Gone are the days when banks used to be the only option for sending money overseas. With the advent of technology, there are various options for sending money online. Moreover, with the increase in smartphone usage and access to the internet, people can send money at lucrative exchange rates. While sending money overseas, certain factors should be kept in mind. These are:
- Current exchange rates for the desired currency pair
- The amount of money that needs to be transferred
- The number of the transaction. Whether it’s one time or recurring
- The time period of transaction completion
Based on these factors, there are some ways to send money overseas using the phone.
Online Payment Service Providers
There are various online payment service providers who facilitate sending money overseas at attractive exchange rates. You just need to set up an account with these sites, approve your identity, and link your bank account. When you complete this process, you are all set to send money overseas with the help of your smartphone.
Paypal is one of the service providers that have a wide reach and transparent procedure. Currently, Paypal transfers money to more than 200 countries in 25 currencies. It may take 5-7 days to receive money based on your country. Moreover, you need to withdraw the amount in your bank account. Paypal charges 0.5-4% of the total amount as the transaction fees. Besides this, the exchange rates are applicable.
In addition to Paypal, you can consider these services for sending money overseas:
- Amazon Pay
- Google Wallet
Money Transfer Services
If you don’t have a Paypal account and if you want to send money as soon as possible, you can consider money transfer services for sending money overseas. The best aspect of money transfer agents is that they provide services both in online and offline mode. You can use your laptop or smartphone for the transfer or you can visit the location yourself.
Money transfer service providers, such as Instarem, Western Union and Moneygram, provide quick and reliable services. They have a presence in most of the countries. However, their processing fees in much higher than that of online service providers. In addition to this, the foreign exchange rate is also applicable.
In spite of cumbersome procedure and formalities, people still prefer banks for sending money overseas. This is because banks are one of the most reliable service providers. And if you have a bank account, the process becomes easy. You just need to complete KYC formalities, submit some documents, and you are ready for sending money overseas.
Banks provide two options – bank wire transfer and foreign currency demand draft. Since we are concerned with sending money overseas using the phone; wire transfer seems to be an ideal option.
The only problem is that the banks charge higher processing fees and it may take 3-5 days for bank wire transfer to complete. But then again, it is one of the most secure methods for sending money overseas.
If your bank has international operations, you can consider for free international transfers as well. If you send money from India to the USA, both countries should have the bank operations. Moreover, the sender and the receiver should have an account in the same bank. The exchange rate is comparatively high in this case.
Currency Exchange Markets
If you are keen on saving money on the exchange rate, you should definitely adopt currency exchange market facilities. The exchange rate for sending money overseas may vary from 0-0.5%. This is least that you can get in the market. You just need to set up an account, add money in the wallet, and the buyer will purchase your money in the desired currency. CurrencyFair and TransferWise provide these services for sending money overseas.
These are some of the most feasible methods for sending money overseas. You don’t need to leave your home or workplace for sending money overseas. Just utilize your phone to complete the transaction in simple steps.