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Ways to transfer money overseas

While the Internet has bridged many gaps in worldwide communication, the resulting conveniences have also created a lot of confusion. Now there are so many ways to transfer money overseas that even veteran globe-trotters often find themselves at a loss when all they want to do is something as simple as send some money back home.

 

Here are some options that you may use if needed.

 

Cashier's Checks

A cashier's check, in countries where it is accepted, is often the safest way to transfer money using ordinary mail. Never use personal checks when you can use cashier's. The same applies when receiving checks. If you get a personal check there is no way to know if that account has any money in it. The bank issues cashier's checks upon receipt of the cash specified, so you know they are good. The problem with overseas checks is that they are likely to be in another currency and you will again have to contend with fluctuating market rates.

 

Bank Drafts

A bank draft in a foreign currency is not much different from a cashier's check. The difference is that not only can you pay cash for this but you can also tell the bank to take the account directly out of your bank account. Obviously you must have an account in the bank that you are asking to make the draft. You will inform the bank about the recipient's name and full address. Since drafts go via mail or courier, the delivery time depends on the mailing service you choose as well as the location where they are mailed.

 

Things are simpler when receiving bank drafts. They are just like checks that may be deposited into your bank account or you can cash the draft if you prefer. You do not even need a bank account to cash the draft as long as you have adequate identification to prove that the draft is indeed addressed to you.

 

Wire Transfers

For the best in safety and speed, you can find no option better than wire transfer. You can wire the money to any bank branch by either using cash or by drafting your account. Wire transfers require the recipient to hold an account in the country where they are going to receive the money. Wire transfers need the recipient's name, account number, bank, and branch location. There are some countries, and some circumstances, under which it is possible to make a wire transfer to a recipient without a bank account. However, due to complexities in regulations it is recommended that if there is no bank account then use a bank draft or cashier's check, or use an intermediate service provider like Western Union.

 

Depending on which countries are involved, wire transfers can take 2-3 days. In some developing countries the bank might choose to hold the money for some weeks so ask before starting a wire transfer.

 

Credit Card

If you have an internationally accepted credit card then you can get an add-on card for your friend or relative overseas. They can use their card for cash advances and you can pay for them. Note that most cards have limits on the amount of cash you can withdraw.