With technology changing at such a rapid rate, what truly constitutes as the better way to send money abroad? What if I’m merely transferring money from the East Coast to the West Coast in the United States? You say you often travel to London? What options does one have to receive money in the UK? Europe?
Let’s have a gander at 5 ways in which we can accomplish these feats, shall we?
Send money abroad with Paypal
Paypal, the ever over-revolutionized way of essentially sending money online, transferring, receiving, paying and getting paid electronically by means of an app, a click and POOF! There is money waiting! Is it really that easy? Yes, it certainly is! Let’s explore this idea.
Transferring and/or sending money online via paypal is as easy as 1, 2 and 3. You don’t have to worry about cash and your credit cards can take a back burner. Paypal makes life very simple as you can send money to anyone’s email address OR cellphone/mobile device whether it’s mom and dad, your best friend, a respected client or even a college where your son/daughter attends. You can make internet purchases as long as Paypal is accepted at those retail places. All it entails are the receiving entities setting up an account (for FREE – we love this don’t we) and SHAZAM! The transferred money goes right into the account. You can send money across town or across the Atlantic; makes no difference to Paypal. A PIN number is created by the two parties and that is all you need.
More in depth, after the information you enter regarding your receiver from your computer or phone, your receiver uses their email address they created just for this account (one time only or set up a free account; up to either user) and then both parties can trace the transactions in their account activity.
Send money abroad with Western Union
Western Union is an oldie but goodie, as we are very accustomed to this method of receiving/sending money. It is a wire transfer method of sending money abroad especially, but can be used for sending throughout the states and intrastate sending/receiving. Just like any money transferring methods, make sure you KNOW who it is you are sending money to and receiving money from. Having money sent with a tracking number, security question and a signature needed by providing a form of identification doesn’t eliminate risks entirely, but provides some safety factors. Don’t send money through Western Union employment purposes, internet purchases, or people you have just met!
What about sending money with Fairfx?
Fairfx is a great less expensive way to send money abroad and/or to UK specifically. Very simply completed, you can send/receive money for travel, purchase property or even ensuring safe travels money-wise for your employees. You can request a currency card which has a secure chip and pin number, transferring money internationally for free with great exchange rates or ordering cash that is delivered right to your front door if necessary! Fairfx offers lots of incentives from saving money having a currency card loaded, to getting reimbursed if you find a cheaper way of sending internationally to last but not least offering free next day delivery.
TransferWise is a fantastic way of sending money abroad with the “real” exchange rate in place. Lots of financial institutions like to hide the biggy charges when you are sending money abroad. You can save up to 90% by using this method. All you pay is a small fee with a 3.00 minimum on USD to GBP transfers (United States to Great Britain).
CurrencyFair is great option as well
By using CurrencyFair, this is a fabulous way of sending money abroad to Europe. It is THE cheapest way to send money to Europe, hands down. Some of us need to transfer money between our own accounts. We can save up to 90% on international transfer fees using this method as well. They offer a Comparison Calculator that will compare the money you receive from CurrencyFair or send using this method and the best available rates from other such companies.