Electronically sending money overseas is done more regularly today than it has been before. That’s because there are more reasons than ever to do so, and electronic transfers cut out a lot of unnecessary waiting times. Writing a check or paying for a money order to send overseas is usually not needed for the most part because the ways you can transfer money electronically can reach both regular bank accounts as well as those who don’t have one. And in many cases, your money can be received within a few days or even within minutes. So what do you need to know about sending money electronically?
Understand The Exact Reasons The Person Needs The Money
Why you’re sending the money makes all the difference in how you do it. Are you trying to help a family member who may be involved in an emergency where their savings are depleted and they need money right away? Are you trying to support someone you know in an effort to start a business who needs startup funding? Maybe you’re paying bills for yourself or on behalf of someone else and need to send money to the creditor. All of these are important factors that can affect the way you send money.
Sending Money Electronically Through An E-Check
If you want to send money to someone electronically but don’t want to have a check sent in the mail, an e-check is one way to do it. You simply use an e-check service which can send a PDF file of the check to the recipient’s email instantly. When they receive the e-check, they could print it out to deposit in a bank or mobile deposit it. There could be a few problems with this if your recipient doesn’t have a bank account and wants to cash the check, or if they need it in a different currency than what the check was sent in. But it still may be one way to send checks without the need to wait.
Sending Money Directly From One Bank Account To Another
In some cases, you can send money that’s in your bank account without even needing to write a paper or e-check at all. Some banks allow you to send funds to an external bank account by using the specific account number as well as the external bank’s routing number. Not all of them do transfers from a domestic bank to a foreign bank though unless you do an international wire transfer. An international wire transfer can happen instantly, and it allows for foreign exchange. But it has extremely high fees and should only be used for very large transfers.
Sending Money Through A Third Party Transfer Agency
Sometimes you need a little more flexibility in how you send money electronically, such as wanting more payment options to do it with or allowing it to be picked up in cash. You can send money online abroad through a third party transfer agency where you can use an app or go to an agent location in person to send money. The benefits to using a third party transfer agency include the following:
1. Your choice of using bank accounts, debit cards including prepaid ones, credit cards or cash to send money
2. Exchange rates are listed upfront and can come with lower fees than regular transfer services
3. A tracking number can be used to verify your funds have been received or to cancel the transfer
Sending Money Through A Peer-to-peer Transfer App
There are other kinds of apps known as peer-to-peer payment apps you can setup an account, add funds to it by linking a bank account, and also pay for things or send money using a debit or credit card. There are benefits to using this kind of app such as eliminating even more fees, and transferring funds instantly by simply entering the recipient’s username. The only downside to this way of sending money is that some p2p apps are geographically restricted, and your recipient may not be able to withdraw funds from their account without having a bank account or prepaid debit card.
It’s very simple to send money abroad in theory, but you need to check with your recipient before doing so to make sure they’re able to receive it the way you want to send. Also keep in mind that some transfer services have limits on how much you can send as do some countries based on financial laws.