Does your business use suppliers, support or other services outside of the US? If so, finding the quickest and most cost-effective way to pay them is important for you and for them. Generally speaking, the simplest and most popular method of overseas payments is bank-to-bank money transfers. Unfortunately, banks often charge hefty fees on such transfers. But what other choices are available?
operates in over 80 countries and is safe and secure because it uses the latest security technology. All your information that is stored, shared or uploaded onto the platform is encrypted with the most advanced protocols. Your money remains in your bank account until both parties are verified, and only then does the money move, both safely and quickly.
Pros
Sign-up is quick and easy
Transfers can be completed in 1-3 days
No monetary limits
Financial information is stored, so if you make the same transaction repeatedly, it will
save you time
No wire transfer fees, if you are sending to the same currency (ex. USD to USD)
Cons
Service network covers 80 countries only
is a secure way to transfer money, with service to 67 countries around the world. Xoom can move as little as $10 at competitive rates, backed by a guarantee that promises delivery to your recipient on time or your money back. Online tracking and 24/7 support provide further peace of mind.
Pros
Send same-day transfers of $10 to $2,999 worldwide
Get help with transfers 24/7 either online or by phone
Protect your money with encryption and a money-back guarantee
Cons
Transfers come with both a variable fee and spread on the exchange rate
Service network covers 67 countries only
Rather than a fee that’s equal to a percentage of your transfer, this large international money transfer specialist charges a flat $10 fee for transfers of under $10,000 and no fee for $10,000 or more with rates close to the mid-market rate. It also allows for much larger transfers— $25,000 and up to $50,000 after you’re a confirmed
user. But you’ll need to allow one to six days for delivery.
Pros
Flat $10 fee for transfers of up to $10,000, and no fee on larger transfers
Competitive exchange rates on transfers of $1,000 to $25,000 or more
Offers spot contracts, forward contracts and hedging options
Lock in rates for up to three years into the future
Cons
High minimum transfers of $1,000 or more
Two-step process can mean up to six days for delivery
Social Security number and government-issued ID required
Fortunately, you do have options when choosing a partner to facilitate your payments to overseas suppliers. See which works best for you, and send cash without losing cash!
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