Globalisation has connected economies worldwide and made them interdependent to quite an extent. International fund transfer is indispensable to facilitate a rapid globalisation movement. The banking and financial landscape has gone through a significant evolution in the past two decades which has made things easier for many people. International money transfer can seem like a big deal to someone who has never completed an international transaction. Contrary to this popular belief, transferring money internationally is far easier today than it was a decade ago. Let’s look at the most commonly used methods to facilitate overseas funds transfer in the contemporary.
1. Western Union
Western Union money transfer has been in the overseas fund transfer business for a long time. It provides you with the flexibility to transfer funds between approximately 200 countries. You can physically visit the nearest branch to make your international money transfer if you have one in your vicinity.
2. Banks & NBFCs
Most of the banks and NBFCs provide services related to international fund transfer. They primarily engage in wire transfers to send money overseas. It is among the simplest options that exist since you already have a bank account. Check out NBFCs as they are likely to have transparent and quick services.
PayPal has revolutionised the international money transfer process by making it far more convenient to send funds globally. You can just install the PayPal app and initiate an international transaction using your mobile phones.
If you are looking for a speedy international money transfer and don’t mind paying a little premium, you can easily do it using MoneyGram. It is available across 3,00,000 locations worldwide in over 200 nations.
Xoom is a product of PayPal and you can easily use its services to transfer funds globally in an instant. Within a few minutes, the recipient will get the money.
OFX offers one of the cheapest ways to transfer funds internationally. They don’t even charge any transfer fees. However, one should be cautious about the exchange rate markups. The minimum amount that you can transfer is $1000 but there is no cap on the maximum amount.
Ria is among the most prominent players in this domain. It is present across 150 countries and has over 3,70,000 branches. The usual transaction duration is around 3-4 days. However, some bank account transfers can be done within a few minutes.
8. World Remit
The World Remit international fund transfer service covers over 56 nations. You have multiple options to transfer the funds; it includes direct transfer into the recipient’s bank account, mobile wallet, local pickup, etc. They have a nominal transaction fee for facilitating the transfer.
TransferWise is also among the leading players dominating the international fund transfer segment. The same people who built Skype created this technology. It is very simple and easy to use. You just have to input two currencies that are involved and the amount you want to transfer (domestic currency). You will receive all necessary information regarding the transaction charges and the amount that the recipient will get in their currency.
Xe is a popular name in the international fund transfer domain as it provides a simple, quick and secure way to transfer funds. You just have to complete 3 steps to send your money overseas; sign up, get an instant quote, send the amount and track payments.