Dunbridge Financial

- Make international payments in more than 100 currencies
- Pay up to 1,000 payees using one mass payment
- Work with an account manager to develop the best payment strategies for your business
It’s fairly common in the US for people to send large amounts of money abroad. The best way to do that will depend on your specific situation. When making your decision, it is important to take into consideration things like speed, IRS tax regulations, fees and more.
You will find that money transfer specialists often offer the most competitive exchange rates for your transfer and charge lower fees than what you’ll find at your bank. These types of companies exist to make the process of sending money overseas faster and more straightforward.
Sending money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient is under or unbanked. There are several companies that offer cash-to-cash transfers including Ria Money Transfer, MoneyGram and Western Union. Finding the right company for your cash-to-cash transfer is important, so make sure to compare your options.
While most banks are able to initiate an overseas transfer, they tend to be the most expensive option. When dealing with smaller transfers, the ease of using your local bank can be worth the fees and unfavorable exchange rate. But for larger transfers, you’ll see a noticeable cut taken. It is also worth keeping in mind that your bank may have wire transfer limits in place, so you’ll need to ask ahead of time if you plan on making a large international wire transfer over $10,000.
You have two choices when sending a bank-to-bank transfer:
An international bank draft is issued by a bank on behalf of the payer. It allows another bank, typically in another country, to draw funds directly from the issuing bank. International bank drafts can be drawn in a foreign currency, removing the need to speculate on future exchange rates.
Overall, international bank drafts operate similarly to domestic orders sent within the US, except that they are created in a foreign currency.
With some services, you can send funds via a prepaid debit card. The sender loads a prepaid debit card with cash funds. The recipient can then withdraw them using the prepaid debit card. Alternatively, you can transfer money from the prepaid card to a bank or card account.
Prepaid debit cards tend not to charge transfer fees. However, you will most likely have to pay an activation fee or monthly fee.
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrencies will also let you trade cryptocurrency for fiat currency (a government-issued currency like US dollars or euros). Which means it is possible to exchange US dollars for a cryptocurrency like Bitcoin, then trade your cryptocurrency for euros.
However it’s not a simple process, and you’ll likely encounter percentage-based fees at each step, which makes it an expensive option. Here are the key steps to take when transferring money overseas using cryptocurrency:
Sign up for an account and pay no fees to send quick and easy money transfers to multiple beneficiaries.
Sigue offers speedy money transfers to 50+ countries, but you have to set up a transfer to see the transaction fees.
Join Boss Revolution with an email address and phone number, and send money within minutes.
Usend combines money transfers, bill pay and mobile phone reloading.
Paysend offers transfers to more than 70 countries through its app and online service.
Pairing international calls with money transfers makes Boxypay a unique choice.
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