Send Money Instantly - At What "Cost?"
When people ask: “What is the best way to send money”, they should be reminded that often the best way to send money MAY not always be the cheapest way to send it.
A host of people look for money transfer options for a variety of reasons, some people need to send money overseas to relatives, others have business relationships online whereby they need to send funds instantly to a contractor or even an employee.
So whether you are looking to wire money to a relative or do an electronic transfer to a freelancer, you have a ton of options in regards to sending money abroad or locally.
Before the internet, people could only send money through the mail. It could take days sometimes up to a weeks before the money reached it's intended destination. And even today, many people are still sending checks through the postal mail as an option particularly when banking transfer or money wire fees become cost prohibitive.
The Quickest Way to Send Money
If you're looking for quick options to transfer or wire money, consider Paypal. Paypal can transfer money to most countries instantly, provided you have an online Paypal account.
Be reminded however, that this money transfer option can come with fees: 2% or more and this is not even counting the money you lose in the exchange rate, if you are transferring money internationally. Again quick, isn't always the cheapest. And the instant transfer of money does come at a cost.
The Cheap Ways to Send Money
Now let's look at some cheap ways to send money. Conversely, cheap isn't always the best or the fastest way to send cash and the old adage you pay for what you get, should ring true with money wires or transfers.
As mentioned earlier, you can send money (preferably a check or money order that can be tracked) through the local postal service. If you're sending currency internationally, you are typically just paying for the cost of the mail to be delivered abroad. Most banks, both domestic and abroad, will cash checks and money orders, but there are also delays in this money transfer option as well. So for the cost of postage you can send money through the mail.
Xoom: this option is actually one of the best currency transfer service options you have and also one of the cheapest. Xoom enables you to wire funds internationally anywhere in the world. This company also boasts at being more than 80% cheaper than other money transfer options. Customers who use this service are able to choose the disbursement they would like to use, this includes, cash pick up, mail, check, direct deposit and secure debit card.
International banks, like HSBC: When people think of actually doing cheap international money wires, they should consider banks like HSBC with a large global presence. HSBC has been known to transfer money quickly, smoothly and without incident to most anywhere in the world, where this bank is located.
Again, it's really important to remember that the most ideal way to wire or transfer funds often ends up being the more expensive way. You must consider cost, particularly when you send money abroad or even transfer money within the US, and you're doing a lot of it.
The important thing to do is to be able to strike a balance between the best way and the most cost effective way. And there are plenty of options that aren't on either of the spectrum: cheapest or most expensive. You honestly, shouldn't have to make that kind of choice when trying to send money.
The best way to send money is the option which enables you to strike that middle grown between cost and speed.