Several companies offer to transfer funds internationally from your bank account to a recipient’s account. Each company charges a different transfer fee depending on the amount you’re sending and the currency exchange rates. It is a good idea to determine the money transfer fee before sending funds through any company. Another option is to transfer the funds via bank wire transfer. There is a good chance that the bank will charge less than a money-transfer company.
Contact your bank and ask if they send international wire transfers to the U.S. If they do, ask them how much it will cost you to send a particular amount from your account. Note the figure.
Compare the fee estimate provided by the bank with fee estimates of money-transfer companies such as PayPal, Western Union and MoneyGram. PayPal will charge 3.4 percent of the amount you send + £0.20 GBP, as of 2010. MoneyBookers will charge one percent of the amount you send. To find out Western Union’s fees, use the Western Union online calculator. If any of these companies charge less than your bank, use their service to transfer the funds. If the bank charges less, visit your bank branch. You must fill out a form, listing both your and your recipient's bank account information, including the recipient bank's SWIFT-BIC code.
Register with a money-transfer company, if you found one that charges less than your bank. Visit the company website and click on “Sign Up”/“Register.” Typically, you must provide your name, contact details, and credit card or debit card information. Once you’re signed up, click the “Send Money” button. PayPal and MoneyBookers will ask you to enter the recipient’s email address and the amount you want to send. Once you input this information, click “Continue” and hit “Send.” The money will then be sent to the recipient along with details on how to deposit the money into the recipient's bank. If you send money through Western Union, click on “Bank Deposit” and enter the recipient’s bank account details. Also, specify the amount you want to send. Click “Send” and the money will be deposited into the recipient’s bank account.
- PayPal: Fees
- Bank of America: Wire Transfer FAQs
- Western Union: Price Estimator
- Western Union. "What's the Fastest Way To Send Money for a Cash Pick Up?" Accessed Oct. 26, 2020.
- Federal Trade Commission. "Using Money Transfer Services." Accessed Oct. 27, 2020.
- Western Union. "Send & Transfer Money Online Now." Accessed Oct. 27, 2020.
- Zelle. "Introducing Zelle." Accessed Oct. 26, 2020.
Joanne Cichetti has written articles and Web content professionally since 2009, focusing primarily on health and lifestyle. In order to further pursue her writing career professionally, Cichetti inducted herself in the Long Ridge Writers Group, and she looks forward to having a novel published under their guidance.