There are quite literally billions of dollars that are sent by family members to their loved ones each and every year. There are numerous reasons why so much money is transferred, sometimes to help someone out of a sticky situation, in other cases to support family members and we even see money sent between partners who try and support the other in improving their situation.
There are a number of ways in which money can be sent abroad should you need to help out a loved one, and it is important to understand the range of benefits and disadvantages which each offers.
Money Transfer App
Let us begin with the superior choice when it comes to sending money abroad, and that is a money transfer app. There are a number of reasons why this is the best way to make international money transfer, which makes it the best option for everyone. Above all using a company like Ria Money Transfer to send your cash, is the most convenient way to go about it. Simply connect the app to your bank account or card, and in a heartbeat, you can send cash to your loved one. Most transfers take just seconds, which also makes this the fastest way to send your money. The most significant benefit of this service is that they offer the best conversion rates and minimal fees. Low cost, fastest on the market, secure and transparent, this is why money transfer apps are the best.
Brick and Mortar
Somewhat surprisingly there are still brick-and-mortar remittance agents who can and will take care of your money transfer. Even more surprisingly there are still many people who use these services. The only real benefit which customers who use this service feel, is that they are able to speak with an agent face to face, which often makes them feel more comfortable when using the service. In exchange for this human touch, however, customers are looking at high fees, slow transfers, and often poor conversion rates. This is certainly an option when it comes to sending money to your loved ones abroad.
Direct To Bank
Banks have always offered international money transfers and despite not being the most popular choice, they continue to do so. Banks can offer you security with your transfer and that makes a lot of people feel more confident and comfortable with their transfer. The issue which banks have always had however is dealing with other banks, which is why this only makes sense if you are transferring within the same bank — albeit in two different countries. What you can expect when you use a bank for this kind of transfer is a long wait and more than likely poor conversion rates. Banks don’t make a lot of money from these transfers which is why they haven’t improved their service as the years have gone by. If all else fails, this is certainly an option that you may look to entertain. These are the most common ways in which we see money transferred around the world. If you need to send cash to a loved one, we would certainly encourage you to use a money transfer app.