Need to send money back home to the U.S. without breaking the bank? Here’s how to safely and affordably repatriate funds.
If you don’t find an effective and affordable way to manage your international payments, sending regular payments to the United States can be quite expensive. From salaries and pensions to loan payments, rental income and financial support for your family, there are plenty of reasons why you might need to repatriate funds to the States from overseas.
However, you’ll need to compare the services of different money transfer providers if you want to find a safe, reliable and cost-effective way to send your money home.
How does the repatriation of funds work?
Whether you’re looking to support family, business or investment connections in the U.S., if you make regular overseas payments it’s essential to find a way to do so affordably.
Major banks all around the world can help you organize your international payments, but they will usually charge a high fee for every transfer they send, which can cost you a significant amount of money every time you repatriate funds. For much more affordable transfers you can use the services of dedicated money transfer provider, which offers better exchange rates and lower fees than the banks. They specialize in moving funds internationally and can offer secure transactions backed by professional and friendly customer support.
Companies like Western Union, MoneyGram and Ria are well-known transfer companies that operate large worldwide networks. They allow you to send cash that can be collected from thousands of agent locations across North America.
However, you may be able to find the best exchange rates and most affordable fees if you send your funds using an online money transfer company. Providers like OFX (formerly USForex), WorldRemit, Payza, World First and many more offer this type of service, so shop around and compare trusted providers listed at finder.com.
Of course, whenever moving funds from one country to another, it always pays to be aware of any restrictions that may apply to the amount of money you can transfer. You will aso need to provide details of the source of that income.
How much will my recipient get? Calculate receive amounts
Why might I need to repatriate funds?
There are many reasons why you might have to send money back to the United States, including:
- You are working overseas and wish to send the money you save back to your loved ones.
- You are moving to the United States and need an affordable way to transfer your assets.
- You receive a salary or pension into an overseas bank account.
- You own a rental property overseas that generates income.
- You are based overseas but need to make mortgage payments on a property in the United States.
- You may have investments in other assets overseas that you wish to sell in exchange for foreign currency, and then convert that currency to U.S. dollars to be sent to the States
There are plenty of other potential motivations for repatriating funds, but the above examples should provide some easy-to-understand examples.Back to top
How do I compare money transfer services?
It’s important to take the following factors into account when you’re weighing the strengths and weaknesses of different transfer companies and currency providers:
- Exchange rates. Finding the best exchange rate can make a substantial difference when you transfer funds overseas, especially if you’re dealing with large amounts of money. Compare the rates offered by a range of companies for your most commonly traded currencies.
- Fees. Most companies will charge you a fee when sending a transfer overseas, so make sure you’re aware of all the fees that will apply to your transaction. However, keep in mind that some companies will not charge any fee if you transfer a large amount. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- Transfer options. Some companies will allow you to save time by scheduling recurring transfers in advance, as opposed to entering all the details of your transaction every single time you need to repatriate funds. Many providers also offer flexible transfer options like limit orders and forward contracts, which allow you to take advantage of changes in exchange rates to make more cost-effective international transfers.
- Pickup options and transfer times. While there are many companies that offer online transfers direct to U.S. bank accounts, others also offer the convenience of cash pickup if you need your funds in a hurry. Transfer times can also range from 10 minutes to multiple business days, so check this factor as well when comparing providers.
- Customer support. When you’re moving money overseas, especially large amounts, it’s reassuring to know that you will be able to access help whenever you need it. Look for a company that offers multiple customer support options (phone, email and online) and during hours when you will most likely need to access it.
- Reputation. Do some online research to find reviews about different transfer companies and see if they are trusted by consumers. Ask friends and family if they have any recommendations to help you make your final decision.
Compare services to help repatriate your currency
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
What are the pros and cons of repatriating funds?
- Easy. Sending money overseas might sound complicated, but in most cases it’s not. Online money transfer providers make the process as easy and stress-free as possible.
- Affordable. You can save a whole lot of money when sending funds overseas if you don’t transfer the money via your bank. The rise of online money transfer services allows you to access a range of more affordable options.
- Choice. There are plenty of trusted providers you can choose to handle your transfer – start comparing their features at finder.com today.
- Laws and regulations. Restrictions may apply to the amount of money you can send to the U.S. from your chosen country. Make sure that you are abiding by all laws and regulations before sending your funds.
Frequently asked questions
What sort of fee will I have to pay for an international money transfer?
Fees differ depending on the transfer service you choose, where you’re sending the money from, how much money you’re sending, and a range of other factors. Generally speaking, fees range from zero up to the $100 mark per transfer.
Are there certain countries from which I will not be able to repatriate funds?
Restrictions on moving money to the United States do apply to certain countries upon which the U.S. has imposed economic sanctions – for example, Iran. Many transfer providers will also not offer their services from certain unstable countries around the world.
I’ve sent an international money transfer – now what do I do?
You should have received a tracking number or reference number from the provider that you can use to monitor the progress of your funds. Many companies also provide email and SMS notifications to let you know when a transaction is complete.
Can I fix an exchange rate for a future transaction?
Yes. Some companies offer forward contracts, allowing you to secure the current exchange rate for a transaction up to one year into the future.
Can I repatriate funds through my overseas bank?
Yes, your overseas bank can send an international wire transfer for you – just watch out for low exchange rates and high fees.