Fastest Ways to Send Money Overseas
Emergency can strike anyone and anywhere. Imagine a scenario when you are located in USA and your relative/friend needs money on urgent basis and there is no one to help them except you. The best solution is to look for instant money transfer services. So what are the fastest way to send money abroad? Although there are many options but not everyone provides quick transfer and if they do, charges are heavy. Compared to banks, currency transfer agents provide faster service. But let’s explore some of the options:
- Moneygram: With a strong network of over 3,47,000 agents spread across 200 countries, they offer transfer in 10 minutes when done through their agents. However transfer fees will be on a higher side. For e.g. if you’re sending $1000 (INR 61572) from USA to India then transfer fees would be nearly $13 as applicable at the time of transfer. So estimate of amount received would be INR 60,775 (excluding exchange rate). Considering $1=INR 61.57. The service is offered across the world and has multiple currency options available.
- World First, USForex, Venstar Exchange, XOOM: These five services offer transfers between 1 to 3 days worldwide and almost all currency options are available. However there is a small difference in the amount received which actually is negligible.
- Moneycorp (One-off payments express option): Offers delivery time 0-2 working days. However for INR and Dirham transfers, minimum 2 days are taken.
- Western Union: Provides two options (cash at an agent location & deposit into a mobile wallet) through which receiver gets funds within minutes. However transfer fees are little higher.
But before making any transfer abroad read these 13 valuable tips to help you protect your money so that it reaches safely and on time.
Interesting Remittances Facts:
- USA is the No.1 country in the world from where people send money to other countries followed by Russia, Saudi Arabia and Switzerland.
- India is the No.1 country in the world where highest number of remittances are done followed by China, Philippines.