The world we live in today is full of people from different cultures and background. Many people travelled thousands and thousands of miles to make a living outside their original homeland, leaving some families and loved ones behind.
Transporting money overseas can be very expensive, especially when the exchange rates of a foreign country are being applied. Most countries have financial institutions with international affiliations to send and receive money overseas, and some countries don’t.
There are different purposes for one to send money overseas; it may be for a payment of goods purchased, for industry product exports and imports, money sent to take care of loved ones and so on. The most common of them all is money sent overseas to friends and family.
The different ways to send money overseas all differ according to a countries money transfer regulations. The country has to be a sanction free country and be able to receive international transfers. Methods of sending money have improved unlike years back when people write checks and mail to families overseas.
There are two popular ways to send money overseas:
- Through the bank or financial institutions as a wire transfer
- Through Western Union or Money Gram
Using financial institutions to transfer money is the sure and legitimate way of sending money overseas. One can track the transfer and payment, and also get a refund back if destination of transfer is not valid. It also gives peace of mind for the sender knowing that the receiver will receive the money in their own financial institution. Although this method can be expensive due to transfer charges by financial institution on exchange rates, it is the most reliable.
Western Union is also another way to send money overseas. It’s presence in different countries worldwide makes it easier to send money, especially to family members overseas. They include exchange rate fees as well, but at a minimal rate than financial institutions. Fees increase as the amount of money sent increases. This method works out so well for those remote areas in countries where banks and financial institution are not many.
Sending money to family and friends overseas makes the world a smaller place and helps in reaching out to family members who live thousands of miles away. With the current trend of money laundering and fraud going on, it is best for one to send money overseas through the financial institutions, where all standard rules and regulations are followed and transactions are open and monitored.
Written on behalf of ExchangeRates.uk.com, providers of currency rates and real time conversion tools. Visit them here for the latest Euro rate and related news for trading this currency.