Sending money worldwide is a necessity for many people. In this article, we’ll cover the four most common ways people send money internationally and provide tips on choosing the best method for you.
Send money through a bank wire
You can use your bank to send money to anyone else’s bank account for maximum security. It is one of the more secure ways to send money, but it also takes time and isn’t necessarily the most cost-effective method.
Bank wire transfers are typically free, unlike most other online payment services such as PayPal or Venmo. That makes them very popular among businesses. However, fees may apply when sending money worldwide.
If you’re sending a large sum of money and there’s no urgency on either side, this method might be best for you.
Use a money transfer service
If you’re a frequent international traveler or regularly send money to family and friends, using a money transfer service is an excellent way to send money worldwide.
These services are available in most major countries and allow you to send funds from your bank account directly to the recipient’s bank account.
These services often boast fast delivery times, much quicker than traditional methods like wire transfers or checks. They also come with lower fees for sending and receiving funds. In addition, these companies provide multiple avenues for accessing their services.
The time it takes for funds from one country to get overseas depends on how long it takes for banks within those two countries’ borders to complete the transaction. That timeline varies based on whether they use shared currencies or if there’s no direct link between them. But, generally speaking, it should take at most 24 hours after initiating a transfer before recipients receive funds.
Use a peer-to-peer platform
Peer-to-peer platforms are a great way to send money. They are an alternative to traditional banks, which often charge high fees. Peer-to-peer platforms typically cost less than banks and are safer if you choose the right one.
Use cryptocurrencies to send money worldwide
Cryptocurrencies are now a viable option if you want to send money worldwide but don’t have access to a bank account.
Here’s how it works:
- You buy cryptocurrency with fiat currency on an exchange
- Send it to the recipient through their crypto wallet.
- They then use their crypto wallet to withdraw the funds into their local currency.
You can send money worldwide using a variety of methods. For example, you can use a bank wire or money transfer service.
You can also use peer-to-peer platforms and cryptocurrencies like Bitcoin to send money wherever it’s needed most.