The following are five of the best and most secure ways to accomplish this task, bank-to-bank transfers. Some banks allow people to take money directly from a bank account and deliver it to the recipient's bank account. One of the safest ways to send large amounts of money abroad is to use an accredited and regulated money transfer provider or your bank. You'll most likely find that specialized money transfer services are less expensive and have strong security measures in place that will protect both parties involved.
They make transfers from more than 190 countries in more than 55 currencies and are especially good for sending money to the United Kingdom or Australia. Keep in mind that there are other international laws regarding money transfers in addition to FATCA that you should review before making bank transfers. As one of the world's largest transfer providers, Western Union's main advantage is its network, especially for sending cash in person and offering delivery options with cash pickup. CitiBank is a good option for exchanging currencies if you really need to make an international bank transfer through a bank.
Forex brokers tend to be more popular among people looking to transfer a large amount of money overseas. While a bank transfer involves high fees and longer delivery times, a specialized service is more practical and just as secure. While OFX doesn't charge transfer fees regardless of the amount sent, its exchange rate margins tend to range between 2 and 4%, which is higher compared to other providers. Another point to consider when choosing between an international bank transfer or a local bank transfer is the size of the transaction and the frequency.
Check out this side-by-side comparison of Xe and OFX to find out which provider offers the best value for money in international money transfers. An international bank transfer is often the best way to transfer money internationally because it's secure, fast and cheaper than other methods, such as cash, money orders or credit cards. You can fund a transfer with a bank account, a debit or credit card, or a PayPal account, since Xoom is the property of PayPal. When you check the exchange rate of an international transfer with services such as Western Union, focus on the exchange rate margin by analyzing the amount in foreign currency.
The choice between sending your funds using an international bank transfer or a global ACH depends on a variety of factors that make the most sense for your company, such as time, amount and frequency. Banks tend to get more credit when it comes to making secure international money transfers, but specialized money transfer services are just as secure. An international bank transfer or direct deposit of funds through local banking networks (also called global ACHs).