Cheapest Ways to Send Money Internationally


This article is originally posted on Sigue.
Whether you’re sending money overseas regularly, or just paying a few expenses while
traveling, it’s important to find the cheapest way to send money internationally. Exchange
and transfer fees can add up quickly. Here are some ways to transfer international
remittances and other overseas payments at the lowest possible cost.
The SiguePay Mobile Money Transfer App
Send money to more than 50 countries with SiguePay for either deposit to your recipient’s
bank account or for a cash pick up and it is FREE to download on iOS or Android. The app
makes sending money quick, easy, and affordable. Sigue charges a flat transfer fee for each
transaction; you see the fee and the applicable exchange rate before you hit send. There are
special Foreign Exchange rates available for first-time customers to the following countries:
Mexico, Guatemala, Philippines, Dominican Republic, Costa Rica, Argentina, Peru, Colombia,
Ghana, Nigeria, and Togo. SiguePay shows you exactly how much you will pay and how
much your recipient is getting – no hidden fees, no surprises.

With the SiguePay app, there is no need for you to stand in line or wait to send money to your
loved ones. Simply download the App on your phone, register, and you are set! You can send
money from the comfort of your home and from all 50 states with simplified in-app
navigation. SiguePay only accepts US-issued Visa or MasterCard debit cards linked to your
personal bank account. Pre-paid cards or Corporate Accounts will NOT be accepted. Your
security is a priority for us: SiguePay is PCI Certified and uses industry-standard security
technology, such as encryption, to protect your personal and financial information. For more
information, you can visit www.siguepay.com
TransferWise
TransferWise is another good option for transferring money overseas, as upfront fees tend
to be low when you use a bank account to make the transfer (rather than a credit card).
TransferWise uses “inter-bank” exchange rates and low upfront fees – typically less than 1%
of the transfer amount. This exchange rate means that if you’re transferring dollars to
Philippine pesos, for instance, your recipient gets the best deal possible. Note that for
high-value transfers, however, a service that offers a flat fee may be a better option.
International wire transfer
If you’re looking to send money overseas quickly, then an international wire transfer is a
good option. And, because the limit to how much you can transfer is higher than a money
transfer company, this makes it an affordable option if you need to send a lot of money at
once. Banks typically charge $15 – $50 per transfer, depending on where the money is going
and how much you are sending. That might sound like a lot, but keep in mind that the upper
limit to a wire transfer amount can be $100,000 per transfer. Comparatively, $50 is a small
fee for sending an amount at that level.
OFX
Another cheap way to send money internationally is through OFX, an Australian online
foreign exchange company that offers money transfer services to Travelex, MoneyGram,
Xero, ING Direct, and individuals and small businesses. This service charges no transfer fees
regardless of how much gets sent. However, note that there’s a minimum amount you can
send: your transfer must be at least $1,000. There’s no maximum. Likewise, transfers
through OFX can only be made between bank accounts. If you need to send money to
someone to pick-up in person, OFX isn’t the right service for you.
Western Union
Western Union gives you a few different ways to send money overseas and can be
affordable depending on the destination to which you’re sending funds. NerdWallet reports
that fees for transfers up to $1,000 can be under $5. Bear in mind, however, that Western
Union markups can range from less than 1% to over 6%, depending on the destination.
Western Union offers convenience at that markup: the Western Union app lets you transfer
funds using a credit or debit card, directly from your bank account, or via Apple Pay. If you
want to pay cash, just visit a Western Union agent.

Xoom
For an online provider, Xoom is less affordable than many of these other options. However,
Xoom can still be cheaper than a bank account transfer. Xoom’s upfront fees are typically
under $5 when you use a bank account instead of a credit or debit card. Beware of their
exchange rate markups, which can run over 3% per transfer.
International money order
Money order providers all charge different fees, so do your research before you decide to
use this option. And, there are stricter limits on how much you can send per money order.
The USPS offers low-cost money orders for up to $700 ($500 for El Salvador and Guyana).
The benefit to using a money order is that it’s a secure way to send funds overseas. The
USPS charges an issuing fee of $10.25, as well as a processing fee based on the country.
Sigue also offers money orders – learn more here.
WorldRemit
WorldRemit is another low-cost way to send money overseas. WorldRemit provides money
transfer services to over 150 countries using five different transfer methods: bank transfer,
cash pickup, mobile money, WorldRemit Wallet, and airtime top-up. No matter how you
choose to send money, WorldRemit will show you the fees associated with your transaction
upfront. Their data shows making a transfer through their platform is, on average, 22%
cheaper than other services like Ria, Western Union, and Moneygram

Source:Sigue Money Transfer

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