Sending money overseas can be a pain. There are so many different options, costs, and risks that it can be difficult to know where to begin. Money shouldn’t be a barrier when it comes to moving or living abroad, though. There are plenty of ways to send money back home with the help of online services. These services offer a variety of different remittance options to suit a variety of different needs — which is great news for anyone looking to remit money. Whether you’re looking to transfer funds to an individual in another country or want to set up a recurring transfer for a regular paycheck, these services can help you save time and money. Here is everything you need to know about remitting money overseas.
Why Send Money Overseas?
It can be easy to forget why you’re sending money overseas in the first place. Research shows that most people who move abroad plan to send money home at some point. However, only a small percentage of those people actually follow through with the transfer. This is likely because the process is complicated and there are many financial institutions and service providers to choose from. Luckily, there are plenty of reasons why you should be sending money overseas. Knowing what they are can help you make a more informed decision about whether or not to remit funds.
There are many benefits to sending money overseas, including:
Increased Financial Security: There are some investments that are 100% secure, such as money market funds. However, most investments are safer in a foreign country. This is because there is a greater chance that something will happen that will negatively affect the country where you live. This increased risk also translates to an increased chance of your money losing value. By moving your money to a foreign country, you not only decrease the risk of losing everything — you also increase your chances of making a profit.
Increased Investment Chances: Another benefit of sending money overseas is an increase in investment chances. When you invest in the stock market, you’re taking a chance on gaining money. However, when you send money overseas, there is a better chance that it will be there when you need it. This is because overseas banks are generally more hands off when it comes to investments than those in the US. This means that you have less of a chance of your money being mismanaged.
Increased Savings Chances: One of the best things about sending money overseas is an increase in savings chances. Unlike the stock market where you can easily lose money over the long term, you can set up a regular savings account at an overseas bank. This will allow you to save money that is guaranteed to be there when you need it. Plus, it will grow exponentially thanks to the high inflation in many developing countries.
How to Remit Money Overseas?
There are a variety of different methods to send money overseas. The easiest way is to use an online service. Most of these services will let you send money through a checking or savings account, or have options that let you use a prepaid card. This is the safest and most convenient way to send money overseas. Because these services will hold your money in escrow, you don’t have to worry about your transfer being blocked or delayed by your bank.
Another popular method for sending money overseas is with a credit card. Although more expensive than a checking or savings account, credit card transfers are quick and easy. Plus, they’re almost always covered by your credit card company. One thing to keep in mind is that many credit card companies charge foreign transaction fees. These fees vary from company to company, but typically range from 2% to 5%.
What Types of Money Can Be Remitted?
Sending money to friends and family members is the most common reason people remit funds, but there are other reasons to remit money as well. Many people like to send money to cover living expenses while they’re abroad, or to pay for bills or school fees while their family member is studying abroad. However, there are a variety of other reasons you might remit funds. These include:
Investments: There are a variety of different investment options when it comes to sending funds overseas. One of the easiest and safest ways to invest is with a money market fund. These funds are guaranteed to hold cash equivalents such as US dollar bills, coin, or gold. They’re one of the only options that is 100% secure.
Real Estate: One of the most popular reasons to send money overseas is to purchase real estate. There are a variety of different real estate investment options when it comes to sending funds overseas. One option is for the recipient to find a real estate developer in their home country. These real estate developers can help you find a real estate property that you can purchase and then sell when you return to the US.
Businesses: Another popular reason to send money overseas is to start a business. There are a variety of different business funding options when it comes to sending funds overseas. One option is for the recipient to find a business funding company in their country that will provide them with the necessary funding. This can be a great option if the person you’re sending the money to is a business owner. However, it can be time-consuming and difficult to find a funding company in another country.
Which Websites Offer What?
There are a variety of different websites that allow you to send and receive money overseas. These websites can be used to send funds to almost anyone in the world — even if they don’t have a bank account. These websites are known as non-banks and as a result, they don’t fall under any financial regulation. However, they offer a variety of different banking and financial services — including the option to send money overseas.
These are a few of the most popular websites that allow you to send and receive money overseas:
Western Union: This is probably the most well-known money transfer company in the world. With over 16,000 agents in 150+ countries, they’re a great option for sending money overseas. They also have very low fees when it comes to sending money — you’ll only pay $0.25 for every $100 sent. Plus, they have a variety of different money transfer options.
Wonga: Most people are familiar with PayPal, but they also have a money transfer option. You can send and receive money with this service through a mobile phone or computer. They charge really low transfer fees and you can send money to almost anyone in the world.
Which Websites Are Easiest for Beginners?
Websites that are easy to use and offer a variety of different options can make it easier to send money overseas. These websites are generally easy to use and have a variety of different options to choose from. If you’re looking for an easy way to send money overseas, these websites are a great place to start.
These are a few of the most popular websites that are easy to use and offer a variety of different options:
TransferWise: TransferWise is based in the UK but sends money all around the world. They’re known for their low transfer fees and transparent fee structure — you know exactly what you’re going to pay before you send the money. They also have a variety of different options when it comes to sending the money.
Simple: Simple is another UK-based company that allows you to send and receive money internationally. They have very low fees and a super easy-to-use interface — making them a great option for beginners. They also have a variety of different options when it comes to sending money.
Which Websites Are Best for Businesses?
Websites that specialize in sending money overseas are generally best for businesses that need to send frequent payments. These can include taxes, salaries, and other business-related expenses. Because these types of expenses are common in businesses, these websites are also great for keeping your accounting and finance organized.
These are a few of the most popular websites that specialize in sending money overseas:
Expenses: If you work in a business that sends a lot of expenses, then this website is great for sending those payments. They have an easy-to-use interface, lots of different payment options, and low fees.
Wonga: If you need to send your employees