The Best Ways to Send Money Internationally

If you recently needed to perform an international money transfer or remittance, the abundance of transfer options may seem overwhelming at first. There are many ways to send money abroad, each with its own pros and cons. It is important to choose a money transfer service that fulfills all your needs while also giving you the most savings and value.

International money transfers are not as daunting as they seem. In fact, many people frequently perform remittances for reasons such as funding overseas investments, helping relatives in a foreign country, and more. There are endless reasons to send money overseas, and there are many tried and tested methods for transferring money internationally which we will break down for you below.

Using your bank

The most common way of sending money globally is through your bank. It is one of the most popular options with those new to international money transfers as they are already familiar with accessing their bank's other services and have built trust with their bank over many years. For those more cautious about sending large amounts of money overseas, you can walk into a physical branch and request the bank teller to assist in executing the transfer.

However, sending money abroad through a bank is one of the most expensive options available. Oftentimes, banks charge a large sum in transfer fees and even hide further charges in their already less-than-favorable foreign exchange rates. Transfers can even take several days to arrive as they will have to pass through the bank's extensive network before reaching your recipient.

Using a cash transfer service

Another method which you can use to send money overseas is to use a cash transfer service. This is the most convenient method if your recipient does not own a bank account. In fact, you yourself need not own a bank account to be able to send money through this method. MoneyGram and Western Union are some popular examples that facilitate cash transfers. To send money to your recipient overseas, just visit your local branch to pay for your transfer and your recipient will be able to pick up their cash at their nearest location in a matter of minutes

The instantaneous nature of the transfer, however, does come with a high cost. Transaction fees can vary significantly depending on the country you are sending money to and exchange rates are usually marked up significantly from the mid-market rate as well.

Using an online international money transfer service

Online international money transfer services are relatively new, providing an alternative to the high fees charged by banks and cash transfer services. These services utilize the latest technology to keep costs low and pass on the savings to their customers. They are also more transparent about the fees they charge and often provide some of the best currency transfer rates for international money transfers.

You'll need to register for an account and get verified on their platform before making your first transfer, but this process is relatively quick and easy. You can do all of this and more from the comfort of your home.

Why Choose Sunway Money for International Transfers

Sunway Money is one such online money transfer service that can be used by both individuals and business accounts to send money internationally. With a fixed transfer fee of RM8, zero hidden costs, and competitive exchange rates, if you want to save more when transferring money internationally, Sunway Money is the way to go!