Over the last few years we have seen
an incredible rise in the amount of people moving abroad in order to
make the most of their better educational set-ups, better job opportunities
and even their better economy in general. The majority of them have
moved alone leaving their friends and family in their original country
so this increase has also seen a notable increase in the amount
of people requiring regular international payments. Years ago, international
payments were a tough process and could be very risky. There was very
little security of the funds and people were constantly concerned that
the money would never reach the person it was intended for. With modern
developments and this increase however, the banks and technological
developments has led to a much easier process.
There are various different ways
in which to make safe and secure regular international payments. The
one you should choose would depend very much on the speed that you require
your money to be with the recipient but also your concerns for the safety
of the currency. For example, payments via the various internet sites
are obviously the quickest way of transferring money but some people
do have concerns with sending money online. So it's important to consider
the various options available to you which whilst are not so convenient
and quick, may be more secure.
These are the more traditional but
proven, safe ways of transferring money from one country to another:
- The first would
be an International Wire Transfer. This is a popular and very trusted
option to transfer money through nations. The downside of this is that
is can be a bit expensive however it is generally seen as the safest,
quickest and simplest way to make a foreign currency exchange. Through
the, funds can be transferred directly into the recipients account so
to do this you will need the person receiving the money's bank details
including their bank name, branch address, account number and routing
number (which can be obtained directly from the bank). Once you have
begun the transfer from the bank, be sure to send details of the transfer
to the recipient so they can check up if there are any problems or delays.
The second, is through
a Postal Money Order. These have become less frequently used over the
last few years and are a more old fashioned way of transferring money
but are generally seen as being the safest way of transferring money
abroad. However, before deciding to walk to the nearest post office
to make the foreign currency exchange, do check the USPS website to
ensure that the country you have selected is present on it's list.
If it is, you can continue with your transfer although it is important
to remember that it is quite a long process and the money can take some
time to reach it's recipient. In addition to this you will incur a
small charge and are also limited in the amount you can send so if you
are looking for larger sums then this may not be the best solution.
However, it is possible to send multiple money orders should you wish
to get round this limitation.
The second and final
of the most popular methods at the moment is the Online Transfer which
as discussed earlier, does have its safety concerns. However, it can
be very good if you need to make an instant or urgently needed international
money transfer. Similarly, it is also by far the simplest and easiest
way of quickly sending money and can be done without even leaving your
home. There are a wide selection of companies and websites that explain
how safely money can be transferred online and many companies who will
transfer the money online for you. But be sure to choose an established
one and do your research before sending any money through them.