It’s cheaper and easier than ever before to send an international money transfer.
In today’s technological society, the world is a lot more closely connected than ever before. As the internet and other tech advancements have overcome the barriers of geographical distance, more and more countries have opened their doors to trade and become global citizens.
As a result, the need for Americans and citizens of other countries around the world to send money overseas has rapidly expanded. The World Bank estimates that more than $601 billion was remitted worldwide in 2015, up from the $534 billion transferred across international borders in 2012.
There is now a wide range of businesses that specialize in offering affordable international money transfers, with more choices and flexibility available than ever before.
So who are the people who most commonly need to send money overseas?
The strong, stable U.S. economy and our high standard of living make America a popular destination for overseas workers from around the globe. From overseas visitors on a temporary work visa to working vacationers traveling the length and breadth of the country, overseas workers often need to send money home to support their loved ones or to stay on top of ongoing expenses.
With several student visa options available and more than 4,000 higher educational institutions to choose from, America is a popular destination for overseas students looking to further their study and explore the world at the same time.
People moving overseas and returning expats
The idea of moving overseas, either for a short period or permanently, is a tempting one. Regardless of whether you’re organizing your move overseas, sending money back home to loved ones in the U.S. while overseas or preparing for your return home to the U.S., you’ll need to find the most affordable and convenient way to transfer money internationally.
People with friends or family members traveling overseas
As international flights become more affordable and countries around the world open their borders to tourists, there are diverse and memorable travel experiences just waiting to be explored on every continent.
Although travel is exciting, it also comes with a certain level of risk. Wallets can get stolen, bags can get lost, and it can be quite easy to run out of spending money on the other side of the world. So if you need to offer financial support to a friend or family member who is off traveling the world, finding a cheap and quick way to send money overseas is essential.
Compare overseas money transfer companies
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
Thanks to the internet, countries all around the world are more closely connected than ever before. And while this has led to obvious changes for individuals, it’s also had a huge impact on how businesses function around the world.
For many U.S. businesses, an increasing portion of their transactions take place overseas. Whether buying goods from overseas suppliers or selling to overseas clients, finding a cost-effective way to manage your business’ international payments is essential.