Living away from your hometown can be expensive. But still, most people try to set some money aside for their family back home. Managing money transfers in a foreign country can further add to their expenses. You might lose more money in transferring fees than you had planned to send initially.
When transferring money internationally, a bank might seem like the most obvious choice. But transferring money through a bank can be very expensive, and other methods often offer better speed and payout methods. Let’s explore different ways of transferring money internationally and how they differ from each other.
Wise
One of the most widely used methods other than banking is transferring money through Wise, mainly because of low fees, mid-market exchange rates, and transparency. Wise offers money transfer in up to 80 countries. So if you are a business owner with branches across the globe, transferring money through Wise can be a good option. Wise stands out among other money transfer methods because it is faster, as it uses a peer-to-peer system. Money transfers instantly, mostly within 24 hours.
Western Union
Western Union is mainly preferred because of its unmatched reach. You can transfer money online from anywhere. With Western Union, you can send money in up to 200 countries. Money transfer this way is fast, so it can be particularly helpful in an emergency.
Money transfers through ria offer almost the same kind of convenience, but when you analyze Western Union vs Ria, you will notice they differ in terms of cost and benefits. Western Union offers money transfer to more countries, and the cost is also lower. Both offer mobile apps with basic transfer features, but Western Union offers more functions in the form of paying bills, opening a prepaid card, sending money to inmates, earning rewards, tracking your referrals, and building credit.
Ria
Ria is another large money transferring platform, competing with big platforms like Western Union. Ria offers money transfer in up to 190 countries. There are websites, apps and 500 agent locations to transfer money. You can choose the mode of transfer according to your comfort. Transferring money through Ria is fast, but the cost usually depends on the destination, payment method, and the total amount. You can decide the mode of transfer according to your priorities.
Paypal
If you are someone who prefers online money transfer, PayPal can be your best option. You have to create your account using an email or phone number, and then you can link bank accounts, credit cards, or debit cards. PayPal is mostly convenient and flexible, but users can only send up to 10,000 dollars per transaction.
At some point in our lives, we might have to send money internationally. Whether you live abroad, have business across the globe, or work as a freelancer, you should have a basic understanding of different modes of money transfer internationally. You can choose from credible options like Western Union, Ria, PayPal, Wise, or other such options. There is no definite one best option; you can choose the one that offers the most convenience according to your needs.
