With around 800 million people around the world sending and receiving money, the chances are high that you too are sending money to either relatives or friends. With so many options it might be confusing which methods to choose. It's also difficult to know which methods of sending and receiving money are best. Our guide below has the most innovative ways to send money abroad thanks to the wonderful world of technology.
Read on to learn more.
If you prefer to send money through your smartphone then the Paysend app might be a perfect choice for you. You can transfer money to Germany with Paysend app anytime of the day and from anywhere. You have the option to send it to a regular bank account in Germany or to a Mastercard or Visa.
The fee to send the money in EUR to Visa or Mastercard is only $2. Usually, the money will also be transferred on the same day. If you opt to deliver the money to any bank account in Germany, the money typically transfers on the same day.
One major pro of opting for the Paysend app is that you can transfer money to more than 100 countries. They are also constantly adding new countries to their platform. Another bonus is that they have a fixed fee, so you won’t have any surprises or hidden fees after you send money. Paysend will display the transfer fee along with the rate before you finalize the transfer.
The money transfers are all certified by Visa, MasterCard, the FCS, and China UnionPay which gives you better bank-level security. If you are in a different time zone you don’t have to worry about not receiving customer support because Paysend offers 24/7 support.
Another option to send money internationally is through WorldRemit which is free to sign up for. There is the option to pay someone using your debit card, a credit card, a prepaid card, Google Pay, Trustly, Apply Pay, iDEAL, Interac, and POLi.
The fee for sending money varies depending on where you are sending the money. But, they will let you know the fee you can expect ahead of time before you send any money. Depending on where you send the money it can either be instant, take up to 24 hours, or up to 7 days. When you are using cash to pay, the money is available instantly for the recipient.
Keep in mind that WorldRemit has a transaction limit depending on the country which you are sending money from. For example, when you are sending money from the United States with a prepaid card, debit card, or credit card you have a maximum amount of $9,000 you can send every 24 hours.
One of the latest innovative ways to send and receive money is through cryptocurrency. This is becoming more popular because the banks are not in the middle of the transactions. Without the middleman in between there is less waiting time and also a smaller transaction fee involved.
The fee will depend on the crypto coin that you choose to send and also the exchange that you send the money through. For those who transfer money frequently getting informed about the crypto trading platforms can save you a ton of money in transaction fees and the best thing is you can do the transfers from wherever you are.
You can initiate a money transfer from your smartphone, a desktop, or a laptop. Certain platforms will not charge you any transfer fees for sending money within their own platform such as Coinbase.
Make sure that when you are opting to use cryptocurrency to send money, you are using a reputable platform that has been around for a while. Also, you want to do your homework and see if they have had any security breaches in the past. The last thing you want to do is deal with a non-reputable company that keeps your money.
Something else to keep in mind with cryptocurrency is that the prices fluctuate because crypto is very volatile. This means that if you send $100 by the time the recipient receives it, that $100 might be worth more or less. If you don’t want to run the risk of the money losing value, then cryptocurrency might not be the best choice.
A fairly fast option is Xoom even when the transfers are done with a bank account. With Xoom, you can send money to more than 160 countries. There is the option to pay with a credit card, bank account, PayPal balance, or debit card.
You can send between $10 to $50,000 every day. Keep in mind that to send the larger amounts you will have to register for an advanced Xoom account which will require you to verify your personal information.
This company has a good reputation for being dependable and offering secure transactions. Wise complies with UK regulations so when sending money internationally this is a great option.
Wise is one of the largest money transfer companies around the globe. This gives you more peace of mind that your money is safe. One of the pros of opting for Wise is that they are very transparent with their fees. They also have fairly competitive fees and rates.
Their customer reviews are excellent and the Wise website is also well-designed and user-friendly. When you send money with a debit or credit card, the recipient will usually receive their money faster than when you send it directly through your bank account.
Now that you know how to send money abroad you can choose which method or methods are best for you. Remember that the method you select depends on how fast you want the money to be transferred and the security level you prefer.
Because of technology, there are endless options, so if you try one method and you’re not happy there are other options to choose from. We have more guides to help you out in our finance section.