The world is truly a global village; you could be working in one part of the world while your family is waiting upon your support thousands of miles elsewhere. Globalization has helped to provide opportunities for people in areas that have fewer employment opportunities. When you work or do business abroad, one of the biggest challenges is how to send back the money home. The following are five the best way to transfer money overseas;
Most banks allow their users to make a wire transfer of funds from one account to another account in a different country. You can use a wire transfer to send money to India, Africa, or any other jurisdiction directly from your bank account.
Wire transfers are generally more expensive compared to other digital options. However, wire transfer has remained one of the safest ways to send money abroad. Wire transfers are also considerably much more secure and suitable for sending a huge amount of money.
PayPal makes it easier for individuals and financial institutions to transfer money from one country to the other. PayPal can be either linked to a credit card or a bank account. Generally, transfers from credit cards are less costly compared to PayPal deducting from a bank account.
PayPal is convenient for sending small amounts of money since the charges are low compared to other options. The only drawback to PayPal is that they may limit the amount of money you can send. Users also need to be registered and holders of PayPal accounts to receive money.
Western Union is one of the oldest money sending solutions in the world. Western Union has advanced and adapted to the modern world. You can send money through Western Union by visiting their website, app, or a branded Western Union brick and mortar store.
Western Union is a secure choice with various options on how the user can withdraw their money. They also charge lower fees compared to other options. The only main drawback to the Western Union is that transfers take longer, on average, a few days.
Transferwise is a UK company that offers money transfer services to many countries using actual currency exchange rates. There are no markups, and you just need to pay the transfer fees. Transfer Wise has a daily $50000 and $250000 limit for personal and business accounts, respectively.
Transfer Wise is liked by many due to its straightforward approach to pricing. Money transfer services will continue to grow as long as globalization continues.
Globalization has also helped businesses to expand and reach previously unreached customers. This has helped in fostering trades among nations. It has also helped to ensure that people in all corners of the world can access various products such as medicine and vaccines.