One of the methods of sending money anywhere that is most well-known is to use a company as an agent. In this type of transfer, you would simply find an agent location near you, and then find one near your friend or relative. You would then pay a fee, which is usually either a flat rate or a percentage of the amount you are sending. You would just provide the name of your recipient, along with the location nearest them. Your friend or family member would then need to supply a password when they pick up the money to prove it is for them. This is mostly used for one-time transactions.
Another way to transfer money to overseas locations is to use the wire transfer services provided by almost any bank. Check with your bank first, since they usually have a reduced rate for customers. In most cases, you and your relative or friend should have the same bank, though many banks in the United States have an agreement with different banks overseas to transfer money. You do need to know your recipient’s bank account number, and you will have to pay a fee of anywhere from $15 to $45.
The options previously described are usually best for one-time transactions due to the sizeable fees. They are quick methods used to transfer money to overseas countries, but they are not great for regular transfers. Whether you have agreed to help support family overseas or often need to assist a friend in financial need, you should have an inexpensive and easy plan for sending money. For many people, this plan comes in the form of a prepaid debit card.
With this method, you could purchase the card through the selected company and send it to your friend or relative. You could then reload it with money anytime you want, through the computer or by phone. For security purposes, you would simply create a log-in name and password online, and pay a small fee per transaction. It is usually a flat rate of about $5. Your recipient would also pay a fee per transaction, usually less than a dollar each. They could also make cash withdrawals for a fee of just a few dollars. Though this method is not free, it is considerably cheaper than paying hundreds of dollars per month just to transfer money to overseas relatives or friends. If you plan to do so regularly, a prepaid debit card is your best choice.
Whichever method you choose will automatically change the money to that country’s currency. Just remember to take into account the currency and exchange rate of the country you plan to send to. Some countries can really stretch the U.S. dollar so you do not have to send much for your recipient to be able to live well, while relatives in other countries will need much more just to get by.