How can I transfer money online internationally?
Each of us may need to transfer money abroad. The topic becomes especially relevant during the holiday season: it’s easy not to calculate how much to take with you on holiday abroad, and it may happen that you have to ask relatives or friends to send you funds. In this article we want to tell how to make international money transfers.
Method number 1. International money transfer systems.
Standard transfer via SWIFT is an international interbank system for transferring information and making payments - the most common way to transfer money.
SWIFT supports transfers in any currency and for any amount, restrictions are set by the bank itself.
In order to make such a transfer, you do not need to open an account, money can be brought in cash or on a card.
The commission depends on the bank, the amount and currency of payment. A percentage of the transfer (0.1-2%) or a fixed amount (for example, 20-30 US dollars) may be charged. The recipient will receive the money in 1-3 days.
Another way is to use popular international transfer systems: Western Union, MoneyGram, UNIStream, Contact, Faster.
The Western Union Company is an American company specializing in the provision of money intermediation services. Western Union was the first to offer money transfer and payment services, as well as forwarding electronic messages, and has been a leader in this field for over 150 years. "Western Union" and today continues to help individuals make money transfers. The company's customers can simply and quickly send and receive money at more than 245,000 service points in 200 countries. Every year, Western Union makes over a quarter of a billion transfers.
MoneyGram is the closest competitor to Western Union. The first money transfers without opening a bank account under this system were made in 1940 in Minneapolis (USA). The American company was created by American Express as a subsidiary company engaged in express money transfers.
In some banks, the maximum amount of one money transfer can be set. The commission also depends on the bank through which you send the transfer, amount, currency, country of destination. As with SWIFT transfers, a percentage or a fixed sending fee may be charged.
Method number 2. Bank cards
International payment systems Visa and Mastercard have their own services Visa Money Transfer and Mastercard Moneysend, which allow you to transfer money from Visa cards to Visa cards or from Mastercard cards to Mastercard cards both within the same country and between different countries.
Since 2012, Visa Money Transfer service began to operate in many countries, several banks also support Master?ard Moneysend transfers. In addition, some banks have their own services for transferring money, including abroad.
This is possible if the recipient has an electronic wallet in the systems Webmoney. WebMoney is an international system of electronic payments (settlements). Almost 10,000 new users are registering in it per day, and there are already more than 38 million of them. For each transfer of funds, the system charges a sender 0.8% commission, a minimum of 0.01 WM. A commission is not charged for transactions between the same type of WM purses -identifier.
Method number 4. Stablecoin
There is also one up-to-date way of transfer money online internationally. You can convert your fiat currency into digital one, without any loses. You probably have already heard about OERO tokens, which mirrors the euro value in the digital market and is fully backed by euro. OERO lets client transfer cash across borders, using all function of blockchain transactions, the same time providing a stabile store of value. Without any fees and taxes you can do it during 3 seconds instead of 3-5 working days.