What is the Best way to Transfer Money Abroad?

There are three reliable methods of sending or transferring money overseas. In this article we are going to take a look at each of them in order to determine which is the most attractive depending on the circumstance.

The first method of transferring money abroad is to use an international cash transfer. Often used by friends and family members, the benefits of the service are that it is extremely reliable and it is available in most cities and towns. However, the standard fee of around ten percent, or ten pounds for every hundred pounds sent, is extremely high. Also, since the transfer must be mailed, it can take anywhere from five days to two weeks to arrive at its destination. This makes it essentially useless for tourists and travellers who need fast cash.

Next, there are international money orders. They are popular primarily because they are a cheap way to transfer money abroad. A money order of any denomination only costs two or three pounds. Unfortunately, the money order must also be mailed, which again makes it useless for people on holiday.

Last but not least, we have an international bank transfer. The appeal of the transfer is that money can be deposited directly into your bank account within 24hours. And even if you do not have a bank account, a wire transfer can deliver money to any local bank. At about 40 pounds for each, they are the most expensive option.

Which is best? Well, it really does depend upon your circumstances. If you can wait for a week or two, an international money order is clearly the cheapest. But if you are on holiday and you need the money the next day, you will have to arrange a bank or wire transfer.