Knowing different ways on how you can send and receive money abroad is important – even critical at times. Several options are available to you. Select one that you are comfortable to use and have no money worries while you travel! I personally use Transferwise but you can read the other options below.

1. PayPal

A free online service created by Elon Musk, PayPal allows you to send and receive money online. It can be connected to your bank account too if you wish to withdraw money. Balance kept inside your PayPal account can be used for online transactions. The majority of online merchants accept PayPal payments.

This is how PayPal works + a word on the 10 Most Frequently Asked Questions.

7 Benefits of Using PayPal

1. Credit card security

When you sign up, you add your credit card and bank account details to your account under a secure system. This is the only time your information will be disclosed. Every other transaction done using PayPal keeps your information private.

2. Flexibility

Multiple bank accounts, credit cards, and debit cards can be added to a single PayPal account. PayPal will take into account all these resources when you make your purchases, minimizing or even eliminating the chances that your card will be declined.

3. Ease in money transfer

Sending money to anyone in the world is as easy as one click. There is no need for you to go outside and find a shop to process your money transfer. The same goes for when you are receiving money.

4. Convenience

Apart from everything is done online, PayPal also has a mobile app that you can download here for iOS and here for Android.

5. Participate in online auctions

PayPal is integrated with eBay, meaning you can place bids and make purchases safely. Buyer protection is in place as well as a structured complaint resolution process.

6. Free to join

As mentioned above, signing up for a PayPal account is free. There are no annual membership fees or processing fees. Just create an account and start your online transactions.

7. Discounts

Select retailers offer discounts from time to time if you pay via PayPal.

2. Western Union

With over 100,000 branches worldwide, Western Union is the biggest money transfer institution in the world. This means you can send and receive money in most countries that you visit.

How to use it is simple. The transfer can be done through the internet or by visiting any branch. Just fill out the form and pick how you want to transfer the money and the speed of wiring. The added cost is roughly 10% of the amount you are sending. After payment, you will receive a tracking number that you should also pass to the recipient of your money for claiming.

4 Benefits of Using Western Union

1. Quick money pick up

After successful wiring, the recipient can expect the money in a few minutes. The only requirement is the tracking number and an identification card.

2. Many branches

Sending and receiving money is possible in various locations around the world. As mentioned, Western Union has over 100,000 branches in over 185 countries. Here is a branch locator to help you.

3. Credible

Since 1851, Western Union has been transferring money all across the globe. You do not last that long if you are not great at what you do! However, note that the dollars sent to you will be converted to a preferred currency using the current exchange rate.

4. No enrollment

Just come to the nearest branch and do your business!

EXTRA TIP: Watch out for high cable charges, errors in processing transfers, scammers, poor customer support, and mishandling of goods.

3. HiFX

Founded in 1998, HiFX is an international money transfer service available in 190 countries. It prides itself with better exchange rates compared to banks.

The rates are linked to live foreign exchange markets and are updated by the second. As such, the rate you will receive for your transaction varies depending on the amount you are sending, the currencies you are transferring, and the market exchange rates at the time you place your transfer. Signing up is free. Check this out to learn more about the HiFX money transfer process.

5 Benefits of Using HiFX

1. Fast and secure transfers

The system is secured by Norton's online security technology. The money is transferred in minutes, too.

2. Credible

HiFx is a part of Euronet Worldwide. Every year, over 100,000 people use their service.

3. Minimal fees

For transfers less than $5,000, a flat fee of $5 is charged. For transfers above $5,000, it is free.

4. Large transfers allowed

The minimum online transfer is $100 while the maximum is $500,000. The system is online 24/7. After you pay for your transaction with funds from your bank account, the money will be deposited to the recipient’s overseas bank account within 1-4 days.

5. Covers a wide number of currencies including:

United Arab Emirates Dirham
Australian Dollar
Bulgarian Lev
Bahraini Dinar
Canadian Dollar
Swiss Franc
Chinese Yuan
Czech Koruna
Danish Krone
Euro
Great British Pound
Hong Kong Dollar
Hungarian Forint
Israeli Shekel
Japanese Yen
Kuwaiti Dinar
Mexican Peso
Norwegian Krone
New Zealand Dollar
Polish Zloty
Romanian Leu
Saudi Riyal
Singapore Dollar
Tunisian Dinar
Turkish Lira
US Dollar
South African Rand

5 Extra tips in making international money transfers

1. Watch out for hidden charges. There are two important factors in a money transfer: the fees, including the transfer charge and overseas bank receiving fee, and the exchange rate. Do not fall for words like 'commission-free'. Always check the numbers. Do not fall for poor exchange rates and a variety of hidden charges.

2. Know-how exchange rates are calculated. This is multi-factorial but is often based on the amount you are transferring, the time frame, currency you are buying, and exchange rate levels at the time of purchase.

3. Compare providers. Look for a medium where you get the most value for your money.

4. Practice good timing. If you are transferring a large sum of money, it may be wise to watch the timing of your transaction. Exchange rates are volatile. A difference of one day can move the value of your money for better or worse.

5. Use a secure connection. Always be on the safe side when opening online bank accounts. Look for a secure connection and protect your data.

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Safety Tips to Transfer Money Abroad - Different Ways of Sending and Receiving Money Overseas