When you are running a business, most of the times you require to send money abroad. However, if you have ever tried to transfer funds internationally, you know how daunting it can get. Fortunately, today, with so many money transfer options, sending and receiving cash has become so much easier, faster, and convenient. The World Bank stated that alone in the 2017 migrants living in the U.S. sent an estimated $625 billion to their home countries. You may send or receive your business payments, which is why we have put together a top most used and standard options for you. To learn about them, continue reading!
It comes with no surprise that PayPal is the most widely used money transferring service in the world. With the help of this service, receiving and sending payments to people and businesses in other countries has become possible. To make any transfer, you only require to know the email address linked to the PayPal account of the intentional receiver. It is available in more than 200 countries to send and receive payments securely in more than 100 currencies. Though PayPal is expensive as compared to other money transferring method, there are no hidden fees as it lists all the charges before you send money.
Those who are not familiar with PayPal know about this platform for sure. Western Union is a global payment transferring service with over 200 countries and 5000 locations around the world. As a business owner, it could be your best bet because it is inexpensive as compared to PayPal. With this platform, you can send a money transfer through the website, at a location, online banking, via mobile, and in person. You can send money straight to a receiver’s bank account, or the recipient can withdraw cash by visiting any Western Union location near him. Generally, Western Union limits cost estimates to transfers below $7,500. Depending on the country and its exchange rate, the transfer fees can vary.
Similar to Western Union, MoneyGram allows you to transfer funds anywhere in the world. Whether you want to transfer cash directly to the receiver’s bank account, mobile wallet, or want them to pick it up in person, this service got you covered. This service operates in over 200 countries and territories and 350,000 agent locations across the globe. Usually, fund transfers are quick often on the same day, making it the best option in emergencies when someone needs cash rather than money sent to their accounts.
In addition to online payment and money transfer services, another best option is to pursue a bank wire. This service enables you to send funds either online or in person. With Wire Transfer, funds are transferred electronically from one bank to another, but the condition is that both parties must have a bank account. Unlike online payment and money transfer platforms, specific details such as the recipient’s full name, bank account number, branch number, and transit number are needed to send a wire transfer. This service is ideal or those who don’t need cash in an emergency and want funds to go directly into their bank account.