As we live in a globalized world today, it is not a surprise that a lot of us have to send or receive money internationally from time to time. But when it comes to transferring money internationally, banks are not the only places through which you can send money. There are several alternatives available out there that are much faster and cheaper as well.
Most of these transfers can be done through digital apps, which means you might not even have to leave your home to send the money. In this article, I have mentioned a few ways in which you can transfer money internationally without paying any hefty fees. Most of these apps are easy to use and provide users with the much-needed efficiency they are looking for.
1. Western Union
The first vendor that comes to mind when thinking about money transfers is none other than Western Union. While they started with a physical location for their services for people who were looking for answers to questions like how to do a money order or how to send money to their family abroad, the company has grown and adapted to the ever-growing global market.
Western Union also provides its users with an app to transfer money, which is one of the best apps out there. The app makes it much easier for users if they are looking to send money to someone as quickly as possible.
Another way of sending money online is through the PayPal app. With the help of PayPal services, you can send and receive money in almost a hundred countries around the world. The fee they charge is a lot less than the banks, but it can also be slightly higher than the amount of money transferring services charge.
However, if you still prefer to use this way, it is a great way of sending a small amount of money. PayPal started out with an online web service, but since gaining huge popularity, it has introduced a mobile app, which is one of the best money transferring apps right now.
You can also send money online directly into the receiver’s account without paying too much. To do that, you will have to create an account on a platform like TransferWise. Also, because services like TransferWise matches the sender’s money with other users who are sending the money in the opposite direction, it does not need to reroute the money directly.
This results in a very low transfer fee, and there is no minimum transfer limit, which means you can use it for sending a small amount of money as well.
Another popular money transferring app that makes peer-to-peer money transfer a piece of cake is Venmo. The best thing about this app is that you can directly connect your bank account and debit card to the app, which makes things much simpler.
After connecting your bank account with the app, you can cash out your money and directly send it to your account through the Venmo app. So, it doesn’t only make money transferring easy, but it also makes it easier for users to cash out money.