International Money Transfer – With more and more individuals purchasing goods from overseas vendors online and creating work for foreign consumers and businesses, learning how to make an international payment is becoming increasingly necessary.
In line with the growth of the Internet and foreign trade, it has become easier to make International Money Transfer due to enhanced banking systems, as well as services offered by companies such as MoneyGram, Western Union and PayPal. Read the following steps to find out how to make a foreign payment if you need to send money to an individual or a business overseas.
Determine the Amount of your Payment at the International level.
- If you pay for goods, remember to check if the overall shipping costs need to be included, as well as which party is responsible for the foreign money transaction expenses.
- When you pay for services, contact the service provider in order to determine who will pay for the international payment costs.
Inquire with your bank, PayPal, Money Gram and Western Union about making an International Money Transfer and find out which approach works best for you.
- For an extra charge, many banks allow you to make an international payment, but some banks do not provide this service at all. Find out if you can do this online if your bank requires you to make a foreign payment. If not, inquire if the customer service line should be called or the nearest branch should be visited.
Also, inquire what the service costs are and how long it would take to move. Alternatively, the services of a foreign exchange brokerage specializing in international transfers may be enlisted.
- For a processing fee of 2.9 percent, PayPal makes instant transfers to several nations. An email address and a checked PayPal account are all that you need to set up an account, which means that your bank details have been accepted. If the receiver does not have a PayPal account, he will receive a notice by email detailing the steps taken to move the money to his account.
There’s a limit of $10,000 per transfer for those with confirmed accounts, but no limit to how much you can transfer in total. You may make payments from a checked account through PayPal, but to clear the account, funds usually take 3 to 4 days. Funds transferred from a credit card are credited to your PayPal account instantly.
- Both Money Gram and Western Union allow you to wire money to any country in the world from a nearby facility. Cash, debit or a credit card may be used. Before making the transaction, you can calculate the transfer fees on their websites. Transfer fees vary between 8 percent and 12 percent.
Exchange rates depend on current daily exchange rates and are variable. Monitor the regular exchange rates until they are acceptable to you, to get the best exchange rates. However, if you need to make a payment immediately, this is not going to be possible.
Pick the International Money Transfer that works best for you and the recipient.
- Consider transaction time and costs, as well as, if appropriate, the proximity of a pick-up location.
- You will need the receiver’s name, address, bank account number, international banking number, and routing number for bank transactions.
- For PayPal, in order to send money, you will need the email address of the recipient.
- For MoneyGram and Western Union, you’ll need the legal name of the recipient. You will also have the option to ask a safety question. As long as he can provide identification and, if necessary, answer the security question, the recipient can collect the money within minutes.
Make an International Money Transfer and notify the recipient that it will be received within the time frame specified.
With this few guide on how to efficiently make an International Money Transfer, you don’t have to be worried any more. Thanks for stopping by.