People all around the world, regardless of where they live, send money overseas; whether it’s for close family or friends, or to pay for products online. Some people specifically send large amounts of money regularly for a multitude of reasons. A problem that arises, however, is that sometimes it can be a pain to do so, due to factors such as slow transfer speeds, unpredictable exchange rates, and costly fees. There are many ways you can send your cash internationally, so pay attention and consider which one best provides what is crucial to you. If you’re not sure, then continue reading, because here’s some examples of money transfer that might help you send especially large sums of money safely and with ease.
Opt for ACH Bank Transfers
Certain banks allow account members to transfer their funds directly from one bank account and to another person’s bank account. An international bank transfer is usually the best way to transfer money internationally because it is secure, fast and cheaper than other methods such as cash. No need to withdraw a large amount of money, just settle the transaction either on site, through the phone, or through their website online. Automated Clearing House (ACH) transfers are used for a multitude of reasons, such as direct deposits, payment of debt, and of course, international money transfers.
Consider Wire Transfers Instead
If a speedy delivery is needed, then a wire transfer may be better for you. Wire transfers are a form of electronic transfer, wherein rather than sending physical cash overseas, it is information that is sent to the recipient bank, upon which money is automatically transferred from the sender account into the receiver’s. Wire transfers fees may cost higher fees than ACH, but it is the best option when sending money immediately is a matter of urgency.
Send Through Cash-to-Cash Transfers
For especially large amounts of cash in hand, the one of the most convenient options available to you would be sending through cash-to-cash transfers. Either through nearby international money transfer centers such as Western Union and MoneyGram; or through financial technology (fintech) companies with their websites and apps, like that of PayPal or Paxum. All a sender has to do is deposit the cash to be sent in one of these centers – upon which they will convert their cash into the target destination’s currency – and send it to a center nearest to the receiver’s location, ready for pick-up.
In Conclusion
There are in fact more ways to send huge sums of cash overseas, but some methods are generally easier and better than others. If a speedy delivery is needed, then wire transfers are your best go to option, albeit a little costly. In comparison, ACH and cash-to-cash transfers, while slower than wire, are generally cheaper alternatives. ACH does have the benefit of not needing physical money in order to process the transaction. Either way, as long as you know your priorities when sending money, these 3 options are generally regarded by the majority as the easiest solutions to sending large amounts of money abroad.