Planning to send funds to Europe but just too confused on what type of wire transfer to use? Well don’t be confused because we will be showing you several transfer options to help you in sending money to your loved ones.
There are actually several points to consider when sending money through wires. First, does your recipient have bank access to your bank account? Second, does your recipient’s country has transfer facilities? And third, how significant is the mode of transfer for the recipient?
Below are the most common type of sending money to Europe.
Bank Wire Transfer
Considered as the one of the oldest method of sending funds, this type of transfer requires both parties to have bank accounts. The fee runs about $40. This is usually recommended if you are sending funds to about 3-4 figures.
Offline Wire Services
The most popular mode of sending money to Europe, this type of transfer limits sending of cash to a certain amount. It also charges a considerable amount of percentage of up to 7% of your total money to be transferred. On the contrary, even if it charges quite high, this method of transfer is seen to be reliable way of sending money. However, this mode of payment is not available in all countries.. Though a second channel may be available to facilitate the transfers, but the fee is even higher.
Remotely-loadable debit/ATM card
A rechargeable ATM/debit card allows you to transfer money into your recipient’s pre-loaded debit card via FedEx. The good thing about this wire transfer is that you can send a thousand dollars for as low as 5 bucks only. With over 1 million ATMs worldwide, this mode is considered the fastest, most accessible and the cheapest mode of sending cash.