What’s the Best Way to Send Money Overseas? Cost and Convenience Comparison.

Sending Money Abroad Through Your Bank vs. Money Remittance Service Provider

With today’s technological advancements and capabilities, sending money abroad is easier than ever. Individuals who send money abroad to family or friends are often faced with many decisions before remittance can take place, and this may cause confusion. Different factors like transfer fees, reliability, transfer time and cost are important elements to consider if you want a loved one to safely and expeditiously receive money. The question often arises of whether or not it’s safer to use a bank or money remittance center to send money abroad. While the final answer does depend on the individual case, consider the following problems with banks the next time you are involved in money remittance.

The Cost

You may trust your bank to send money abroad, but they can often be more costly. Their exchange rates tend to be lower than remittance service providers and they often contain higher wire transfer fees. While some banks offer wire transfer with no fees, be aware of hidden costs and service charges than can add up. Some banks will also require a huge amount of information in order to conduct a wire transfer. If your bank does not offer online money remittance, you will likely have to visit the branch and fill out a lengthy form. You may also be required to present ID.

Time

Bank transfers can take longer than money remittance service centers. While online services like Lucky Money can expedite money transfers, going through the bank could take a few days, which in some cases can make all the difference.

Limitations

Some banks will only transfer to other banking institutions. This is difficult in areas where banks are not readily accessible, but local agent locations are. Remittance that is conducted through a remittance service provider often gives the option of sending to a nearby agent location. This may be a more convenient option for family or friends waiting to receive the money transfer.

Money Remittance Overseas Made Fast, Safe, and Easy

To learn more about easy online money transfer and the benefits of our service, contact Lucky Money today and check out our current international exchange rates. We can be reached at (888) 826-4427 or by email at support@luckymoney.com.