Author Topic: sending money internationally  (Read 663 times)

billy b

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sending money internationally
« on: September 10, 2019, 07:27:15 AM »
What's the cheapest way to send small amount of money internationally for cash pick up?

reeshau

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Re: sending money internationally
« Reply #1 on: September 10, 2019, 07:54:40 AM »
Answer 1:  snail mail.  $1.15 and you're done.  Of course, it takes some time.

Answer 2: Depends:
1) From where, to where?
2) Changing currency?  Which ones?
3) How fast?
4) How much, specifically?
5) When you say cash pickup, are you implying without some kind of bank account?  What about other digital marketplaces?

In Europe, I can send money to any IBAN account in euros for free, available from instantly to 1-2 days.  No need for venmo or anything else--it's already built in.  Thinking from the US, Paypal is available quite extensively.  Any other answer depends a lot on your parameters, as there is no universally-best service.
« Last Edit: September 10, 2019, 07:56:51 AM by reeshau »

Kwill

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Re: sending money internationally
« Reply #2 on: September 10, 2019, 08:11:17 AM »
For cash? You mean something like an international money order? I haven't used a money order in years, but I think that is what they are for.

For bank account to bank account, TransferWise has worked for me. It can be cheaper than banks because they use a good exchange rate.

billy b

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Re: sending money internationally
« Reply #3 on: September 10, 2019, 08:16:51 AM »
Snail mail would be all bad, From US to Mexico, in local currency, about few days I guess, $40, receiver no bank account, I'm not sure what other digital market place you can have W/O bank account, it looks like WorldRemit as they offer $4 in transfer fee and skim off the top in exchange rate.

reeshau

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Re: sending money internationally
« Reply #4 on: September 10, 2019, 09:33:36 AM »
Snail mail would be all bad, From US to Mexico, in local currency, about few days I guess, $40, receiver no bank account, I'm not sure what other digital market place you can have W/O bank account, it looks like WorldRemit as they offer $4 in transfer fee and skim off the top in exchange rate.

I was thinking of something more like M-Pesa in Africa, where your mobile wallet has become your default cash.

https://en.wikipedia.org/wiki/M-Pesa

Wal-mart works with MoneyGram, and starts at a similar price.  I know that partnership really muscled Western Union out of remittances to Mexico.
« Last Edit: September 10, 2019, 09:35:52 AM by reeshau »

billy b

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Re: sending money internationally
« Reply #5 on: September 10, 2019, 09:42:26 AM »
That's cool, I wish Mexico adopted that, Mexico is a very cash based economy especially low income earners, I imagine most 3rd world countries are, interesting to see if Facebook Libra coin next year does something Bitcoin couldn't.

Kwill

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Re: sending money internationally
« Reply #6 on: September 10, 2019, 11:41:10 AM »
It looks like MoneyGram might be an option. You can send the money online or from a physical location, and the person can pick it up in cash. But see this review that says the fees are higher than some other places and that it wouldn't be a good option for large amounts of money.

Hula Hoop

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Re: sending money internationally
« Reply #7 on: September 11, 2019, 01:56:19 AM »
I use transferwise and it's cheap and good.  There are other cheaper foreign exchange companies but I'm nervous using one I know nothing about.

billy b

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Re: sending money internationally
« Reply #8 on: September 11, 2019, 09:09:11 AM »
Ya they are bank to bank.

BicycleB

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Re: sending money internationally
« Reply #9 on: September 11, 2019, 09:16:43 AM »
Reading out of interest. If anyone has specific recommendations for Ethiopia or Uganda, I'd be all ears.

In the past, MoneyGram has been best for those countries in my limited experience. Mail in both countries is unreliable. MoneyGram is seen as a reliable transmitter that verifies recipient and limits its take to the stated fees, though of course they are already high.

mavendrill

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Re: sending money internationally
« Reply #10 on: September 11, 2019, 06:13:41 PM »
Honestly the simplist method is find a bank that won't charge you fees.  You won't find it on a standard checking account, but I have a premiere account at a bank that only requires 10k assets to avoid fees, has a zero fee HSA that counted even when the money was invested.  I can get small amounts to anywhere if a 2 day delay is ok, with a high level of security.

BicycleB

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Re: sending money internationally
« Reply #11 on: September 11, 2019, 06:56:48 PM »
Honestly the simplist method is find a bank that won't charge you fees.  You won't find it on a standard checking account, but I have a premiere account at a bank that only requires 10k assets to avoid fees, has a zero fee HSA that counted even when the money was invested.  I can get small amounts to anywhere if a 2 day delay is ok, with a high level of security.

Does that mean you're sending it to your own account in the other country? Or to another person, who also needs an account at that bank, though the other person's account is in the second country? Or, you're saying your bank will transfer to another person's bank account at some other bank in the second country? Or...


iluvzbeach

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Re: sending money internationally
« Reply #12 on: September 11, 2019, 08:28:36 PM »
I recently used a PayPal owned (IIRC) service called Xoom to wire the $80 emergency room bill I received following a trip to Italy. It cost $5.00 in fees.

P.S. If this is a long-lost cousin or prince in Nigeria, Id suggest using extreme caution before sending them any funds. ;)

brooklynmoney

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Re: sending money internationally
« Reply #13 on: September 11, 2019, 09:10:44 PM »
Western Union

mavendrill

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Re: sending money internationally
« Reply #14 on: September 13, 2019, 09:08:45 AM »
Honestly the simplist method is find a bank that won't charge you fees.  You won't find it on a standard checking account, but I have a premiere account at a bank that only requires 10k assets to avoid fees, has a zero fee HSA that counted even when the money was invested.  I can get small amounts to anywhere if a 2 day delay is ok, with a high level of security.

Does that mean you're sending it to your own account in the other country? Or to another person, who also needs an account at that bank, though the other person's account is in the second country? Or, you're saying your bank will transfer to another person's bank account at some other bank in the second country? Or...

I have done both transfers to others accounts as well as accessing my accounts from other countries. 

BicycleB

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Re: sending money internationally
« Reply #15 on: September 13, 2019, 12:48:07 PM »
Thanks, @mavendrill.

Accessing one's own account I understand. The HSA thing - wow, very cool option. Will keep in mind!

When sending to others:
Is it a wire transfer to an account at a different bank?
Wire transfer within the same bank?
Plain old transfer within the same bank, like I transfer from my checking account to credit card to pay off the card?
Transfer using a cash transfer app like Zelle?

Thanks for these details. I have a friend struggling with these questions.


billy b

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Re: sending money internationally
« Reply #16 on: September 13, 2019, 05:15:27 PM »
Soooooo, the bank with HSA, will let you send money internationally, and have someone else pick up as "cash", without a bank account, without a fee? If someone knows a US bank that will do just that, let me know.

FamilyGuy

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Re: sending money internationally
« Reply #17 on: September 14, 2019, 03:57:41 PM »
I use Xoom. PayPal acquired it recently. Ive been using them for last 9 years with no issues.

Christof

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Re: sending money internationally
« Reply #18 on: September 14, 2019, 04:05:02 PM »
I use Revolut to send money to the US and pay in the US without extra fees. Not sure they are already available in the US.