What is the Best Way to Send Money Internationally?

best way to send money internationally

The best way to send money internationally is through online platforms like FLY.FINANCE. The selection of the ideal service provider must be determined after comparing the exchange rates and limitations of different companies; identifying the service needs; and checking the delivery time speed and duration. To use online transaction platforms, both the sender and recipient must have an account on the app or web portal of the service provider. Guardians/parents/spouses of international students must ensure that they use bank accounts to receive money via Fly.Finance as the transaction charge is the lowest for this payment method. 

Also Read: What is Swit Wire Transfer?

Best Way to Send Money Internationally

There are numerous ways to transfer money internationally, but digitization of the financial sector has increased the security and popularity of online money transfer portals. In the last decade, online transactions have become the most feasible way to send and receive funds globally.

Fly Finance by Leverage Edu

The financial arm of Leverage Edu, Fly Finance, provides international money transfer service with Fly Forex, which offers the best exchange rates and has no hidden fees on overseas funds transactions. It is a quick and easy way to transfer money internationally, owing to the quick onboarding process on the fly.finance/forex portal. Fly Forex has partnered with numerous financial institutions that are regulated by the Reserve Bank of India and Full-Fledged Money Changer (FFMC) to secure the transfer. To send money via this portal, an individual is exempted from the task of visiting the physical branch of any bank or other financial institution. 

We have tabulated the key details of this overseas money transfer platform:

ParticularsDetails
WorkingSenders must visit the website of Fly Finance and land on the Forex page to initiate the transfer process. 
Payment MethodsNet Banking; Debit Card; Unified Payments Interface (UPI); Wire Transfer
Transaction FeesNet Banking: Nil; Wire Transfer: Nil; UPI: Nil: Debit Card: 1.25% to 2.5% of the amount being transferred
Minimum Transaction LimitINR 10, 000
Maximum Transaction LimitsIndian residents can send up to $250,000 (INR 2,05,55,125) in a financial year. This amount can be transferred in one transaction or numerous transactions in one financial year. 
SpeedThe transaction is initiated immediately. The amount is reflected in the account of the recipient after 3 days of initiation. 

Other platforms to transfer money internationally

Even though Fly.Finance is the best platform you can choose for international money transfers, no single service is ideal for every situation. Given below are the details of different online money transfer options. Choose the service provider that meets your needs.

PayPal

It is the best way to send money internationally while transferring huge sums of money. It is more impressive than its peers like Venmo due to its accessibility and varied payment methods options. Senders can transfer money to the PayPal accounts of recipients and then the latter can transfer the funds to their bank accounts after 24 hours of receiving the money. Customers need not link their bank accounts to their PayPal accounts and can use PayPal balance to make payments. 

This table contains pertinent information about this international money transfer platform:

ParticularsDetails
WorkingSenders can transfer money via the website or app of PayPal. Recipients must also have PayPal accounts.
Payment MethodsBank Accounts; Credit Cards; Debit Cards
Transaction Fees5% of the amount transferred (Minimum fees: 99 cents; Maximum fees: $4.99)
Transaction LimitsNo cap on total funds for verified accounts. Limitation of up to $60,000 for a single transaction
SpeedInstantly on PayPal account; 24 hours to the bank account

WorldRemit

It is one of the most feasible options for fast international cash transfers, owing to the lowest cash transfer charges and its penetration in over 130 countries. Users of this platform can transfer money through bank accounts, debit cards, Google Pay, Sofort, prepaid cards, Trustly, Interac, iDEAL, and POLi. International students can sign up for free on this money transfer platform.

Here are the details of WorldRemit

ParticularsDetails
WorkingOne must create an account on the official website of WorldRemit to use this platform. Signing up is free.
Transfer FeesDepend on the destination country and organization. For eg, to transfer $50 to a Walmart in Mexico, one has to pay $1.99 as a transfer fee.
Transaction LimitDepends on the source nation. There is a limit per transaction and a limitation on the amount transferred within 24 hours.
Transaction SpeedInstant; 14 hours to 7 days for home delivery of cash. The speed is dependent on the location. 

Zelle

It is the best way to send money internationally when it comes to direct bank account transfers. Zelle, a peer-to-peer bank transfer platform, is associated with nearly 10,000 financial institutions to ease and speed up bank transfers. 

Given below are the important features of Zelle

ParticularsDetails
Working for source Banks which have partnered with ZelleCustomers need to sign up on the official website or app of their source bank accounts and sign up with Zelle directly. 
Working for source Banks which are not Zelle partnersCustomers have to sign up on the Zelle app. This is only possible if the destination bank has partnered with Zelle. 
Payment OptionsMoney can be sent through bank accounts with Zelle
Transaction FeesNil (to receive and send money abroad)
Transaction LimitsDetermined by the bank of the sender or credit union. Customers whose sender banks are not partnering with Zelle have a transaction limit of $500 each week. 
Transaction SpeedInstant

Also Read: How to Transfer Money to a Foreign University?

How to Send Money Internationally?

All the international money transfer service providers lay down a set of guidelines to send money across borders. Mentioned below are the basic steps to be followed to use the best way to send money internationally:

  • Create an account on the web portal or app of the selected service provider by filling in your details and producing a government-approved ID such as a passport, driving license, or unique ID.
  • Feed the name and banking details of the recipient.
  • Select the currency of the country in which the recipient is residing and select the amount that is to be transferred.
  • Use a bank account, credit card, or debit card to transfer money. Sending money through a bank account is the cheapest payment method as compared to credit cards and debit cards.
  • Senders can track the delivery time and date status on the app or website of international money transfer service providers. 

Must Read: How to Send Money Abroad from India?

Important Determinants of International Money Transfer

To determine the best way to send money internationally, one must consider the following factors:

  • Overhead Charges
  • Exchange Rates
  • Transfer Rates

FAQs

Q1. What is the best way to do an international money transfer?

Ans. Online payment transfer platforms like Zelle, PayPal, and WorldRemit are some of the accessible and convenient ways to send money internationally.

Q2. What is the best way to transfer money internationally from India?

Ans. Paypal is the best way to send money internationally from India for peer-to-peer money transfers.

Q3. Can GPay be used internationally?

Ans. GPay can be used to send money to Singapore, India, and the United States of America

Learn different ways to transfer money internationally with Leverage Edu and Fly Finance and ease your study abroad experience. 

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