If you are separated from your family members by oceans and borders, you may be concerned about how best to financially support your family overseas. Even after you save up the money to send back home, there are many different services that offer international money transfers. Each offers its own benefits, and you can find the right service to meet your needs depending on how quickly you want to send the funds and which country you are sending to. Here are a few of the top choices when you want to transfer money internationally.
PayPal
PayPal is one option for overseas money transfers. The online service is available in over 200 countries and 25 currencies, and it’s easy to make the transfer using your PayPal account, which you can link to a debit card, credit card and/or bank account. However, while many domestic PayPal transfers are free for family and friends, the same is not the case for international transfers. PayPal charges a fee and, like other money transfer services, sets its exchange rate for the transaction. If you fund the transfer using your bank account or funds already in PayPal, the fee has a low cap, but if you use your credit or debit card, you may pay 5% of the transaction in fees, in addition to a funding fee based on the source of the funds. Recipients get the money right away in their PayPal accounts. However, PayPal is not available in all countries, so check with your relatives before planning to use this online service.
Wire Transfers
Wire transfers from your bank are one reliable, classic option for sending money overseas. You can send a wire transfer to almost any receiving bank in the world. In many cases, you can also send a bank transfer to certain types of credit cards and prepaid cards, depending on the country. Wire transfers typically take only a day or a few days to receive. However, depending on your bank and the recipient country, you may need to go into a branch in order to complete your transfer. In addition, many international wire transfers also have a fee attached, although it is typically a fixed fee rather than a percentage rate.
Western Union
There are two reasons why Western Union is incredibly popular as a means of sending money to your family members in your home country. First, Western Union is found almost everywhere in the world, including in countries where PayPal and other online services are unavailable and difficult to use. Second, Western Union offers its best-known “money in minutes” service. Your recipient can pick up cash in hand from any agent location instantly after you send it, and these locations are available in a wide range of grocery stores, corner shops and other local businesses, in both large cities and small towns. Fees for Western Union money transfers vary, depending on the sending and receiving countries as well as the services you choose; you can often save by choosing to send to a bank account instead. Western Union transactions can be completed online, through a mobile app or at an in-person agent location.
There are many great options to help you send money to your family overseas. Make sure to check the fine print when completing your transaction, including the amount your recipient will receive in their home currency.