Online money transfer services are a less costly and reliable way to send money to Pakistan or any other country from Europe. In this modern era, people and migrants love to have more convenience. It completes your transaction to anywhere in the world very quickly.
Migrants know the worth to have the best way to send money. When sending money abroad, you can have many options to send money. This article will help you know about the international money transfer methods that help you select the best of it according to your desire.
What are the Methods For International Money Transfer?
There are two ways banks and online money transfer services to send money, which provides further opportunities and methods.
What If You And Your Recipient Do Not Have A Bank Account?
Don’t wonder. It is possible to make an international money transfer if you and your recipient do not have a bank account. The process is so simple. You have to take cash with you at the online money transfer location. Then they sent money to another country where your recipient can pick money quickly.
Good: You can send money to the recipient country if they cannot reach the bank, especially in developing countries. This type of transfer also called cash to cash transfer.
Not-so-good: As cash involved in it if it is lost, there is no way of getting it back.
How to Transfer Money From Your Bank Account To Another?
To make an international money transfer services through the bank, you need to go to a bank or use an online portal to make a transaction. To initiate a transfer, you need to provide recipient name and bank details like bank account number and routing number.
Good: You have no need to create a new account and no new setup if you are using a bank. It gives you convenience in this sense.
Not-so-good: Banks, while making an international money transfer, charges a higher fee and offers lower exchange rates.
How to Transfer Money From Bank Account To Others Hand In Cash?
You can do it too. If you have a bank account and your recipient, do not, then this method is made for you. It operates as you send money from your bank account to the recipient country’s online money transfer location. They can pick it up quickly.
Good: The good of this kind of transaction as its name. Your recipient can pick up cash without owning a bank account.
Not-so-good: As cash is also involved in this process, there is no method of getting it back if it is lost. But this is very rare.
A check is like a printed form where you write the amount you want to send and the recipient info.
Good: It does not charge a fee to send it internationally.
Not-so-good: It takes weeks to reaches to its destination and cashes it
What are the International Bank Drafts?
International bank drafts consider as the alternative to cheques. It converts the currency as you want and sends to your recipient. May take four weeks to reach its destination depends on where you want to send it.
Good: Convert the currency into the recipient currency.
Not-so-good: You have to pay for the transaction.
Credit Card And Debit Card
You can send money to the credit card to another credit card and debit card to the debit card. You can send money to your credit or debit card to the recipient credit or debit card. This option is not available with every credit or debit card.
Good: People mostly adopt this method to send money when they cannot utilise other ways to send money.
Not-so-good: The question is why people only use it when other methods are not available. Because this card comes with a very high fee compared to other alternatives to international money transfer ways.
Also, your recipient has to pay for receiving or withdrawing the amount. Credit or debit card companies treat your cash as advance cash.
Online Money Transfers Services
They give you the highest exchange rate to send money in the lowest fee. It allows you to pay for your transfer through many convenient options. These options usually include debit card, credit card and direct bank. You have to give proper information about the recipient.
The top standard options to send money internationally by online money transfer services are cash pick up and bank transfer. Cash pick-up method works as you send money to the recipient country through a money transfer service via their web or app to the recipient country.
The receiver can pick up cash through the specified bank or agent location. Bank transfer also works as the cash pick up option. But usually, cash pick transaction completes within minutes, and bank transfers take a bit more time than cash pick up.