Money Transfer Options To Consider When Sending Money Internationally
In our increasingly interconnected and fast-growing world, we always find the need to send money internationally. Whether it is a remittance, gift, or business payment – choosing the right method of international payment is crucial.
To help you explore the best money transfer options when sending money internationally, here is a list of top choices that you can consider. Read on to get more details:
1. Wire Transfer
When it comes to sending money internationally, wire transfer is one of the most common methods. Wire transfer is an electronic way to transfer funds from one bank to another.
So, whether you’re studying abroad, working, or want to handle online business transactions, you can consider wire transfers for this task. Wire transfers are secure and transparent, and they adhere to internal banking standards as well.
2. Bank Drafts
Other than wire transfers, another standard method of sending money internationally is bank drafts. This is the most popular way to send money safely to the recipient.
To begin with this method, you will have to visit a preferred bank and fill out the draft mentioning the recipient details along with the amount you want to send.
For a number of ex-pats, this method is relatively cost-effective. However, it can be quite time-consuming, which can cause delays in receiving the amount.
3. International Money Order
Another cheapest and safest way to send money internationally is through money orders. The money order can be deposited in any bank, and the recipient can collect the cash from the cheque location.
This method is secure among all. However, it is the most outdated and time-consuming for the expats.
4. Online Money Transfer
In the realm of sending money internationally, online services have transformed the landscape of money transfers. With a combination of speed, affordability, and convenience, you can get lower fees compared to traditional banks.
These services are especially advantageous for those who frequently send money abroad for support, gifts, or online payment. What’s great about these online platforms is that you can explore the best exchange rates for sending money internationally.
For example, if you want to send AUD around European countries, you can check AUD to EURO rates online to find the best deal for yourself.
5. Peer-To-Peer (P2P) Apps
P2P apps like Cash Apps and others are highly convenient for small, personal transfers domestically. You can still explore some features for online transfers through these apps. However, their international capabilities are often limited and might not be a suitable solution for you if you have more significant transactions.
Document Required For Money Transfer
When it comes to sending money internationally, you must bring certain documents along for faster and more secure online money transfers.
To help you know what documents you must carry, here is a list you should ensure:
- PAN Card copy
- Passport, Voter ID, Driving License, and address proof.
Conclusion
Online money transfer is not a new need for the expat and people running businesses around the globe. However, choosing a suitable method for sending money is a need. By understanding all the factors and features of online methods, you can decide what the most appropriate method is for you.
