The Cheapest Ways To Send Money Home Overseas

Sending money home to family and friends overseas is a common practice, particularly among the new generation of economic migrants. These individuals leave their home country in order to earn a living in the US, which can in turn provide them with a better standard of life for both themselves and their entire family. Sending money to parents, siblings and other relatives is part of the sense of duty and obligation these workers understandably feel for their families. While there are many ways of sending money home, these can be expensive, courtesy of the international dimension. This obviously eats in to any amount being sent, so it makes sense to keep these costs as low as possible.

International bank transfers allow for money to be sent from one country to another, in a direct, secure way. Where both parties have a bank account, it is possible to wire money overseas, without the need for a third party service. However, this option is costly and time consuming, and you need to be confident that both parties have access to a bank account. If your family comes from a particularly remote location, or from an underdeveloped economy, the chances are high they may not have a bank account, or a means of collecting the money. The cost factor is another important thing to remember here, with international bank transfers often one of the most expensive ways to pay.

Online payment services provide an alternative to the bank transfer, but these still require a bank account. Money can be sent from one online account to another, with an automatic currency conversion where required, so the party on the receiving end can withdraw instantly to their bank account in their local currency. However, the amount they receive will be less than that which was sent, based on the fees involved in sending the money. These are usually expressed as a fixed fee and a variable percentage part, which increases the costs the more money you send.

International money transfer services like Transfast.com are a good alternative, where two people can send money without the need for bank accounts or an Internet transfer. Through supported retail outlets worldwide, people can send and collect money across these networks, at low cost and over a short period of time. This option is also viable for sending to those countries where the Internet is unaffordable, or inaccessible due to geography or infrastructure.

When you are sending money overseas, keeping the costs down to a minimum is essential for ensuring your family gets access to the full amount you send. Depending on the amount, bank transfers may have to be a less frequent occurrence, whereas online payment services can only be used as a last resort, given their generally exorbitant fees. For those looking toward the cheapest, most effective all-round solution, international money transfers offer the best of both worlds, in terms of both speed of delivery and the cost of the service.

Comments are closed.