internationally?

Introduction:

I know you are reading this article because you want to send money to your family or for business purposes. In this article I will tell you how you can send money for your family or business seamlessly and hassle-free.

In today's digital world, you don't need to travel to send money. You can use this money transfer services to send your money abroad or from one city to another in any country. Now you must be thinking how our money will go abroad and in how many days it will go.

In this article, we will tell you about the services that you can use to send your money abroad and for business purposes. And also we will discuss about how much fee we have to pay to send money abroad

With some money transfer services, you can send your money through Electronic Funds Transfer (EFT) or Wire Transfer (SWIFT) worldwide.

Table Of Content:

1: Wise

2: Payoneer

3: PayPal

4: WorldRemit

5: Western Union

6: Xoom A PayPal service 

7: MoneyGram

8: OFX

1: Wise (Formerly TransferWise)

The first money transfer service on our list is Wise formerly known as TransferWise. You can use Wise to transfer money around the world.

I put this service at number one because it is my most favorite service and I use it myself to transfer my money.

How Does Wise Work?

Through Wise you can send your money to any bank account located in your country or peer to peer transaction.

Wise provides real-time exchange rates.

Wise has its own exchange calculator from which you can estimate the currency exchange rates..

With my personal experience the best thing about Wise is that its transaction fees are very low.

If you run a business, Wise provides you with a business account also for your large fund transfers. If you don't have any business then you can also create your individual account on Wise.

Apart from this, Wise also provides you with a card that you can use to withdraw money from any ATM.

So I think Wise is a great way to transfer funds with very low fees and secure transfers. Click here to create a Wise account.

2: Payoneer

Another great way we have to send or receive money globally is Payoneer.

I myself like Payoneer very much and I am going to share with you my own experience of Payoneer.

A few years back I had created a Payoneer account but unfortunately my payoneer account got blocked. Then I reached out to the Payoneer team on Twitter and told them the whole situation.

Payoneer team has been so good to me on twitter that they solved all my problems and also recovered my account. 

How Does Payoneer Work?

If you do freelancing online, you can receive global payments in any currency through your Payoneer account. 

You need to create a wire transfer (SWIFT) account to receive your earnings in your Payoneer account. To create a (SWIFT) account you can contact the Payoneer team via email or Twitter.

If you run a big business and want to send money to your family in any country, so you can use Payoneer to send money worldwide.

Payoneer has both options, you can receive money from freelancing websites and send money worldwide.

Apart from this, Payoneer also provide debit card with which you can use to withdraw from any ATM.

3: PayPal

Now we are going to talk about the world's most popular money transfer service that is PayPal. I think anyone who is connected to information about internet must have heard the name PayPal at least once.

Among the money transfer service services I am mentioning, PayPal is also one of the famous money transfer services in the world. 

How Does Paypal Work?

If you run your business worldwide or doing freelancing, you can withdraw and send money from anywhere with PayPal.

PayPal is used almost exclusively for payment on mostly websites. You can also link your personal bank account or credit card with PayPal. After linking your bank account, you can transfer directly from Paypal balance to your local bank account. 

If you want to create a PayPal account, you will need these three things.

1: Email Address (also your login email address)

2: Debit or Credit Card (International)

3: Bank Account

First, you will also need an email to create a PayPal account that you will use as a username.

To create a PayPal account you must create an account with any bank in your country. This is because when your payment has arrived in PayPal, you transfer it to your bank account through PayPal.

Then you will need the credit card issued by your bank to create a PayPal account.

4: WorldRemit

WorldRemit is also a money transfer service through which you can send money to your family or friends worldwide.

How Deoes WorldRemit Works?

WorldRemit was founded in 2010 by 3 peoples Ismail Ahmed, Catherine Wines, and Richard Igoe.

WorldRemit is very easy and simple to send and receive money, it also provides the service of remittance.

You can send your money to more than 130 countries and more than 70 different currencies through WorldRemit.

Its headquarters is located in London while its current CEO name is Breon Corcoran.

If you don't want to get into too much complexity, you can join WorldRemit to send money anywhere in the world.

You can send maximum amount of $9,000 and transfer a minimum amount of $1 through WorldRemit.

5: Western Union

Now the next money transfer service we have that is Western Union.

If you don't want to use Western Union then let me tell you some of its good features to transfer money anywhere in the world.

How Does Western Union Works?

I would like to tell you something about Western Union that it has been operating for more than 150 years and is available in more than 200 countries for money transfer.

Another feature of Western Union is that its service is very fast. If you want to send urgent money to your family, you can use Western Union. Because Western Union has the ability to transfer your money from one place to another in no time.

Now you must be wondering what will be the Western Union payment method. 

So I would like to tell you that Western Union gives many options to transfer money. Such as bank transfers, credit and debit card transfers and cash deposits.

Also, Western Union has a reward program where you can earn points every time you make a transfer. These earning points can be redeemed for various discounts on your future money transfers.

But one of the problems with Western Union is that its fees are very high as compare to other money transfer services.

Apart from this, Western Union may apply limits on your transfers. And Western Union customers have reported some issues with their customer service.

In last, I will give you a suggestion that in western union you may have a lot of problems so you can use Wise it is the best service I use it myself and I love this service.

6: Xoom A PayPal service

So now our next money transfer service that is Xoom. Xoom is a PayPal service as I told you earlier above about PayPal money transfer service.

 How Does Xoom Works?

However, With Xoom you can send money to your loved ones simply, fast and securely in over 70 different countries around the world.

One of the best features of Xoom is that you can send money without visiting any physical location of a bank branch.

Further, you can pay with Xoom using your bank account, debit or credit card of your bank. You can also use Xoom service to pay your utility bills in 9 different countries.

List Of Countries:

Colombia

Costa Rica

Dominican Republic

El Salvador

Honduras

Mexico

Guatemala

Nicaragua

Panama

Vietnam

Xoom company is owned by PayPal money transfer service. Because Xoom is a subcategory of PayPal, you can use a PayPal-linked bank account, credit card or debit card.

Apart from this, Xoom also has its own mobile app through which you can transfer money available in android and iOS. Xoom website is accessible in English, Korean, Vietnamese, Portuguese, Spanish and Simplified Chinese.

Fact About Xoom:

In 2013, Xoom's one million customers sent $5.5 billion to family and friends worldwide.

7: MoneyGram

Let me tell you MoneyGram is also a money transfer service that is similar to Western Union service. MoneyGram provides more services such as money transfers, money orders and bill payment to people who does not want to run their bank accounts.

MoneyGram is a great option for small business owners. MoneyGram is available at 350K+ locations worldwide but transactions occurs in United States and with handful of some other selected countries.

But you may also be scammed in this service Because the identity of both users is not clearly mentioned in it.

How Does MoneyGram Works?

To send money through MoneyGram, you have to visit the branch office and file the paperwork. You can then use these three services to pay money to MoneyGram so that you can send your money to other people.

> Cash Deposit

> Credit or debit card

> Bank Account

MoneyGram service gives you a number when you deposit money and tell that number to the recipient.

When the transaction takes place, the recipient will go to their local branch and withdraw money using that number provided by MoneyGram.

In conclusion, MoneyGram works as your own bank account because you deposit money in your home location branch which can be withdraw at another MoneyGram branch.

8: OFX

OFX is also a smart money transfer service across the world. OFX service available in 190 different countries in over 55 different currencies.

How Does OFX Works?

OFX allows only bank-to-bank transfers.

You can use debit card to transfer your money but not cash with OFX. There are limitations in OFX transferring money you can’t send money to a recipient’s mobile user or to a retail store in your city. 

You can only do online transaction with official OFX app. You can create an OFX account for free. You can

 download OFX app for free from Google Play Store or Apple Play Store.

On its website, OFX is clearly mentioned about its fee structure. The minimum transfer amount is $1,000 with OFX service.