You may never have had to send money internationally before, but does that mean you never will have to in the future?
The truth is there are a number of different reasons you may need to make an international transfer, and furthermore, sending money internationally is not exactly the same thing as sending it domestically.
There are simply more fees and steps involved, such as with using a money transfer service to get the job done. And if you’ve never set up an account with a transfer service before, you may want to, because there are many situations where you would need one.
Here are the top reasons you may need to send money overseas:
Do you plan on doing any traveling to a foreign country? If so, and if you’ll need to be sending yourself money in the currency of the country you’re staying in, you’ll need to use a money transfer service.
The transfer service will exchange your money into the other currency and then send it overseas to you within one to two business days.
Sending Money To Friends or Relatives
If you have any friends or relatives who are living or traveling overseas, there may be certain situations where you would need to send them money. For example, they may have an emergency situation and contact you urgently requesting money in order to get out of whatever they are in.
In this case, you would most definitely need a way to send those funds internationally. A transfer service would likely be the fastest option available, as bank wire transfers tend to take much longer (and cost much more too).
Purchase Overseas Property
You’ll need to send a very large volume of money overseas if you plan on purchasing any property or doing some real estate investing.
For these kinds of transfers, a bank wire transfer would actually be a superior option than a money transfer service. Even though you’ll pay a higher fee and the process will be slower, you can send much higher amounts of money with a wire transfer (banks usually have a max limit set anywhere from $50,000 to $250,000).
If you or anyone else in your immediate family will be studying abroad, you’ll need to make tuition payments internationally. For example, you may have a son or a daughter who will be studying abroad, and if so, you’ll need either a wire transfer or a money transfer service to send the funds over.
Paying An Employee/Freelancer
Do you have someone who works for you who lives overseas? If so, you’ll need to send them the money you owe them in their currency, and a money transfer service will be the simplest way to go about that.
Sending Money Overseas
As you can see, there are many situations where you would need to set up an account with a money transfer service in order to make an international transfer.