Welcome, visitor! [ Register | Login

Publish your ad for free

Best Ways to Send Large Sums of Money Abroad

marketing online resolution November 15, 2021

Millions of U.S. households send billions of dollars abroad every year. Whether the funds are for family or friends, or to purchase international assets, it is often difficult to conveniently send large sums of money. In addition, with so many options available, people need to take into account the speed, support, and costs of the various methods that financial institutions provide for sending and receiving funds abroad. The following are five of the best and most secure ways to accomplish this task.

1. Bank-to-Bank Transfers

Some banks let people take money directly from one bank account and deliver it to a recipient’s bank account. These types of transactions can be arranged online, over the phone, or in person at the delivering bank. They may have a fee depending on the institution, and the account and routing numbers for both the sending and receiving banks are required.

Key Takeaways

  • Speed, costs, and support are some of the factors to consider when sending money abroad.
  • Banks can transfer money overseas, but weaker exchange rates and higher fees can make them more expensive compared to alternatives.
  • ACH, cash-to-cash, and wire transfers offer other options.
  • Receivers of prepaid debit cards can use them to withdraw cash or make purchases.

Some banks may offer special remittance programs for transferring slightly smaller amounts. However, in cases such as these, it is important to look at the exchange rates because although a fee might not be charged, the institution could be making money off of the transaction fee spread.

2. Wire Transfers

Additionally, it is possible to send large sums of money from one bank account to another through the use of a wire transfer. These types of transfers are initiated through a bank officer at the delivering bank who fills out the necessary forms. Wire transfers, for the most part, must be done in person. There is also a fee for this type of service, but wire transfers offer protection from both banks involved, making the fee worth it. For people residing in the U.S., wire transfers must be executed before 5 p.m. EST for the money to arrive the same day.

3. Automated Clearing House Transactions

Similar to wire transfers and bank-to-bank transfers, Automated Clearing House (ACH) transactions are electronic but use a computer-based clearing house that acts as an intermediary to process the exchange of transactions. The Federal Reserve bank, for example, is the largest U.S. ACH operator, processing 63% of all commercial ACH transactions in 2019. There are no fees for these types of transactions, but they do require both banks to be linked together. To do this, both parties need to follow bank-specific instructions.

4. Cash-to-Cash Transfers

If a person has a large sum of money in cash and needs to send it abroad, it is possible to use domestic, walk-in money transfer centers to transfer that money to an international money transfer center. Institutions such as Western Union, MoneyGram, and Ria, are the classic players offering this type of service. In the last several years, many fintech companies have started providing international money transfers. Some names that are prominent in the industry are Wise, Payoneer, PayPal, and WorldRemit.

Physical cash is deposited in one of these money transfer centers. The domestic currency is converted to the currency of the destination country and can be picked up by the recipient at a participating money transfer center. In some countries, the money can be delivered to the recipient at a residential or commercial location.

5. Prepaid Debit Cards

There are some services that can send funds via a prepaid debit card. If this method is chosen to send a large sum of money, the sender can load a prepaid debit card with cash funds, and the receiver of the funds can withdraw them using the prepaid debit card. In some cases, the prepaid card can be used to make purchases just like with a normal debit card. However, there is normally an activation fee or monthly fee.

The Bottom Line

There are several ways to send large sums of money to friends or family abroad. While speed is often the primary objective, costs and security of sending funds abroad should be considered as well. Wire, ACH, or cash-to-cash transfers might be cheaper alternatives to using bank-to-bank transfers. Lastly, recipients of prepaid debit cards can usually use the cards to withdraw funds or make purchases after paying an activation fee.


No Tags

13 total views, 1 today


Leave a Reply

  • 10 Ways to Raise Last-Minute Money for College

    by on October 12, 2021 - 0 Comments

    Find ways to raise money for college. Finding money to pay for college during the summer can be difficult, but it is possible. Students will need to move quickly to get funds for tuition, commuting, housing, books and any other necessary supplies for school. These tips on ways to find last-minute money to pay for […]

  • Ecommerce SEO: How Online Stores Can Drive Organic Traffic

    by on October 3, 2021 - 0 Comments

    This is the most complete guide to ecommerce SEO on the web – period. Whether you’re: The SEO manager for a bigger ecommerce company looking to demonstrate the ROI of SEO. A smaller online business owner trying to find scrappy ways to grow your business. Or a growth marketer looking for innovative and highly effective […]

  • Best Ways to Send Money Online in 2021: Top Picks

    by on September 12, 2021 - 0 Comments

    {“menuItems”:[{“label”:”Best services to send money within the US”,”anchorName”:”#domestic”},{“label”:”Send money online within the US”,”anchorName”:”#send-money-online-within-the-us”},{“label”:”Bottom line”,”anchorName”:”#bottom-line”}]} Choosing the right service to send money online can save you time, money and headaches. And although your bank may offer transfers, it’ll often be more expensive than the other options available to you. Find the cheapest and fastest way to […]

  • The Ultimate List of Free SEO Tools

    by on September 17, 2021 - 0 Comments

    Who says you have to spend money to get more traffic? There are tons of free SEO tools that can help you drive more traffic. Sure, you may know of some, like Ubersuggest, but there are many more options than just my own tool. Before I dive into the tools, I’ve broken them down into […]

  • PlaySpot - Make Money Playing Games

    by on October 2, 2021 - 0 Comments

    Discover the best games and MAKE MONEY for playing! ◉ PlaySpot allows you to earn cash for playing games ◉ Do what you do anyways, but make money at the same time! ◉ With PlaySpot you can make money playing games and watching videos. Its super easy: PlaySpot recommends games to you that you haven’t […]