Sending money overseas may seem to be a very easy thing to do these days. It is because anyone who wants to send money overseas is being offered a variety of ways to do so. The problem with sending money overseas, however, is not really a matter of a lack of options. Rather, it is a lack of affordable options. While it is true that there are so many ways to send money overseas nowadays, a majority of these methods are pricy. Banks, wire transfer companies, and other international money transfer agents take a huge chunk of the money you are supposed to send as their transaction fees. Moreover, the exchange rates can leave you with a pretty poor value for you money. Surely, these are the same methods that are considered the most secure and fast, but they also cost so much that people still look for more affordable ways to transfer money abroad. You can look at the various ways of sending money abroad and try to see which option suits you the best.
The first option would be to send money overseas via a wire transfer company. The more prominent examples of these companies are Moneygram and Western Union. These institutions guarantee their customers to be the fastest when it comes to sending money because they have offices that are situated everywhere in the world. Thus, you are supposed to be assured that your money will be transferred in minutes. What happens is that you should have proofs of identity with you whether you are the sender or recipient of the money. Example, you are in Florida and would like to send some money to your daughter who is backpacking in France. So, you go to a Western Union Office in your city and present your cash and ID. The number of IDs depends on the amount you want to send. Lower amounts only require one proof of identity. On the other hand, if you are sending a large sum of money, be prepared to present at least two IDs. You have to make sure of course, that your daughter can go to a Western Union facility wherever she is in France to claim her money. In order for her to claim her money, she must also present several IDs. Your daughter should be able to get her money within minutes, but you will need to pay quite a fee. Moneygram is a bit more affordable than Western Union, but is found in fewer places in the world.
You can also transfer money abroad through banks. The rates that banks charge for this service depends on which country you are sending the money to, what currency that country uses, how much you are going to transfer and how fast you would like the transfer to happen. What is worse about banks is that both banks (the sending and receiving banks) may both charge fees. Charges vary from bank to bank so it essential that you know the rates of your bank as well as the receiving bank. You may get a few dollars off if you do your transfer online, as a lot of banks do allow this through their websites. In transferring money through a bank, you should be knowledgeable of the Bank identifier Code and International Bank Account Number of your bank and the receiving bank. There are some banks, though that offers a particular lowered rate for immigrants or workers who frequently send money to their families in their country of origin. Consult your bank if they have any programs like that.
Another way of sending money abroad is through online payment services. Their charges are mostly calculated as a percentage of the money you want to transfer, which should be advantageous if you are only sending smaller sums. The more popular example of this method is PayPal. All you would need to do is go their website; set up an account you would need a valid e-mail address, of course). After that, viola! You can send money anywhere in the world in as many as 16 different currencies. The fees for this service apply for those receiving the money, as their money will be deducted of the dues.
Alas, there is the ever durable mail service. You can send travelers cheques, cheques, and cash in the post through registered money order. The cost is standard for every transaction. The transaction may be a bit slow compared to other methods given earlier which only take minutes. Moreover, there are some postal systems in other countries that do not allow cash to be received in the mail, so make sure you check on how the other party could receive you money order.