Thursday, 29 March 2012

Sending money internationally

Sending money internationally - physically

Most countries disallow the sending of money internationally via the postal service, most likely due to money laundering and they want to keep track of where the money is in their country. However if you wish to approach the sending money internationally be sure to check out your Postal Service. Usually they offer "money orders".

A money order is a ticket that you buy. For example:
1. You want to send £50.00 to a friend in America.
2. You give the post office £50.00 and they give you a money order for £50.00.
3. You can then post the money order to the recipient who can then cash it for $ at their end.

Usually if a money order is in a differnet currency from the country in which you reside you will have to either send it in the recipients local currency or ask the recipient to cash it at a bank instead of a post office.

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Sending money internationally: Online bank transfer Online Bank Transfer: 

The most obvious way to sending money internationally online/digitally is by transfering the money from your account to the other persons through your online banking. Most banks allow their account holds access to their accounts online, and are able to transfer money to any bank anywhere in the world.

If the money will be transferred from one currency to another: for example from Euros into GBP then the recipients bank will most likely charge a currency exchange fee on top of the transfer. Usually it is the recipient who incurrs this charge however you should check with your bank first.

Sending money internationally: PayPal, NoChex, World Pay

There are several other companies out there including PayPal, NoChex and WorldPay which allow the payment and transfer and sending money internationally. Basically you fill out a form as to how much you want to send the recipient, their paypal, nochex, worldpay email or username and then once the payment is submitted the company will start the process of transfering the money from one account to the recipients. I am not bias towards the companies listed, they are just a few of the many differnet companies who offer these services and are the most well known.

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