There are three main methods you can use to transfer
money overseas. money orders, bank transfers and cash
transfers. By far the most convenient way to transfer
money these days is to do a cash transfer through
a specialist money transfer company.
These companies can quickly and efficiently transfer
your money. Whilst it is probably advisable to transfer
very large amounts of money via a bank transfer for
security reasons the specialist money transfer companies
are likely to be your most convenient option.
Here is an outline of how much it will cost you to
transfer your money via the most well known money
transfer companies.
The fees shown are based on a $300 transfer from
New York to the Philippines: One of the leading companies
in this field are undoubtedly Western Union.
They boast a vast network of agent locations throughout
over 200 countries with agents in 245,000 locations
internationally and generate over $4 billion/year.
Western Union fee: $16
Next up are MoneyGram, they have more than 125,000
locations internationally. They are able to have your
money transferred from abroad to directly into a US
bank account and also to they can pay your utility
bills too. MoneyGram fee: $9.99 Thirdly is a fast
expanding company called Xoom.
This company offers very competitive fees and offers.
Payments can be made with them via Paypal, from your
debit card or any major credit card.
The set-up procedure isn't immediate as in the case
of other companies and currently they operate in only
thirty countries. Check the following list to see
if you are able to utilise their services: Argentina,
Australia, Bangladesh, Brazil, Bolivia, Canada, Colombia,
Chile, Dominican Republic, Ecuador, El Salvador, Germany,
Guatemala, Honduras, India, Jamaica, Mexico, Morocco,
Nepal, Nicaragua, Panama, Paraguay, Philippines, Peru,
Poland, Sri Lanka, United States, Uruguay, United
Kingdom, and Vietnam. Xoom fee: $14, however you can
choose their value service for just $7.00. This service
takes 4 days.
They are also able to arrange for the cash to be
physically taken to an address. Other options include
Paypal, however it can be quite difficult to actually
get money from the Paypal account as an international
user, make sure you know exactly how you are going
to download the money to your local bank account before
having money sent in this way it can be impossible
to access it in certain countries. So, there we have
a few of the main options outlined and here are a
few extra tips for you to consider when making a money
transfer:
1) Check and double check the exchange rate you are
being given to make sure you are getting a fair deal.
Compare the price online and in the national newspapers.
This is where many people lose money!
2) Think ahead. It maybe that you can save money
by performing a delayed transaction which is performed
over a few days, such as the type of transfer Xoom
offer detailed above.
3) Shop around. Nowadays there are so many companies
offering this type of service that there are always
promotions going on so you might aswell make use of
them.
4) Look after yourself. Keep hold of all receipts
and so on in case their is ever a problem that you
need sorting out. The receipts are your proof that
you made the transfer, if you don't keep them then
good luck! With the above points in mind you should
be able to complete a convenient, hassle free and
efficient money transfer without too many difficulties.
