How to transfer funds abroad without the hassle
The world today is such that we can have connections with people from various parts of the world and still keep very close communication. Some of such communications could be between people who had lived in the same environment before and then one or the both of them have to migrate together. An example of this could include siblings. In other cases, they might have come from two different places and then met at a central point, became friends, got connected and then migrated back to where they come from or to other parts of the world. An example of this includes students. It could also be two people who have never met each other physically but met online and had a business deal, friendship or other types of relationship. Along the line, there might be the need to send something to such people. This could include information that could be passed across through phone calls, emails or chats. It could also include physical goods that could be sent through courier. Not too long ago, sending money too would also include sending through courier or mail even though it was strongly discouraged. However, it is now very easy to send money to people irrespective of where they are. This article will discuss the options for transferring money abroad and which of the options has a lesser hassle.
Table of Contents
Using online platforms
The use of online platforms is a great option for sending money online. There are various online platforms that you can use for sending money. The first option is sending money online to the person’s account. The recipient will be able to receive the money transfer directly into their bank account instantly or within a few minutes. If you want to know the best electronic funds transfer platform to use, you can read international money transfer reviews about worldremit as well as other platforms and check for the best reviews. Other platforms allow you to send money from one account to another on the same platform. Examples of these platforms include Paypal and Skrill (formerly known as Moneybookers). However, this is only possible when you both have an account on the platform.
Using the bank
Another option to send money to other countries is by going to the bank. You could initiate a transfer to the account number and the person would also receive the money in his or her account. However, some banks could take a few days, before the recipient gets the money. It would most likely also require your physical presence at the bank as you might have to fill a form when international money transfers are involved.
Exchange among friends
Before Internet banking became very popular, a way of sending money to other countries was through an exchange. Mr. Felix in the UK is expecting money from Miss Sandra in the US, while Mr. Brown in the UK wants to send money to Miss Ruth in the US. Mr. Felix and Mr. Brown happened to know each other. Mr. Brown gives the money to Mr. Felix in the UK, while Miss Sandra and Miss Ruth arrange on how to meet in the US and Miss Sandra give the equivalent to Miss Ruth. Problems solved. However, it might be very difficult finding someone interested in such arrangements in that way. If Miss Sandra and Miss Ruth were in different countries, it wouldn’t work. Furthermore, if Mr. Felix cannot find anybody who wants to send money not just abroad but to that particular country, Miss Sandra is, it also won’t work. This option is, however, great as it helps to avoid bank and transaction charges.
Which option is most hassle-free
The most hassle-free option is the use of online platforms where you can send money online from your phone or computer. This would be where you are and instantly, without having to go to a bank or other locations. The recipient also gets the money within the shortest possible time.