PERSONAL INTERNATIONAL MONEY TRANSFERS FROM THE USA, KNOW 5W’S?
2 min readApr 6, 2023
Table of Contents
- Who needs International Money Transfer Service:
- What is International Money Transfer Service:
- When International Money Transfers can be done:
- Where can do you International Money Transfer:
- Why do you want to do International Money Transfer:
- Top 10 International Money Transfer Services in the USA:
- Modes of Payment to Send Money from the USA:
- Pros and Cons of Banks vs. International Money Transfer Companies:
- Banks:
- International Money Transfer Companies:
- ALL YOUR QUESTIONS RELATED TO INTERNATIONAL MONEY TRANSFERS ARE ANSWERED
Who needs International Money Transfer Service:
Individuals who need to send money to friends, family members, or business associates in other countries.
What is International Money Transfer Service:
Personal international money transfers involve sending money from one country to another, typically in a different currency.
When International Money Transfers can be done:
These transfers can occur whenever there is a need for cross-border transactions, such as supporting family members, paying for goods and services, or making investments.
Where can do you International Money Transfer:
Money can be sent from one country to another, often involving currency conversion. In this case, we’ll focus on transfers originating from the USA.
Why do you want to do International Money Transfer:
Reasons for personal international money transfers include family support, education expenses, travel, property purchases, and other personal or business-related needs.
Top 10 International Money Transfer Services in the USA:
Wise (formerly TransferWise)
Western Union
MoneyGram
Xoom (a PayPal service)
OFX
Remitly
WorldRemit
Payoneer
Revolut
Ria Money Transfer
Modes of Payment to Send Money from the USA:
Bank transfers
Credit or debit cards
Cash deposit at a physical location
Online payment platforms (e.g., PayPal)
Mobile wallets
Pros and Cons of Banks vs. International Money Transfer Companies:
Banks:
Pros:
- Familiarity and trustworthiness, as most people have an existing relationship with their bank
- Potentially higher levels of security and fraud protection
- May offer additional services like loans and mortgages
Cons:
- Typically higher fees and less competitive exchange rates
- Slower processing times for international transfers
- Limited options for sending money to certain countries or remote locations
International Money Transfer Companies:
Pros:
- Often lower fees and more competitive exchange rates compared to banks
- Faster processing times for international transfers
- Wider range of destinations and currencies supported
- Convenient online and mobile platforms, allowing for easy transfers anytime, anywhere
Cons:
- May be perceived as less trustworthy or secure compared to banks, especially for lesser-known companies
- Customer support and dispute resolution might not be as robust as with banks
- Some services may have limitations on transfer amounts or require additional verification for larger transfers
