When you need to send money abroad, you have a few options of how to get your cash from point A to point B. However, you may be wondering which options are really the best. You likely want to send your money quickly and with as few fees as possible. Here are the best ways to send money internationally.
Use Your Personal Bank
Most banks will offer money wiring services and you can send money directly from your bank account to its destination, no middleman required. Banks will typically offer good exchange rates, basing their calculations off the NAB exchange rates, for example. However, some banks may charge higher bank fees for sending money, than other companies that are solely focused on money transfers. It may also take a bank a few days to wire money which may not fit into your schedule. However, banks are often considered to be one of the most secure ways to send money internationally and, if you already have a bank account, it can be a very easy process.
PayPal is a very simple way to send money internationally and is perfect for sending small amounts since the fees are very low. You will need to set up a PayPal account and link it to your bank account and the recipient will also need to set up their own account as well. When planning to make a transaction from PayPal, one should always check PayPal transaction fees. Doing so will help in calculating the exact money one will receive after deducting the transaction fees. There may also be restrictions on how much money you can send within one transaction so if you need to send a large amount or make frequent transfers, this may not be your best option. However, it is quick, getting your money delivered often within one day!
Online Money Transfer Services
There are many reliable online money transfer services that you can use to send cash abroad. Often, these services are very quick and simple to set up, enabling you to send money right from your home. If you and the recipient are both set up with an online money transfer service, you can likely send money within minutes! These services may even be your cheapest option, charging lower fees than large banks. Be sure to choose a money transfer service that offers low fees and utilizes the NAB exchange rates to calculate your exchange.
Providers with Cash Pick Up
There are several services that will offer cash drop off and cash pick up which gives you the freedom of keeping your personal bank account information off the grid. Find a vendor near you and bring the cash you would like to send. You will need to fill out a few forms regarding who will be receiving the money and where, pay a small fee and the vendor will need to calculate the exchange rate to let you know how much your cash is worth. Then, your money will be on the way!
While it is not the fastest option, you can choose to send an international check through the mail. You can get an international check from your bank or even at the post office. You will have to purchase the check and, in some cases, the recipient will be charged a fee to deposit the check. However, this is a secure option and you can usually get a good NAB exchange rate. Just be prepared to wait for the money to arrive!