HomeCommunitiesFinanceInternational Money Transfers - Send Money Online Using These Platforms

International Money Transfers – Send Money Online Using These Platforms

Best online money transfer providers for International Money Transfers

In the technology-driven world we live in today, transferring money by cash, cheque, bank draft, or money order is becoming a thing of the past. The traditional methods of transferring money abroad have become less popular since the advent of faster electronic methods for transferring money between accounts, states, and even countries. This doesn’t mean that the old ways are not a good option. When considering cost, there are inexpensive ways of transferring money, and the cheapest method may vary depending upon your circumstances.

If you’re schooling, living, or working overseas and need to transfer money either to your loved ones in another country or pay for tuition, you might be at a loss about how to go about doing that. Asking questions like where to go, how much the transfer will cost, or which company is the best to use.

If you have such questions, this article on the best international online money transfers is exactly what you need.

The most common option is that your bank is the safest and best method to transfer your money overseas. The reality is that this may be true. Banks were formerly the sole option for many years. Still, since some providers introduce online money transfer services, consumers are taking advantage of the lowest fees (or, in some cases, zero fees) that these new international money transfer services providers offer. To ensure you’re getting the best deal when sending money abroad online, i.e., the very best exchange rate with a minimal amount of fees possible, you need to compare money transfer companies.

WHAT IS INTERNATIONAL MONEY TRANSFERS

An international money transfer involves sending money to a  person and/or company overseas. This transaction can be done either through a bank (the traditional method) or a specialist money transfer service. The money will be received electronically or in cash.

An international money transfer isn’t only available at banks. In fact, you’ll likely pay lower costs and get your money faster by using one of these licensed money transfer companies. Here are five to consider.

The exchange rate between countries is another factor that can determine how much sending money will cost you.

The best online money transfer providers to transfer money internationally are

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  1. WorldRemit ( www.worldremit.com)

WorldRemit is an online money transfer provider that provides international money transfer services in more than 50 countries. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.WorldRemit is a fast and secure service that lets you transfer money online using a computer, smartphone, or app.

The transfer fee differs depending on the amount you are sending or the receiving country you send the funds to. You see the cost of the transfer before making payment. WorldRemit adds a margin to the exchange rate. Get an indicative exchange rate to send money from the USA

The Maximum transfer amount you can make through world remit is US$10,000

How to transfer money with WorldRemit?

* Create an online account and log in

* Input the transfer amount, how you want to transfer (cash pickup, bank deposit, Mobile Money, or Airtime top-up), and destination country. * Enter your recipient’s details.

* Make payment through WorldRemit using a bank transfer or your debit or credit card

WorldRemit is safe to use because they use industry-leading technology that protects your money and guarantees it arrives safely every time you do an international transfer through them.

International Money Transfers
International Money Transfers
  1. TransferWise (https://transferwise.com)

It is the cheapest for transfer under US$7,000 and covers over 70 countries.

TransferWise offers some of the best exchange rates you can find, and upfront fees tend to be the lowest if you use a bank account, typically less than 1% of the transfer amount.  We suggest TransferWise for online users who want to transfer amounts under US7,000 overseas. They are extremely competitive on exchange rates for international money transfers below US$7,000.

With their simple website and seamless process, you can have a bank transfer’s convenience without going to a bank branch. They also offer an easy to use the mobile app and lots of ways to access customer service. Transfer fees are percentage-based service fee. Their Exchange rate is the interbank rate (Google rate). No margin is added.

Bank debit (ACH) is the cheapest; then wire transfer; lastly, debit and credit card.

How to transfer money with TransferWise?

* Create an online account and log in

* Tap in the transfer amount and where to (destination country). Enter your recipient’s details

* Make payment through bank account indicating the Swift code to TransferWise, Or you can use your debit or credit card.

International Money Transfers - Send Money Online Using These Platforms

  1. OFX (www.ofx.com)

OFX is an international money transfer provider that was founded in Australia. It allows you to transfer money in more than 50 currencies. OFX stands for Open Financial Exchange.

OFX makes it fast and easy for individuals, online sellers, and other businesses to exchange currencies, send money overseas, and make international payments. OFX has been in business for more than 20 years.OFX doesn’t normally charge any additional transfer fees for you to send money overseas. Instead, they give you a slightly lower exchange rate than the market rate. OFX is better recommended for sending larger international money transfer amounts when the exchange rates are excellent. Using OFX will almost certainly cost you less than transferring money using PayPal or your bank. For most major currencies, it takes 1-2 days to send money overseas, while for less commonly traded currencies, this process can take 3-5 days.

OFX operates 24 hours a day, 7 days a week, so that you can submit your money transfer request any time of the day. Transfer fees vary based on where you are sending money from with OFX. If you are sending money from the US or the UK, there are no transfer fees. On the other hand, if you are sending money from any other country globally, you will pay $15 if you transfer under $10,000.

The minimum transfer limit in OFX is $1000 in the US, £100 in the UK, and $250 anywhere else in the world. There is no maximum limit for OFX money transfers.

How to Transfer money with OFX

* Create an online account and log in

* You can send money through the app or by calling OFX.

* Provide the details of who you want to transfer to, the receiving country, including their name, address, and international banking details.

* OFX will keep you updated about the status of your transfer through email and SMS notifications.

  1. XOOM

Xoom is a PayPal service that allows you to send money to your friends and family abroad. When using Xoom, you’ll be able to:

Send money to a recipient’s bank account.

Send cash for pick up or home delivery.

Pay international bills

Reload a prepaid mobile phone

With Xoom, you have a  great web experience; it covers over 120 countries. Xoom tends to have low upfront fees, such as under $5, when you use a bank account instead of a debit or credit card, but exchange rate markups can be over 3%. At the same time, some providers mark up their rates by less than 1%. Xoom still tends to be cheaper than banks’ international wire transfers.

Xoom transfers could take up to a few days, depending on banking hours or time zones.

How to Transfer Money with Xoom

If you send an international payment using your personal PayPal account for any of the above reasons, you’ll be asked to log in to your Xoom account. If you don’t have a Xoom account yet, you can create one right from your PayPal account:

Once you are logged in to your PayPal account, click Send & Request.

Select either Send to a bank account or Send cash for pick up.

You’ll be directed to the Xoom website (xoom.com), where you can sign up for a Xoom account, use your PayPal credentials to create a Xoom account for you. If you already have a Xoom account, you’ll be able to link it to your PayPal account when you are taken to Xoom.com.

Provide the details of who you want to transfer to and send.

International Money Transfers wowplus.net
International Money Transfers wowplus.net
  1. MoneyGram

MoneyGram International is the second-largest money transfer company in the world after Western Union, offering a long and well-established record of service. Insofar as its all-round service goes, we’d solidly recommend using MoneyGram under certain circumstances, as the company offers not only some of the lowest rates for certain currencies but also a long-established record of service and extensive coverage.
Allowing you to send and receive money in over 20 countries through the MoneyGram mobile app using a debit card, credit card, or bank account (only in the US and Canada), MoneyGram’s online service is extensive. Your money transfer can be deposited to your recipient’s bank account, mobile wallet, or prepaid card; or even delivered in cash directly to your recipient’s home in certain countries.

MoneyGram allows you to pick up money in person at a MoneyGram agent location. There are more than 350,000 MoneyGram agents worldwide, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. The fee for a transfer with MoneyGram varies depending on the amount you want to transfer.

MoneyGram’s large network of agent locations and its availability online and offline makes it a highly convenient service that covers most people’s needs. Its size and long track record also guarantee that your money is safe and secure when in MoneyGram’s hands.

When sending online with MoneyGram, your transfer is limited to $10,000 per transaction. There is also a $10,000 per month limit. When you need to send more, you can do so in-person from a MoneyGram agent location.

However, the downside of MoneyGram’s service is that transferring cash abroad can be expensive, especially to some countries, as MoneyGram often charges higher fees and poorer exchange rates than those offered by specialized online providers.

How to send money

* For all sends: Your I.D or Ben in the case of Nigeria.  A MoneyGram agent needs your recipient’s full name matching their I.D. and their location to send money for you.

* If sending to a bank account, you need your recipient’s bank name and account number.

* If sending to a mobile wallet, you need your recipient’s mobile number with an international dial code.

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  1. Western Union 

Western Union provides a means of moving money from person to person and place to place for people who may not have options in the traditional financial world. As one of the leading money transfer companies, it has a significant market share, allowing it to dictate to customers on things like transfer fees and terms. With this in mind, it is an often expensive option that can still help people who need to transfer money in a hurry.
Western Union offers a worldwide money transfer service. There are four ways to send money with Western Union: online, ‘Stage and Pay,’ in person and by phone. With Western Union, you can send money online. Your receiver can pick up the money as cash at a Western Union agent location. In certain countries, money can be deposited in a bank account or received in a mobile wallet.

You can send ‘Money in Minutes’, which allows the recipient to collect the funds within minutes of sending them.

How to Send Money

* Enter into any Western Union transfer agent location

* Write down the name and location of the person you want to send money to and choose how much you want to send.

* Western Union will then assess a fee. That fee can be as much as 10% if you’re sending a smaller amount of money. The more you spend, the higher the fee will be. It will get progressively smaller as a percentage, though.

* Once you give Western Union the money and fee, the clerk will provide you with a control number.

* You will then have to give the number to the person who will receive the cash on the other end.

* Your receiver then takes the number and their identification card to a separate Western Union location.

* The agents there will pay out the money transfer, giving your friend or loved one the cash amount you sent. This can all happen within a matter of minutes if you select the “Money in Minutes” option at the Western Union location.

 6 THINGS TO LOOK FOR IN A MONEY TRANSFER SERVICE

Deciding on exactly which money transfer service to use can be a tricky process due to the vast number of available services. There are five major things to consider when deciding on the Money Transfer Provider to use.

  1. Security and safety
  2. Exchange rate
  3. Transfer fees
  4. Transfer speed
  5. Amount received
  6. User experience

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