Whether you are paying for a service, lending money, or gifting money to a friend or family member who lives in a foreign country, it is important to know the safest way to do so. Below are some of the most secure ways to send money abroad.
Wire Transfer
A wire transfer is one of the oldest modern banking methods still used today for transferring money abroad. Some of the best money wire transfer services, rated by customers, include XE, WorldRemit, HiFX, and Currencies Direct.
The above services, and more, all work well for any reason why you might need to transfer money. However, if you are loaning money that you expect to get back at some point, you may need to use another service to keep track of the money you are owed. If loaning money is something you do often, then it’s best to consult a remittance payment analysis service, especially if you are using 835 files.
PayPal and Venmo
Using PayPal, Venmo, and other similar online money transfer systems can also work well for sending money or paying for items in person or online. Both of these services work best for sending smaller sums of money, as they charge a fee for sending money abroad.
Sometimes there are also fees associated with sending money domestically. This depends on which service you are using, whether you are paying for a service or sending money to a friend, and how much money is being transferred. All in all, these services work best for sending small amounts of money (less than a few hundred dollars) between friends and family members.
Cryptocurrency
Cryptocurrency, most famously Bitcoin, is another up-and-coming way that people all around the world are using to pay for services and to send money to one another. Using cryptocurrency can sometimes be more stable than sending currency, as some countries have high levels of inflation that can change the value of their currency almost overnight. While Bitcoin and other cryptocurrencies may seem a bit unstable compared to some currencies, they are actually more stable than others.
All in all, the options listed above are some of the safest and fastest ways for sending money abroad for any reason. Remember, it’s not generally a good idea to send money in an envelope and checks can sometimes get lost in the mail. So, whenever possible, send money digitally for the best results.
