It has been estimated that billions of dollars are sent in remittances abroad each year. However, the transfer of money from one country to another can be a complicated process that takes a lot of time and fees to accomplish.
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Banks don’t make it easier to process international payments. With the emergence of fintech startups, some solutions have come up for the faster transfer of money abroad. These money transfer services may come at a price, but you may even be able to get the money across borders within a day.
If you are in a hurry to send money abroad, keep reading to know some of the fastest ways you can achieve that.
5 Fastest Ways to Send Money Abroad
Several factors determine how fast you can transfer money to another country. These include the destination country, the method you use, the receiver’s method, and more. Most of the time, a faster method of transferring payment abroad is more expensive because you may have to pay extra transaction fees.
High fees are not always the case. New technologies are enabling money transfer with fairly low costs. Here are the best methods to transfer money abroad quickly.
Wise, formerly TransferWise, is one of the fastest ways to transfer money in over 70 countries. Wise has been on a mission to create a true “borderless banking” experience. This platform is recommended for small to medium-sized payments of up to $10,000. Above that, you may have to pay more transaction fees.
You are charged a little below 1% for all transfers, which is comparatively low. Wise has one of the best exchange rates in the market. For bigger transfer amounts, you may be better off using another platform.
In the mission update in 2021, Wise announced that 38% of the transfers made with their platform arrived in a matter of just 20 seconds, while 81% of all payments made were received within 24 hours. You can pay up to $1 million per transfer with wire transfers. A debit or credit card, direct debit, and a bank account can also be used. The receiver needs to have a bank account to receive money via Wise.
WorldRemit is an ace service in international transfers. It boasts one of the lowest cash transfer fees. You can send money to over 130 countries using this platform. There are 70 different currencies available for you to transfer money in.
You can make a free account on WorldRemit by signing up using a debit card, credit card, Apple Pay, Google Pay, bank account, and a few more financial methods.
With great customer service, you can expect to receive payments within a matter of a few minutes to a few hours. It may take a few business days in some cases. The speed may vary with the destination country and the amount being sent.
The transfer fee varies depending on where you are sending the money. The limit of money transfers per day is usually between $5,000 to $9,000. Cash transfers are instantly available, and the receiver can sign or just show their phones to get it.
Xoom is a close competitor of WorldRemit and is good for sending international payments to over 120 countries. While the upfront transaction fees are low (just under $5), the exchange rate markup can be a bit high with over 3%. Overall, Xoom is still cheaper than wire transfers through banks.
Most money transfers are received abroad within a matter of minutes. Depending on where you are sending the money and how much, the payment may be delayed to a few business days. The transfer limits vary, but being able to transfer $50,000 per transaction is the general rule of thumb.
Money is sent via PayPal on the Xoom platform. You can go for cash pickups, bank deposits, and direct delivery of the money to a certain address. Most of the time, the remittance becomes available to the receiver almost immediately. Xoom functions in multiple languages, and you can find a great customer support experience.
4. Western Union
Western Union is one of the more common methods of transferring money internationally. With over 200 countries, Western Union covers countries that most other services don’t. The cost of transferring money through this platform varies depending on the destination country. You will have to pay about $5 for payments up to $1,000. The exchange rate markup varies between 1% and 6% based on the country you are sending to.
It is possible to make cash transfers within 24 hours. If you send to a cash pickup location or through a debit or credit card, you may have to pay extra fees for the rush. For cheap transfers to the bank, the delivery can take up to a week.
The transfer limit per day varies depending on where the money is going. For example, the limit is $50,000 on sending money to India.
MoneyGram is another fast delivery option with the transfer of money in over 200 countries. If you transfer money via a bank account on MoneyGram, the fees are low, but the exchange rate markup is up to 3%, which is pretty high.
Whatever method of payment you choose, the money can be transferred within the same day, but some factors, such as bank hours, might delay the money transfer. This web platform lets you make payments with bank accounts, debit, or credit cards. The limit for transfer per day is up to $10,000 per transaction. You don’t even need a bank account as you can pay in cash, and the receiver will pick up the funds once they arrive.
Before choosing one of the above methods, you may need to consider several factors such as how much transaction fees you can afford to pay. Nevertheless, these money transfer services to send in cash quickly to your family abroad or for some other reason can come as a sigh of relief in urgent situations. Keep the list handy when you need it.
What is your favorite money transfer service to send payment internationally?