Send Money Abroad
Whether for business or personal reasons, there may come a time when you need to send money to a business or person overseas. When sending money abroad, you not only have to worry about the actual fees to transfer the money but also the exchange rate. When preparing to send money abroad, you can choose from one of three primary methods, each of which vary in their fee structure as well as delivery method and delivery time.
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Instructions
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Check the exchange rate for the country where you are sending the money so that you can make sure you send the proper amount. Use the currency converter on XE.com, for example, to check the exchange rate. It won't be exact, as currency rates fluctuate, but it will give you a good idea of how much to send.
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Transfer funds via Western Union, which the U.S. Department of State lists as the fastest way to send money to someone overseas. Money can be sent by calling 800-634-3422, using the Western Union website, or from any Western Union location. Money sent via Western Union is typically available within 30 minutes. Fees vary based on amount of money you are sending and where you are sending it.
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Wire money overseas through your bank. Just go into your local bank branch and request to do an international wire transfer. You do need to have a bank account destination in order to do a wire transfer. The fee varies by bank. The length of time it takes for the money to arrive in the other country varies depending on the country you are sending it to and the banks used. It can be instant or it can take up to seven days.
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Use regular or express mail service to send money abroad directly to the business or person's address. Just purchase an international money order from your local United States post office location. According to the U.S. Department of State, express courier service can take up to four days while regular mail service can take up to four weeks. Price varies depending on the destination.
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Tips & Warnings
As of June 2010, the U.S. Department of State can do this for you at a fee of $30. Call 888-407-4747 to set it up.
If your recipient has a PayPal account, a cheaper and quicker alternative is to send the money from your PayPal account to theirs.
