International Money Transfer Services

Reviewed: September 30, 2014
By FinanceWeb

Sending money internationally used to be a more difficult proposition 10 years ago. But in the last decade, the Internet has made it easier to send money to any spot in the world. The key to utilizing the Internet to send money is understanding the rules and knowing how to arrange a smooth transaction.

One of the problems that people experience with sending money internationally is that the Internet is not quite as prevalent in the area where they are sending cash. Even if the Internet is still a distant piece of technology, there are still plenty of effective ways to send money internationally.

 

Protecting Your Money

 

Millions of people around the world send money electronically, but there is always a hesitation because of the costs that were associated. The United States took the lead in relieving consumer stress by making it mandatory of money sending companies to disclose their fees and the exchange rates they are using. It is now possible for consumers to find out exactly how much it will cost to send money internationally and how much money will be lost, or gained, in the exchange.

 

The Popular Methods

 

The most popular methods for sending money internationally are:

  • Paypal
  • Xoom
  • Viamericas
  • Wells Fargo Express
  • U.S. Postal Service SureMoney
  • Bank of America SafeSend
  • MoneyGram
  • Western Union
  • ATM Cash Card (new or refill)

The fastest way to send money internationally is via Paypal. A transfer from one Paypal account another can happen in seconds and Paypal will even convert the exchange automatically. The fee to send money through Paypal is pennies for each transaction, but money can only be exchanged from one Paypal account to another.

Two of the more popular and reliable methods for sending money internationally are MoneyGram and Western Union. There is generally a fee of a few dollars for these transactions and they can be completed in the matter of an hour or less. The U.S Postal Service’s SureMoney program works much the same way as MoneyGram and Western Union, but there are not as many international places that accept U.S. Postal transfers as there are the other two services.

Using Wells Fargo, Bank of America or a pre-paid ATM card all utilize a similar system of loading up a card with cash on one end and then withdrawing the cash on the other. These transactions can also be done in less than an hour and generally work on any international ATM.

 

How To Send Money Internationally

 

A sender can use the Internet to facilitate any of these transactions. Using the Internet, a consumer can designate how much cash is to be transferred and then either send that cash to a receiving location, or load that cash on an ATM or pre-paid credit card.

If the sender and the recipient do not have access to the Internet, then the sender would have to go to a location designated by Western Union, MoneyGram or any other service and fill out the paperwork to execute the transaction. When the money is transferred, the recipient will be able to go to a location that supports that money transfer service and get their cash.

 

Who Uses These Services?

 

It is not just retail companies and businesses that send cash internationally. Parents who have children traveling or going to school overseas can use these services to make certain that their children always have the cash they need.

Anyone who has relatives in a foreign country can send cash as a gift, or to help out with family expenses. The advances in communication have made it extremely easy to send cash internationally and many families are taking full advantage of the service.

Most retail locations that engage in international money transfers have signs in their windows indicating which services they utilize. Any consumer who sees a Western Union sign in a retail window, for instance, can inquire from the clerk at the desk about sending money internationally. The process is fast, simple and inexpensive.