Last updated on January 19, 2021
If you stay abroad and you wish to find out how you can make international transactions Welcome to my new article today I will be listing out the best ways to send money internationally.
Staying abroad is very common for people mostly those who have jobs overseas and sometimes students studying abroad. So while staying abroad there may be a need for you to send money internationally to your loved ones back at home.
As a student, you may also wish to receive some money from home to cater to your schooling and pay for tuition fee and other pressing needs
Business people are not excluded, and as a matter of fact, there is a high demand for people looking for how to transfer money to another country bank account efficiently without stress
In this article, I will be writing about how you can send money internationally notwithstanding the countries involved
Best Ways to Send Money Internationally
When you’re living or travelling abroad, it’s common to need someone from back home to send you money, or vice versa.
There are many traditional methods of sending money overseas To move money from one country to another in the fastest, most secure way, you’ll probably be looking to use an international wire transfer.
With a wire transfer, you can send tens of thousands of dollars at once and convert that money into a foreign currency if you want.
Transferwise is an online money transfer service, where you can transfer money up to eight times more cheaply than with a bank.
The system is beautifully simple. It bypasses pricey international payments entirely by using two local transfers instead of one international transaction.
TransferWise currently supports sending money to 71 countries and sending money from 43 countries. The company covers 1000+ routes (country combinations) across 49 currencies, and they are also one of the few companies offering the true mid-market rate.
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Most currencies supported by TransferWise offer one option: a bank transfer from one bank to another. For some currencies, you can pay with debit and credit cards or use a SOFORT transfer option.
Apple Pay or Android Pay is also available for certain currencies via TransferWise iOS and Android apps. In most cases, the recipient will get the money within one to two business days
If you are looking for the best ways to send money internationally then TransferWise is a top choice for international money transfers. They are known for their great customer service
Cool benefits of using Transferwise
- You can Send money abroad eight times cheaper than using your regular high-street bank
- With Transferwise transaction costs are always transparent, unlike some other providers which add a markup to the real exchange rate in addition to their fees this feature is very cool
- TransferWise international payments on major routes from the UK and Europe are delivered within 24 hours compared to 3-7 days for a regular bank. In fact, 25 per cent of all transfers from the UK to Europe are delivered within the second
- Your money is sent directly to your recipient’s bank account without delay
- Taransferwise is Suitable for both business and personal use
- Bank transfers tend to take days, but same-day delivery is possible. A transfer using a debit or credit card can arrive within minutes, while a transfer using a bank account can take, on average, about one to three business days, depending on the destination.
TransferWise exchange rates
Whenever you send money using TransferWise, the transaction is made using the real, mid-market exchange rate. That’s the one you’ll find if you Google your currency pairing.
However, most banks don’t offer this rate to retail customers. Instead, they add a markup to the mid-market rate and keep the difference for themselves
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If your business transfers money overseas regularly, TransferWise can help save you money by giving you access to the real mid-market rate of exchange, and charging only a small, fixed fee for transfer.
You can get a TransferWise multi-currency borderless account for business, which holds balances in more than 40 currencies, to send and receive payments all over the world.
Is Transferwise Safe?
TransferWise is fully regulated by the Financial Conduct Authority, and just like large banks and financial institutions, verifies its users to protect against fraud and money laundering
MoneyGram makes it easy to send money internationally online or in person; for cash pick-up or direct to a bank.
On moneygram you can enjoy great international exchange rates and low fees so more of your money goes to your loved ones overseas
With MoneyGram, money transfers are reliable, fast and your loved ones can pick up at agent locations around the world or have funds deposited into their bank or mobile accounts.
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MoneyGram is the second-largest money transfer provider in the world, and it has the network you’d expect, including 350,000 agent locations and kiosks in more than 200 countries.
It is a money transfer service similar to Western Union. It provides services such as money transfers, money orders and bill payment to people who don’t have bank accounts or don’t want to use their normal bank account.
MoneyGram services are available in many pharmacies and supermarkets as well as small local businesses, bus stations and check-cashing outlets which makes it very convenient if you’re stuck in a jam.
However, this service is quite often used for fraud because of it’s lack of a requirement for both users to show proper identification.
Moneygram How it Works
If you’re sending from a branch office you fill out some paperwork which can also be done online. Then, you use cash, credit or debit card, or a bank account to give MoneyGram the money.
There are also fees added on depending on the method of transaction and also the location of the money’s destination
Since MoneyGram works like a bank, they don’t actually have to bring the money to your destination.
All they have to do is wait for the money to come through and notify the destination branch that you’ve submitted money.
MoneyGram gives you a number when you submit the money which you then tell to the recipient.
After a few hours or days, the recipient can go to their local branch and retrieve the money using that number as well as some form of identification matching the original paperwork.
On Moneygram Delivery Period can be within the same day, regardless of payment choice, but can be longer, depending on banking hours and other factors
MoneyGram maxes out at $10,000 per online transfer and per month. It has the advantage of physical locations so people, especially those without bank accounts, can pay in cash and have recipients pick up funds.
Its web platform lets you pay with bank accounts, and debit and credit cards.
Moneygram Currency Options
MoneyGram offers a choice of currencies for sending or receiving money in select countries. You can view currency options when using our cost estimator tool.
Ask your MoneyGram agent for full details on the currency options available for your transaction.
How to receive money from Moneygram to bank account
If you wish to send money or receive money overseas you can simply receive the money through MoneyGram to your local bank account
Below are the steps to receive money from Moneygram to bank account in Nigeria
- You will have to find or locate a Moneygram agent, there are thousands of agents across the world. her are Moneygram Agents in Nigeria
- After you have successfully gotten an agent, you will be required to fill a form which will contain your a reference number given to you by the sender (the person that sent you money)
- You will also attache some relevant documents and ID during filling the form, and after that is done relax and wait for your money to enter
It is important to note that When you want to Send or Receive money through MoneyGram, choose a bank that has the network of branches, the best experience in remittance payment.
With FirstBank’s MoneyGram services, you are assured of receiving your money from Monday through Friday nationwide and from selected locations on weekends.
Moneygram is also supported by GT Bank, Guaranty Trust Bank plc has partnered with MoneyGram to offer the Account Deposit service to beneficiaries in Nigeria.
The MoneyGram services are a secure, reliable, and convenient alternative for receiving funds directly into your GTBank account in minutes, funds will be deposited in Naira and you won’t be charged for the service
3. Western Union
Western Union provides a means of moving money from person to person and place to place for people who may not have options in the traditional financial world.
As one of the leading money transfer companies, it has a significant amount of market share, allowing it to dictate to customers on things like transfer fees and terms.
With this in mind, it is an often expensive option that can still be helpful for people who need to transfer money in a hurry.
While it has limited use from a commercial standpoint, it is a viable tool for personal use. With this in mind, it pays to investigate how Western Union truly works.
How to Transfer Money Domestically With Western Union
The most popular way to use Western Union is for domestic money transfers. This means that if a parent wants to get money to their child in a hurry but they can’t use a bank transfer for some reason, they can visit a Western Union location and send the money.
Those locations are typically located within grocery stores and cash advance shops. Savvy customers can also go online. Fees may be higher when using a debit card over the Internet, though
How it works is simple. You go into the location, write down the name and location of the person you want to send money to and choose how much you want to send. Western Union will then assess a fee.
That fee can be as much as 10% if you’re sending a smaller amount of money. The more you send, the higher the fee will be. It will get progressively smaller as a percentage, though.
Once you give Western Union the money and its fee, the clerk will provide you with a control number. You will then have to give the number to the person who will receive the cash on the other end.
They can then take the number and their identification card to a separate Western Union location. The agents there will pay out the money transfer, giving your friend or loved one the cash amount you sent.
This can all happen within a matter of minutes if you select the “Money in Minutes” option at the Western Union location
How to Send Money Overseas With Western Union
Many people use Western Union to make international money transfers. It can be quicker than doing an international bank wire, and you won’t have to deal with bankers to make it happen.
The process is much the same. Western Union does apply a bit more scrutiny to these transfers, however, as they are required under federal law to take measures that ensure their customers are not using the service for fraud or money laundering.
With the international transfers, you’ll pay a lower fee because Western Union also makes money on the currency exchange. For instance, if you wanted to send $500 to Somebody, you’d likely only pay around $10 to do so.
It can be an affordable way for people working in the United States to send money back home to relatives who don’t have access to a bank.
Western Union’s website varies its transfer limits by country, such as $5,000 to Mexico and $50,000 to India. As the biggest transfer provider worldwide,
Western Union’s main advantage is its network, especially for sending cash in person and providing cash-pickup delivery options.
How to open a western union account in Nigeria
To use Western Union or receive Money in Nigeria through western union, you need to have a quick teller account
Quickteller offers receipt of Western Union Money Transfers from your loved ones and associates “in the abroad.”
As long as you have a GTBank, StanbicIBTC, Wema or Skye Bank account, you can have the funds transferred into your accounts in Naira equivalent
It is possible to use Western Union tracking number to know when exactly your funds become available for pick up. Then you can enjoy the money transfer service.
Step 1. Ask the sender to provide you with the Western Union tracking number.
Step 2. Track the money transfer and wait until you see the message that you can pick it up.
Step 3. Find a location in your city where you can get your money.
- The name of the person who sent you money via WU
- The country where money was transferred from
- MTCN along with secret Question – Answer (if you are asked to)
Step 5. You have to provide your ID card along with the filled out form (if you are asked to).
Western Union limitations in Nigeria
Below are the challenges you will possibly face if you re using western union in Nigeria
You can transfer your funds using WU only within the country if you are located in Nigeria.
Foreigners are allowed sending you money from different countries to Nigeria if they provide you with your MTCN code (this is the special money transfer control number).
Money recipient has to provide his or her ID card to get money. A recipient has to know the Test Question and answer for the transaction.
If you receive more than $10,000 (or the equivalent in Naira), your transaction has to be reported to Central Bank of Nigeria.
Remittance is the leading and most efficient way to send and receive money internationally in 2021, The most exciting part of it is Remittance payments can be received as gifts or in exchange for goods or services provided.
There are 5 major ways to send and receive money internationally via Remittance
- Wire Transfer
- Electronic Payments Systems
- Prepaid Cards
- Money Order
- Remittance App
Read More About Remittance
Conclusion: Best Ways to Send Money Internationally
If you have used any of the mentioned ways to send money internationally, what is your experience, which among these do you think is best? drop your view in the comment section
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