Many people spend a lot of time trying to find cheap international money transfer services particularly people trying to send money home to friends and family, luckily there are quite a few institutions which pride themselves on being the best, fastest and cheapest money transfer service.
In some cases, you only have to look as far as your own bank to find way to transfer money fast and cheap, particularly if the bank has an international presence and both the money sender and receiver bank at the same international bank. Bank of America for example is a very large US bank with and equally as large international presence, though many would argue they aren't the cheapest to send money abroad. Check with your bank first for just how cheap it is to transfer abroad if you are a customer of that particular bank. Check to see if there are reduced rates if both the sender and receiver bank at the same institution.
This company is actually one of the cheapest international money wire service around. They pride themselves on low fees. In fact, Xoom boasts in being almost 80% cheaper than Western Union. Xoom customers can also transfer money around the world, anywhere and anytime and best yet, online. And the best part about Xoom aside from being a cheap way to transfer money internationally, is the fact that this company is very flexible. Xoom customers can choose what kind of disbursement they would like to transmit including: direct deposit, check, cash pick up, mail, home delivery or even secure debit card.
This cheap international money transfer company has an interesting way of doing business. What happens is that you go to their website and request a quote to transfer money internationally. An international or domestic company specializing in money wires, sends back a quote. You accept or decline the quote. If you accept the money online tranfer quote, the exchange rate is then locked in. You then transfer the funds to Xetrade. You can transfer the money to them by EFT, ACH or bank wire. The funds are then converted to the locked-in rate. Xetrade then sends the money to your family, organization, business associates or even yourself, by wire, EFT, draft or ACH.
HSBC: This bank is actually a very large international institution, which is known for handling cheap international money transfers smoothly and inexpensively, luckily HSBC has a huge international presence and can handle sending money to most countries and of course back to the US.
Afex: Another cheap international money transfer company is Afex. They make their money on the spread from the exchange rate, but many people are sending money abroad for as a little as 5 US dollars. Afex is also well regarded as being super fast and not just super cheap as many have their money transferred in as little as 12 to 48 hours.
Other Not So Cheap International Money Transfer Companies:
Pay Pal- up to 2% fee or more
Fed-X- Can be super slow while also paying not so cheap delivery costs
DHL-Can be super slow while also paying not so cheap delivery costs
USPS – Can be super slow while also paying not so cheap delivery costs
When looking for the best ways to send money overseas, consider cheap international money transfer options which can save you time and money.