In today’s world of modern technology, transferring currency internationally via cash, bank draft or check has become downright obsolete. These methods are no longer very popular because you can find fast electronic methods for transferring currency not just between accounts, but also between states and countries. Advancement in technology has made international currency transfer easier because you can now find low cost and simple methods of making the transfer and the hassles and hurdles previously associated with the process have been eliminated to a great extent. There are a number of options you can find when you want to make an international currency transfer and the cheapest one may vary according to your circumstances.
Here is a list of some low cost options you can consider:
A bank can be helpful in making different types of currency transfers. Money can be transferred to a different account in the same bank free of charge. Other transfer services include wire transfers to a different bank, state or country. Typically, you just need the account number and name if the account is in the same bank. International currency transfers to different banks may require some additional information such as the name and address of the recipient, information about their bank such as the IBAN or SWIFT code. The rates charged for these international transfer can depend on the currency used and bank charges.
Some financial institutions offers the service of online money transfers similar to the way you pay bills online. These services require you to have the account numbers and also the bank routing numbers. International currency transfer requires you to have the IBAN or SWIFT code. This method is usually considered when regular and frequent transfers have to be made. They are also comparatively less expensive than a bank teller.
Another economical method for international currency transfer is PayPal. It allows you to transfer money electronically from one PayPal account to another. Sending money through PayPal is free of charge, but the recipient has to pay a fee for cashing the funds. The charges for international currency transfer are a bit higher than regular transactions and you also have to pay the exchange rate for transfers made in different currencies.
MoneyGram and Western Union
MoneyGram and Western Union provide similar services that enable you to make funds transfer to a different city, state or country. A flat rate is charged by these services for the transfer, which is based on the location where the funds are being transferred, the speed of the transfer and the amount of money being sent. In case of an international currency transfer, you also have to pay for the exchange rate. One of the biggest benefits that can be enjoyed through these services is that they are convenient and dependable.
Foreign Exchange Broker
This option allows you to save a lot of money when you have to transfer a large sum. A foreign exchange broker will be able to offer you better exchange rates and charge a very low fee for their services. In most cases, foreign exchange companies charge around 3 to 4% less than bank transfers and also offer additional benefits to their corporate and regular clients. Furthermore, financial stability is also offered via this method because you can lock in exchange rates when making payments. They also offer you a 24/7 service and it takes only a day or two for the currency transfer to happen. The method is also easy to use because you can just use online banking for transferring money to FX companies and they deal with the rest. You can compare international currency companies on websites like TheFXView and choose a company that suits you the best.
Prepaid Money Cards
Prepaid cars have evolved and have now become a convenient alternative to other traditional methods of foreign currency transfers when a small amount has to be sent. A prepaid card works in the same way as a debit or credit card and can offer you several benefits. Funds have to be loaded onto the card and the recipient can use them for making cash withdrawals or purchases, whichever they prefer. The advantage is that the card can be replenished with a checking account, cash, direct deposit or a credit and debit card. However, the fees associated with this method is a bit higher than the others.
Email Money Transfers
An email money transfer service is offered by some financial institutions, which functions like an electronic check. The transaction is initiated through email and the recipient is notified via email that funds are available. The bank account number of the recipient is not required in this case, but they will have to answer a security question in order to get access to the funds.
Any of these methods can be used easily and conveniently for making an international currency transfer anywhere.