Q:

What methods are available for transferring money overseas?

A:

Quick Answer

There are five basic methods for transferring money overseas: cash to cash, credit and debit cards, bank accounts, prepaid debit cards, and cellphones. All of these methods charge some kind of fee for the service, and that fee must be disclosed, according to Consumer Reports.

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Full Answer

Cash-to-cash transfers are typically done through walk-in centers run by companies such as Western Union, as Consumer Reports details. A person brings cash into the center, which is converted to the appropriate foreign currency, and cash is then given to the overseas recipient. Rather than bringing cash into a service such as Western Union, the person initiating the money transfer can charge the amount on his credit or debit card. Bank account transfers take place electronically from a U.S. bank account to a foreign one. If transferring funds overseas sounds too complicated, the person needing the funds could simply have a prepaid debit card that the U.S. counterpart refills as needed.

Finally, in this mobile economy, the cellphone can be utilized in several ways to transfer funds, such as the PayPal application that lets PayPal account holders text money using a recipient's email address or phone number or Western Union's mobile money transfer program using mobile phone wallets, states Consumer Reports.

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