Whether you have travelled abroad, have loved ones living in a different country or you have bought from an international supplier the chances are that you have sent money abroad in the past. Over recent years this has become easier, but if it is something that you may need to do in the future it is worth researching in advance just to make sure the process goes as smoothly and efficiently as possible.
Internet banking, in general, has had a number of technological improvements over the years and as a result money transfers and sending money abroad are now easier than ever – but, just how easy is it to send money abroad?
Are Online Money Transfers Becoming Easier?
The fintech industry is one that is continuously growing rapidly and shows no signs of slowing down. This has changed many things, but the way that we transfer money is one of the biggest improvements. In the past, money transfers involved the need to go to a physical banking institute and carry out your transaction with the help of a customer service person. This progressed to being able to carry out the transaction online, but with a need for the recipient to wait 3-5 working days to receive any money that had been sent.
The introduction of eWallet providers such as PayPal helped to shape the future of money transfers. eWallets allowed people to send and receive money instantly, so once this started to become a more popular way to send money it made sense that the banks decided to follow suit and do what they can to offer their customers the same speedy service.
Sending Money Abroad
Whether you want to send money within the same country or you have a need to send money abroad, the good news is that there are several methods that you can use. This is great news because it means that however you want to send money there will be a money transfer method to suit you.
- Online Banking – Online banking is a popular way to send money to other people and sending money abroad doesn’t need to be an exception. However, what you should check when using this method is whether your bank or the recipient’s bank will add any fees to the transaction. It’s also worth double-checking how long the money will take to reach the other person, especially if you are on a tight deadline.
- Specialist Money Transfers Website – Sending money abroad can work well if you use a money transfer website. Much like using online banking, it is best to check the details in advance, so you can be sure how long the money will take to arrive and whether there will be any charges. These services usually allow you to send to/from any country.
- eWallet Provider – Using eWallet providers such as PayPal is considered the norm now, so using them to send money abroad makes sense. There aren’t usually any costs but you do need to make sure that the person you are sending to has their own PayPal account so that they will be able to access the money you have sent to them.
Cases When People Need to Send Money Abroad
Although sending money might not be an everyday occurrence for everyone, there are certainly times when sending money overseas is needed.
- Relocating – If you’re planning to emigrate and relocate abroad then you may need to transfer money in advance, for example for a house purchase. Of course, always check who you are sending to and ensure that everything is legitimate but there will definitely be times when you will need to send money abroad before you move.
- Supporting Families Back Home – If you have relocated to another country and are earning well, then it is not unusual for people to choose to send money back home to support their loved ones. In this case, wanting to send money abroad is the easiest way for the person receiving the money to be able to access it.
- Accessing Funds Whilst Travelling – When travelling there may be a time when you run out of funds, or you need to access some of the money in your bank account at home. International money transfers allow your family to send the money to you in the country you are visiting quickly and easily.
- Emergencies – Although no one wants to think about the worst scenario, the truth is that there may be times when emergencies happen and you need access to money quickly. This could be to replace stolen goods or to access medical help. In these scenarios, the last thing you want is to be waiting for the money, which is another reason why setting up everything in advance is a good idea.
When it comes to money transfers, the best thing you can do is research your options and ensure that you are organised in advance. This helps give you peace of mind that should you need to send or receive money you’re in the best possible position to do so. Setting up and verifying accounts can take a few days, so doing this in advance removes the headache of waiting for money should the time come that you really need it.
Whatever method you use to send money abroad you’ll be glad to know that improvements in the fintech industry mean that doing so is hassle-free. If you leave things to the last minute then you may have a couple of days to wait while your account is set up and your details verified. However once this is done, generally speaking sending money to your desired location is quick and easy. If you are sending money then it is worth speaking to the person on the receiving end about their preferences and what is easy for them, especially if they’re in a country where access to online banking isn’t as easy as it is in other places. There are always ways to send money abroad, however, a little research in advance really can help to make life easier.