Transferring money and using borderless payment methods helps you send money to locations around the globe. However, cash transfers may be a scary prospect for you. There are five borderless payment methods listed below that you can use to ensure your money gets where it needs to go. Of course, you could send a cash transfer to someone who has a transfer office nearby, but that is not always the case for your friends and family.
1. Electronic Money Transfers Instead Of Using Cash
You may choose to send money worldwide through bank accounts instead of sending cash. The account transfer uses an exchange rate to converts American dollars to another currency. That currency is the currency used in the recipient’s bank account, and you pay a one-time fee to send the money.
Because you are not dealing with cash, the recipient can use the money instantly. There is no need to go to an office, and the money can be withdrawn from the recipient’s bank instead of a faraway transfer office.
2. Virtual Shopping And Payment Companies
Virtual shopping and payment companies like PayPal allow you to send money to another recipient’s account. These companies allow users to get a diet card that they can use for spending, or they can take the card to an ATM to get their money. Many people use virtual shopping and payment companies to manage their money, and you can send the money instantly.
Every virtual payment company is a bit different, but they all allow you to connect to a bank account. The recipient can do whatever they want with the money once they get it, and you can easily track the transaction. You can call customer support for service, and you can resolve problems quickly.
3. Payroll Companies
Payroll companies like Payoneer allow you to send transfers from your existing account to a bank account or another user’s account. Again, you can use this service to send money to anyone that you want. If the other user has an account, they can receive the money quickly.
You can send money worldwide from your existing account to a bank account, but you will need to verify that account first. This borderless payment option allows you to find the partner bank, enter the account number, and send the money online. You get an online receipt for the transaction, and you will see the exchange rate on the receipt. If you may regular transfers, you may want to set up a business account that comes with lower fees and faster transfer speeds.
4. Bank Transfers
If your bank has a partner overseas, you can send money to the partner bank. The partner bank will accept the money into the customer’s account. However, some people do not have a bank account with your bank. When your recipient does not have an account with your bank, you can ask the bank to write a cashier’s check that will be handed over to your recipient.
Ask the bank how much they charge for this service. Ask what your recipient needs to do to pick up the money, and ensure that the check can be cashed inside the branch if needed. Some banks will require photo ID to pick up the check, or they will ask you to call the branch and verify who the recipient should be. The bank has a call center and customer support team that can help you, and you do not need to worry about how a remote transfer office will dispense your cash.
5. Traveler’s Cheques
Traveler’s cheques are an amazing way to make borderless payments around the world. These cheques are accepted in multiple outlets wherever you travel. You can write out a traveler’s cheque for cash, and you may use the traveler’s cheque to get cash at a bank instead of asking someone back home to send you money.
Traveler’s cheques can be replaced if they are lost, and you can stop payment on any cheque that was lost. If you want to overnight traveler’s cheques to your friends and family, they can use those cheques to get the money they need.
Borderless payment methods will help you send money overseas instead of completing a normal money transfer. Transferring cash may not be the best option for you if you must pay high fees or get a bad exchange rate. Instead, you can use online payment or virtual payment companies, payroll companies, and bank transfers to send money to someone overseas. Plus, you can use traveler’s cheques or send them to someone in need. Each payment method helps you get money into the recipient’s hands faster.
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