Ways To Send Money Overseas
If you recently have had a need arise to perform an international money transfer or remittance, the abundance of transfer options may seem overwhelming to you at first. There are many different ways available to send money abroad and each has its own pros and cons as to why you should use a particular service. It is important to choose a money transfer service which fulfills all your needs whilst also giving you the most savings and bang for your buck.
International money transfers are not as daunting as they seem. In fact, many people actually perform remittances frequently in their lives for reasons such as funding their overseas investments, helping out relatives in a foreign country and many more. There are endless reasons as to why one might want to send money overseas and therefore, there are many tried and tested methods of transferring money internationally which we will breakdown for you below.
Using Your Bank
The most common way of sending money globally is through your bank. It is one of the most popular options with those new to international money transfers as they are already familiar with accessing their bank’s other services and have built trust with their bank over many years. For those who are more cautious about sending large amounts of money overseas, you even have the option of walking into a physical branch and requesting the bank teller to assist in executing the transfer.
However, sending money abroad through a bank is actually one of the most expensive options available. Oftentimes, banks charge a large sum in transfer fees and even hide further charges in their already less-than-favorable foreign exchange rates. Transfers can even take several days to arrive as it will have to pass through the bank’s extensive network before reaching your recipient.
Using A Cash Transfer Service
Another method which you can use to send money overseas is to use a cash transfer service. This is the most convenient method if your recipient does not own a bank account. In fact, you yourself need not own a bank account to be able to send money through this method. MoneyGram and Western Union are some popular examples that facilitate cash transfers. In order to send money to your recipient overseas, just visit your local branch to pay for your transfer and your recipient will be able to pick up their cash at their nearest location in a matter of minutes.
The instantaneous nature of the transfer, however, does come with a high cost. Transaction fees can vary significantly depending on the country you are sending money to, and exchange rates are usually marked up significantly from the mid-market rate as well.
Using An Online Money Transfer Service
Online money transfer services are relatively new, entering the market in the last few years to provide an alternative option to combat the high fees charged by banks and cash transfer services. Online money transfer services utilize the latest technology to keep costs low and pass on the savings to their customers. They are also more transparent about the fees they charge their customers and often provide some of the best exchange rates for international money transfers.
You’ll have to register for an account beforehand and get verified on their platform before being able to make your first transfer, but this process is relatively quick and easy. What’s more is that you can do all of this and more from the comfort of your home.
Transact with Sunway Money today and unlock additional RM50 cost savings on your 1st international transactions. Sunway Money, a wholly owned subsidiary of Sunway Group – your trusted partner in navigating the complexities of international money transfer with ease.
1. Drop your contact by clicking the referral link.
2. Sunway Money team will reach out to you for account opening.
3. Use Promo Code: SUNWAY50 and transact a minimum of RM5,000.
For further details and inquiries, please contact Sunway Money Customer Support at business@sunwaymoney.com or via WhatsApp at +6011-272 54895.
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We are Malaysia’s first completely online & licensed remittance house wholly owned by a Malaysian public listed company.
Sunway Money’s transaction service offers you a quick, affordable, and easy way to send money overseas.
