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Low-Cost International Money Transfers
Low-Cost International Money Transfers
There are several ways you can transfer money internationally:
1. International Bank Transfer Online
To make an international bank transfer online first go to your bank’s website and find the wire transfer section. Then check your online transfer limit. Enter your recipient’s bank details and the amount you wish to transfer as well as the currency you want to send. Then you will have to pay the transfer processing fee and the transfer will go through.
2. PayPal
Sending money through PayPal is extremely convenient if the recipient has a PayPal account as well. PayPal offers free transfers within the USA and Canada to friends and family however international money transfers from your PayPal balance or a linked bank account costs 0.3%-2% of the transferred amount. You can’t transfer funds from PayPal to someone else’s bank account but you can send it to their PayPal account and from there they can withdraw it to their bank.
Cost of an International Money Transfer:
Banks will usually charge a standardized money transfer fee; money transfer services will charge according to whether you send the money from a funded account, a debit card or credit card. The fee can be anywhere between 0.5% and 3.9%.
Required Information when Sending an International Bank Transfer
When you make an international money transfer from your bank you need the recipient’s name, address, account information including the recipient’s IBAN.
- IBAN – If you have the recipient’s IBAN number it will make the transfer easier, sometimes it is a requirement and sometimes just an added assurance that the money will get to the account it is intended for.
- SEPA – If you are making a money transfer between countries within the SEPA zone in Europe you will need the IBAN. SEPA transfers can be executed like a domestic transfer.
- SWIFT – Small banks and credit unions in the US are not connected to the SWIFT network and so they don’t have a SWIFT code or IBAN. However, this doesn’t mean they can’t do international wire transfers. go to SWIFT code checker
- Recipient’s Name – To make international transfers you must have the correct BSB and account number as the name of the recipient is not used during the transfer process; only the codes and account numbers are used.
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