Wise (TransferWise)
Just as online payments are phasing out the need to write checks to pay your bills, more affordable online options for sending money overseas are rendering older methods unnecessary.
While you can still send a secure international check overseas to pay bills or help family, you’d need to pay a fee and be willing to wait for the check to arrive. Similarly, sending an international wire transfer with your bank is no longer the most convenient or affordable option. With a bank, you’ll typically pay fees of up to $35 to $40 and receive exchange rates that are anywhere from 2% to 5% or more above the mid-market rate.
Unlike your typical US bank, an independent money transfer provider specializes in one thing: safely moving your money from the US to countries around the world. This one focus means that they can offer more options — and stronger exchange rates — than a bank can.
While the best-known providers include Western Union and MoneyGram, the past decade has seen a rapid rise in specialist competitors.
Providers like OFX, Wise and WorldRemit allow you to send bank account transfers overseas, but with much stronger exchange rates and lower fees than you’d pay with your local bank. Not only that, but they’re also fast and secure.
With an expanding global economy, your needs for sending money overseas could include:
With so many companies competing for your business, choosing the right one can be difficult. Before handing over your cash, compare:
When comparing fees, remember that companies with more favorable exchange rates sometimes charge the highest fees.
How can I pay bills in any other country around the world?
Find a money transfer provider to send your funds almost anywhere. But specific countries may be excluded from transfer destinations, including North Korea, Iran and Myanmar.
Why is it important to find the best exchange rate?
The exchange rate is crucial in determining how much money your beneficiary receives. And even a slight difference in the rate can make a big difference in how much your recipient receives.
Suppose you’re deciding between two companies to get your money to Italy. One offers an exchange rate of 1 USD = 0.87 EUR, while the other offers 1 USD = 0.89 EUR. If you’re sending $1,000 overseas, using the company with the stronger exchange rate could result in 20 more euro for your recipient.
How can I track an international money transfer?
Transfer providers offer tracking services through their websites. You should receive a transaction reference number that you can use to monitor the status of your funds.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Are you visiting from outside the US?
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