As the COVID-19 pandemic is ravaging the globe and bringing many everyday life challenges to various communities, people who are away from their loved ones are looking for ways to support them.
This is especially the case for those who can’t travel due to government restrictions for various regions, as well as those who simply can’t afford travel overseas.
But there are ways to help those you love to get through the pandemic, including helping pay for medical treatment by sending money electronically to them.
But what should you know about that and what is the best way to send money?
Sending Through Bank To Bank Transfers
When you need to send money a long way away, sometimes it only takes a simple transfer from one bank account to another.
There are different ways this can be done, though, and some may involve transfer fees and steep exchange rates. If this is the case, it may be time to find a new savings account that doesn’t have such exorbitant fees associated with it.
A standard bank transfer is usually done through what’s known as an automated clearing house (ACH) system, where you have the bank transfer funds to another bank’s account using the numbers.
Usually, this takes a few days to complete, and in many cases, the service is free. However, not all US banks have ACH transfer options to banks outside the US without using international wire transfer services.
An international wire transfer is a service that allows you to send funds very quickly from one bank in one country to another in another country.
It uses the same kind of information that ACH transfers use, but usually, an international wire transfer must be initiated by bank employees.
An international wire transfer can be a fast way to send money from your US bank account to the bank account of someone you know back home, and sometimes they can receive the money the same day.
However, the fees that come with this service can be costly, and they usually aren’t worth it if you’re sending less than $1,000.
Sending Through A Well-known Money Transfer Agency
Another way that you can send money back home is through a money transfer agency specializing in money transfer services.
These agencies are not banks, although some have begun to offer banking services or prepaid debit cards.
However, they do send money both domestically and internationally to any location where agencies exist.
You can securely transfer money internationally at one of these agencies, either by visiting one in person or through their online service.
Often the quickest way to start a money transfer at one of these agencies is to do so through their website or app. usually; the least expensive way to send money is to use the agency’s bank ACH service to send it directly to your recipient’s bank account.
But if your recipient isn’t comfortable giving out their bank information, you can send the money to pick up in cash.
Usually, a bank to bank transfer takes the longest, but there are also the options to send money using a debit card or credit card, both of which are quick.
Because doing so could trigger cash advance fees on your account, it’s not usually advised to send money via credit card.
The great thing about using a money transfer agency is that it will often have a tracking system along with cancel transfer services in case any issues come up.
Sending Money through another Electronic Service
There are many other ways to send money internationally through electronic means.
One of the most used methods is through online payment apps, which are used by eCommerce companies to facilitate quick payments and even avoid the need to give credit or debit card information.
With these services, you can transfer money from one account to another, and once you do that, your recipient can decide what to do with the money.
These services are usually the most secure, but they may not work if your recipient wants money in cash or has no bank account to transfer money to.
Sending money online directly to your recipient or having it sent online to an agent pickup location is usually the best way.
In doing so, you can use a service that’s easy to use, cuts out the need to send paper checks in the mail, and is secure.