Sending money abroad has now become easy thanks to technology. You might want to send money abroad for your family, buy something, convert money for you to use in international travel, pay for services, or pay a mortgage.
Whatever the reason or country you are sending the money, you need to ensure that you look for the easiest, safest, and fastest way for the transfers.
Easy Ways To Send Money Abroad
There are different ways to send money abroad, including bank to bank, digital banking services, international transfer services, international wire transfers, cryptocurrency transfers, and multi-currency debit cards.
The easiest ways you can use to send money to Mexico include:
This is the most obvious choice and an option that many people choose. Because of the banking regulations in the majority of the countries, bank transfers are among the safest. You can either send the money directly from the bank or use their app or website if they have them.
Because of the competition, however, banks are not the best when it comes to exchanging rates, fees, and transfer speeds.
Western Union services many countries that some other international money transfer services do not. They have extensive global coverage, which allows them to give you the option of cash-pickup delivery and cash in person.
The transfer charges depend on the country you send the money from and the country you are sending it to.
WorldRemit has some of the lowest international cash transfers and exchange rates fees. It is also easy for you to create a WoroldRemit account, and they have a fast money transfer. Sometimes, the recipient can access the money the same day you send it.
Based in London, WorldRemit has to comply with all the strict regulations in the UK, and they follow the Financial Conduct Authority, making them among the safest way to transfer money abroad.
If time is your number one consideration when sending money abroad, this is the best option, with the funds being available to the recipient almost immediately you send them.
Xoom operates via PayPal and gives you and the recipient options for delivering directly to a provided address, bank deposits, and cash pickup.
This is one of the biggest international money transfer services worldwide. MoneyGram recently launched FastSend, an option that allows you to send money directly to the recipient through text message. Regardless of your preferred payment choice, they offer same-day delivery.
Previously known as TransferWise, it is one of the cheapest international money transfer services. All you have to pay are mid-market exchange rates, which have low upfront fees and no markup.
Wise has also earned a reputation for being among the safest ways to send money internationally because it has to observe all the UK regulations.
If you do not want to pay transfer fees, this is the service you should go for. OFX also has very competitive exchange rates for amounts above $25,000. This makes it the perfect choice to send large amounts of money. However, their transfers are not fast.
If you and the recipient are in the crypto world, cryptocurrency is a cheap and easy way to send money. The transactions fees are usually lower than other international money transfer services. However, the charges depend on your exchange choice and type of crypto coin.
If you want to send money to Mexico, you have to compare the different international money transfer platforms’ fees, time, and security.