Ways To Send Money Overseas
If you are running a business, there is going to come a time when you want to make an overseas purchase. This may be a relatively small purchase, or you may want to send many thousands of dollars in order to pay for a major project. There are a number of different ways that you can do this, each of which has its own advantages and disadvantages.
If you are looking to get a small to medium amount of money to someone overseas in a hurry, then perhaps the best option is to do a wire transfer using a company such as Transfast.com. One of the advantages of this approach is that you can send the money by making an online transaction, although the amount that you can send may initially be limited to a few thousand dollars. Once the transaction has been accepted at your end, the money is often available instantly for the recipient to pick up.
Another method of making overseas payments is to use PayPal. Again, this is best for small to medium amounts, and it requires both you and the recipient to have a PayPal account. Depending on the type of account that you and the recipient have with PayPal, the fees for these transactions can range up to 4% of the value of the money being transferred. Your recipient will also have to exchange the money into whatever their local currency is before they withdraw it. You should also know that while the actual transaction between the two PayPal accounts is almost instantaneous, the recipient then has to withdraw the money from their PayPal account into their bank. In some countries, this can take around 3 days, although PayPal offers an express withdrawal service in some cases. However, in other countries, the withdrawal can take as much as 5 to 7 days, so it is important to check beforehand if the money is needed quickly.
Another method, which is suitable for making most sizes of transaction, is to do an international bank transfer. In order to do this, you will need the bank account details of the recipient, which you will need to provide to your bank when you set up the transfer. Once the money has been taken from your account, it should show up in 4 to 5 days at the other end. You should note that some banks may place a limit on the amount you can transfer, so it is important to check beforehand. Also, if you are sending a very large amount, you may find it better to do the transfer through a currency broker, since you can often get a better exchange rate if you do this.
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Finally, there is the old standby – a check drawn on your bank. While this is a viable option, you should be aware that it can take up to a month in some cases for the check to clear at the other end. Unlike within the United States, clearing checks internationally is a complicated process that can take a significant amount of time.