Cheapest way to send money abroad
You Can Conveniently Send Money Overseas
Trade and commerce have crossed international geographical boundaries and with this, often business owners and managers also need to send money overseas. You may need to send money abroad to pay suppliers, vendors or to pay salaries to employees.
Banks do provide facilities to their customers to send money abroad free. In such cases, the amount needs to be simply transferred from one bank account to another.
Wire transfer is also an instant way to send money abroad. You can safely transfer huge amounts of more than 5000 US Dollars through wire transfer. If you send money to UK from USA, you just need to submit a request for wire transfer to your bank. You need to provide following information to your bank:
- Recipient bank’s name (the bank where your recipient has account)
- Recipient bank ABA number or other identification code
- Payee’s account number at the bank
- Any additional information that you want to provide – delivery instructions etc.
With this information the bank lets you wire money from your account. This can be done on a paper based form or there may be an online process for wire transfer. The bank completes your wire on the same day when you submit the request. Your recipient too receives the money on the same day in his/her bank account.
Bank wire transfer may not be the cheapest way to send money abroad as it does cost some money. You need to pay a small fee for the service and the recipient too may be charged if he/she has account in another bank.
However, the convenience of sending money instantly makes bank wire transfer a preferred way to send money abroad.
To check other alternatives for sending money abroad, simply visit:
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