Do you need to send money to an employee or business associate in a foreign country such as Mexico?
If so, you’ll be glad to hear that not only can you send money abroad, there are also multiple ways to do so.
Each year, over six million people in the United States send money to friends, relatives, and business associates overseas.
Due to the demand to send money to people overseas, the number of options has been steadily increasing.
Here are the top ways you can send money abroad:
Through Your Bank Account
Some banks will allow you to withdraw funds from your account and then deliver it to the bank of your recipient. These sorts of transfers can be done both through phone and online; all you need is the account and the routing numbers of both your bank and the recipients bank.
The big con to this method is that fees tend to be rather high, and can accumulate towards the fifty dollar range. Furthermore, banks will usually put limits on the amount of money that you are allowed to transfer. Usually this limit will be somewhere between one thousand and five thousand dollars, so if you need to send a particularly large sum, this won’t be an option.
Sending money oversees with credit cards can really speed up the time, and is certainly a faster option in contrast to using a bank. The trade-off is that the fee to do so could be even higher than using your bank, and furthermore you may face an additional fee from the issuer of your credit card.
Pre-Paid Debit Card
The pre-paid debit card method means that funds will be sent through a prepaid debit card that the recipient will use to make purchases or cash withdrawals. It’s certainly convenient, but as with the last two methods, fees are an issue. You’ll likely have to pay a monthly fee in addition to a larger activation fee for the card.
You can also use certain apps for money transfer services on your website. Even PayPal offers such a feature that allows you to easily send money abroad; all that you need is the email address of your recipient. Most money transfer service centers should each have their own app for you to check out.
Walk-In Transfer Center
Your last option will be to walk inside to an actual transfer center where a person behind the counter will handle the transaction for you.
All you need to do with this method is bring the cash you want to send and then hand it over to the person behind the counter. They will then convert the cash into the currency of the country your recipient is in, before delivering the funds.
Sending Money Abroad
As you can see, there are many ways you can send money to your business associates working from other countries.