Different methods to transfer money – which one to select?

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Technology evolved so much in the past decades that today people can transfer money from one country to another in a matter of seconds only! This is extremely beneficial for both regular people and business owners, because they can immediately use that money the way they need and want it to. It is worth mentioning that there are various methods available for transferring money overseas and websites such as SendThatCash can help you make comparisons between these methods in order for you to select the one that best suits you. Here are some of the most popular low-cost methods to transfer money overseas.

The bank

Your bank should be the first financial institution to resort to when you want to transfer money, because they can offer guidance in various kinds of funds transfers. For instance, if you plan to transfer money from one account to another, you can do this for free at your bank.

E-transfers

It is the era of speed and technological advances after all, and it was only a matter of time until e-transfers managed to gain people’s trust and to become one of the most efficient and popular money transfer options available. Worth knowing is that many financial institutions allow people to send money online to other individuals, just like in the case of paying bills online. Keep in mind that for international transfers you will also need an IBAN or SWIFT number.

PayPal

Another very economical and common transferring method today is PayPal. This service offers people the possibility to transfer funds electronically. Sending money from one PayPal account to another is completely free, which is extremely beneficial for the sender. The recipient on the other hand is charged a small fee in order to be able to cash the payment. Also, the charge changes if the transfer exceeds a specific sum of money.

MoneyGram and Western Union

Both MoneyGram and Western Union are money transfer services that many people use on a regular basis. They are quite similar to each other in the sense that they allow people to send money to different cities or countries in exchange of a flat rate which depends on the place you are sending money, the delivery speed and the amount of money you are transferring. Overseas transfers also have an exchange rate that people must pay for.

Writing personal checks

You have probably seen at least once in movies people writing checks to others. Know that this money transfer method is extremely cost-effective and convenient. You can write a check and deposit it into other accounts, hand it to specific individuals or send it to them via mail, even though they are located in a different city or country. In case your bank provides free checking, the process is even more convenient. You should know that in case of international checks for instance, there may be some delays when it comes to cashing the check.

All in all, these are some of the most popular ways you can opt for to transfer money. Select the one that best fits your needs and is more convenient to you.