Nowadays, it has become easy to send money to our friends and relatives in different parts of the world, thanks to the numerous cash-sending applications and service providers aimed at making this possible. The time taken for these funds to reach the recipient and the entire process’s total cost varies widely. There are many reasons you would want to send money abroad, including buying property and paying fees, among others.
This article will discuss some best methods to send money abroad and the best USD to MXN foreign exchange rate.
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Methods Used When Transferring Money Overseas
It is possible to transfer funds abroad, just like it is locally. You might find yourself stuck between which provider you should choose to oversee this operation. Below we discuss the providers you should know.
1. Western Union
The Western Union is among the oldest non-banking methods used to transfer money; it has upgraded its services through the years. You can transfer funds via its numerous modes such as; its website, mobile app, or physically visiting their offices.
It has an update that lets you send funds using a credit card. These funds reach the receiver’s bank directly or they might choose to pick them at the Union’s office. This method is secure, has a variety of delivery options, and has lower charges. However, it is slow, as it takes two to three days to complete the transaction.
2. PayPal
Here, it is easy to transfer funds to people in faraway locations using the bank’s PayPal account. However, this mode is associated with excessive charges. Overseeing this transaction with a bank account will attract PayPal charges which vary with your location and the recipients.
PayPal is a fast method to transfer funds, and it has low charges making it ideal for small transactions. Here, the recipient must have a PayPal account, and there might be a limited amount to send.
3. TransferWise
This is a company situated in the UK that offers its services to various globe-sector sections using the exchange rates. The process takes a short time, usually two to three days. The transfer commences after you settle the transfer charges. This method has transparent pricing, and it is easily accessible via an online platform. However, it has a $60,000 daily limit and a $300,000 annual limit.
4. OFX
This company was initially started in Sydney, but it has many stations all over the globe. OFX takes a small portion of the exchange charge after the transfer occurs, but it lacks any extra charges, making it ideal for sending huge chunks of cash. To prevent additional costs in your future transfers, it would help to utilize this site frequently. Using it often will make them have favorable rates.
This mode is easily accessible on any digital platform, and it lacks any transfer limit. However, the least transfer is $200.
5. Xoom
This service is present in close to 100 nations across the globe. Its initial fee is small towards clients who use banks compared to debit cards, but it generally has high rates. It is a fast way to transfer funds abroad; the procedure lasts a few hours; however, this depends on some factors such as the different time zones.
It has a $50,000 daily limit, and it is compatible with PayPal since they share an owner. It is well known for a reliable customer service panel that attends to its clients always.
6. MoneyGram
This is a well-known service provider found in different sections of the globe. Its initial charges for any transaction are smaller, but others are high for different modes. The funds might reach the recipient on the same day, depending on certain aspects. However, it entails a $10,000 monthly limit, and it has many users due to its many physical locations.
7. XEMT
Xemt is a well-known mode used to send funds overseas. This platform lacks any fee in their transactions, and its rate almost resembles the average rate. You can transfer funds to all countries that use the Euro, which total to nearly 30. To acquire an estimated rate, you are required to create a free platform.
However, not all currencies are present in this mode.
8. Currency Fair
Despite this platform lacking certain currencies, it is still mostly preferred to send funds abroad. It is a cheap method that utilizes the standard charges. It is also possible to access it via an online site. It is present in over 20 regions of the globe. It is relatively cheaper than using a bank, and it lacks any daily or monthly limits.
Conclusion
It is possible to send funds to different parts of the globe thanks to the several money-sending services available and the upgrade in technology. Having acquired the above information, you are armed with the knowledge of these companies, and it is now easy to choose the one to use. The majority of transactions take a day or two.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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