Cross-border movement of money has become more essential in the past couple of years. Nowadays, overseas money transfer is not something limited to remittances for families of people working in another country (or offline or online padala as overseas Filipino workers sending money back to the Philippines would term it depending on the medium used).
With freelancing work continuing to grow, and with international borders no longer limiting where we can make purchases due to enhanced international logistics, the market for overseas sending of money continues to expand.
If you are sending money internationally for the first time, or would want to explore other methods of sending large amount of money overseas, here are some of the best options that you can try:
- Cash-to-Cash Transfer
Cash-to-cash money transfer through international money transfer institutions such as Western Union and MoneyGram is still a reliable way to send money overseas. With this, cash is deposited in the sender’s chosen money transfer center, and the center’s branch or partner in the destination country can automatically convert it to the local currency and accepted by the recipient. There are even some institutions that offer door-to-door transactions.
- Bank-to-bank Transfer
Transacting money transfer through a bank is still a classic and reliable way to send large amounts of money overseas. This is easily done when sending money from and to accounts within the same bank or banking system, but interbank transfer has grown popularity in the last few years, making it even easier to transfer moneys overseas.
Bank transfers can be done either in person, over-the-phone, or through a bank’s website or app, allowing you to choose what option works best for you.
- Wire transfer
Wire transfer is another bank-related money transfer option but uses a different methodology than bank transfer. Wire transfers are bank-to-bank transactions done through established wire networks that allow for fast and secure movement of money. While transfers through online banking is becoming more widespread, wire transfers are still popular and the documentation involved in wire transfers work well with the documentary needs for corporate transactions.
- Electronic Money Transfer Services
There are many available electronic money transfer services available that allows for fast, secured, and affordable options of moving money from one country to another. With many service providers, you can choose among the different service offerings that these money transfer services provide as to which one works best with your needs.
When choosing a service provider, some of the things to consider are the following:
- Speed – some service providers can offer near real-time sending of money, but some may take a couple of days, especially when taking standard transfer options.
- Cost – different service providers have different fees and a huge factor for this is the speed. If you want your recipient to receive the money you sent quickly, then it would likely cost you more. Credibility and security also plays a huge factor in the pricing.
- Mode of delivery – there are many way on how you recipient can receive the money you sent. It can be credited to the bank account of the recipient, sent to an account with the service provider in which the recipient can later on decide how to withdraw, sent to a partner money transfer center to be received as cash, or sent as cash to the recipient’s address.
Send money easily, quickly, and securely through the method that works best for you
There are many options on how you can send money to another country. The best method is one that works well with you as the sender, and with the intended recipient. Explore the various money transfer options for you and choose one that is matched with our particular needs.