To send money internationally is in the past for many people. Having all of the direct bank deposits, ubiquitous ATMs and tap-to-pay checkout you may not even think of collecting cash from some random location. What to do if you need immediate service then? Let’s discuss one of the most popular platforms for sending money to find out if the reputation still counts!
What is the Cheapest Way to Send Money?
Among hundreds of P2P services (person-to-person transfer) some of them are most recommended and reliable. You probably heard about Zelle, Popmoney, and Venmo – the mobile apps, available for all bank users.
Being one of the most trustful companies, MoneyGram has a big variety of options. It’s highly recommended to check the taxes (or any additional charges) before proceeding with the transfer.
What is the benefit of a global network? With agent locations in more than 200 countries, MoneyGram will offer you strong customer support in case of any emergency. The same offers come from large online merchants (like PayPal) when there’s a fair additional fee for sending money internationally.
But still, there are a lot of points and discrepancies, so let’s review more practical examples to find the best solutions!
Find the Cheapest Way to Send Money Overseas
To get a full sense of sustainable living, you must know exactly the services to trust in case you need to send cash.
- The cheapest way to send money to Mexico – just spot the difference, as one of the best ways here is simply sending cash for a pick up at a direct location. For American citizens, there’s a great variety of companies (starting from Western Union and MoneyGram), which proceed with a SWIFT technology. In general overview, the way international money transfers work is the key to quick and reliable payments. That’s why encouraging customers to use transferring services more will help to deliver the best quality of transactions around the world.
- The cheapest way to send money in the USA – usually it’s an electronic or wire way of transferring. The “cons” here are the limits of the payment amount. Therefore, making each big purchase as a wire transfer (for example, buying a house) can take time and still there are additional fees. That’s why you always need to reconsider the way of sending cash depending on the amount and terms recipient needs money;
- The cheapest way to send money in Canada – as many citizens like to say, this country offers a variety of options to share your money inside or outside its area. Comparing to the USA, the best value you’ll find doing online transfers (when a bank doesn’t deposit money directly, but the system is responsible for re-routing payments). You may have heard about TransferWise or CurrencyFair as the services to use. As the alternative, think about prepaid currency cards – a good choice when you’re traveling! No matter, what the exchange rate is and how much cash you’ve got. You’ll always have money to pay for transportation or cover your shopping expenses;
- The cheapest way to send money to the Philippines – the transfer fees and exchange rates may help you just to lose money while sending them. While bank deposits are highly unpopular in this country, your citizenship is the other thing that matters. Sending the amount of $10000, you must confirm the tax as the permanent citizen of the USA. If you send more than $14000, count the Philippines taxes as well. Transfer speeds are unrelated to how much you spend on a transfer or how much the receiver gets in the Philippines;
- The cheapest way to send money to India – TransferWise works here as in any other country! And it’s a preferable way for most people, as the fees are comparably low (about $15 for sending $1000). Besides, TransferWise is the only company on this list to offer no hidden conversion costs. If using MoneyGram for this kind of transfer, be ready to avoid MoneyGram scam. There are many examples of how people get robbed after so-called “consultancy”: charity-related calls, suggestions to make a refund, various lotteries or troubled relatives.
So, wherever you need to send money, be sure to:
- Establish contact with a receiver;
- Get to know the hidden charges, which may be applied;
- Check all possible options, if sending the same amount in different ways.
Remember, that the cheapest way is not always the most reliable, so double-check every document or credit card number. Try to send a smaller amount to verify the real commission on a transfer. And start with the big companies like MoneyGram or Western Union to get a time-proven service.