Q:

How do you complete foreign money transfers?

A:

Quick Answer

International money transfers can be handled through money transfer companies such as PayPal or Western Union, banks such as Wells Fargo and Bank of America, remittance services found in supermarkets or gas stations, and the United States Postal Service. It is important to consider transfer fees, exchange rates, and how long it takes for the money to be available to the recipient, notes Consumer Reports.

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Full Answer

Transfer options include wire transfers between bank accounts, loading prepaid debit cards, or loading mobile wallets managed by Western Union or PayPal. Each method has a range of fees. For a successful transaction, the destination information must be accurate, states Consumer Reports. In a cash transfer, the recipient may not be able to retrieve the money if the name given does not exactly match a provided ID card.

Exchange rates vary based on location of a walk-in transfer center. Communities with more people from the destination country could have better rates. Automatic transfers may cost more because they occur regardless of the exchange rates at that time. Transfer rates could also vary based on tiered values of the money sent. Adjusting the amount sent by a few dollars could make a big difference on the fees, suggests Consumer Reports. Conversion fees may also be reduced if dollars are sent and the recipient converts to local currency.

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