Save on Overseas Money Transfers

Traveling abroad can be expensive, and sometimes you need to send money to family and friends who are abroad. Thankfully, there are inexpensive, easy ways to transfer money anywhere in the world—keep in mind that the prices may vary based on your location and the amount you’re sending.

The cheapest way to send money abroad is to deposit it into someone’s bank account directly. If the person you’re sending money to has a bank location near you, you can put money into their account using a deposit slip. This method is absolutely free. If it’s an account to account transfer, you can request a wire transfer, it’ll be free at many financial institutions.

Sometimes it isn’t possible to send money from one account to another within the same bank, but, thankfully, this is when you can use websites like PayPal. PayPal allows you to transfer money between bank accounts for 2.9% plus $0.30 U.S. dollar of the amount you receive. So for example, if you’re sending $100 using a credit card, the fee would be $3.20.

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Posted on May 5, 2023