Options for making international money transfers include online services, banks, storefront operations and remittance services in retail outlets, explains Consumer Reports. Consumers can pay for transfers and recipients can accept funds via their bank accounts, credit cards, debit cards or cash. The cost of the services depend on the fees that providers charge and the currency exchange rates.Continue Reading
Some banks allow consumers to transfer funds directly from their bank accounts to the bank accounts of the recipients, either online or by phone, as long as they have the routing and account numbers of both banks, according to Consumer Reports. Banks also arrange wire transfers, although these are typically expensive. The online transfer service PayPal has a mobile app that allows consumers to text money to the email address or phone number of recipients. Walk-in transfer services, such as Western Union and MoneyGram, accept credit cards, debit cards or cash and pay recipients in cash.
Consumers can determine the best value of international money transfers by comparing the cost of sending either a fixed dollar amount or a fixed amount in foreign currency, states Consumer Reports. Generally, international transfers are less expensive if consumers can allow several days for delivery and send large amounts less often, rather than smaller amounts more often. Before sending funds, consumers should ask remittance transfer providers for information stipulating the amount senders pay, the amount the recipient gets, taxes, fees and exchange rates, advises the Consumer Financial Protection Bureau.Learn more about Personal Banking