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Cash, checks, bank drafts, or money orders may seem like a thing of the past in today’s technologically advanced world.

Traditional money transmission methods may be less popular now that there are faster technological alternatives available, but that does not mean that the old ways are no longer viable options.

When it comes to transferring money, there are various options, and the cheapest approach will depend on your circumstances.

It is possible to send money internationally without using a bank account. Using one of these authorized money transfer firms will likely result in lower rates and speedier delivery of your funds.

According to the World Bank, Americans sent $68 billion to people in poor and middle-income nations in 2017.

In other words, the US is the most important source of “remittances” to these developing countries. Migrant workers in the United States send the majority of their earnings back to loved ones in their home countries.

The World Bank predicts that developed-country remittances to developing nations will reach $550 billion this year.

This has an issue: transaction costs for these vital transfers average 7 percent, meaning $38.5 billion is swallowed up by fees, which come in the form of explicit fees and unfavorable exchange rates, according to the document.

What’s an International Bank Transfer?

There are various ways you can send money from your bank account overseas, but the most common one is through your bank’s international money transfer service.

You can use this for personal or business objectives, such as giving money to loved ones. Only banks could initiate bank transfers in the past, but today, digital banks, wallets, and money transfer platforms may all do it on your behalf.

These new options mean that you have more options than ever before when it comes to making quick and cheap international bank transfers. To make an overseas bank wire transfer, you have three options:

• Transferring Money Online

You can typically use your bank’s mobile or internet banking platform to make online transfers. To send a specific amount, go to the transfers section, create a transfer, and send it. A working internet connection and the bank account information of your recipient are all you need.

• Online Money Transfer Services

For sending money locally and internationally, these services frequently provide lower fees than those supplied by banks.

You can either use a debit or credit card or transfer money from your bank account to open an account. Once you have your recipient’s details, you can easily send money.

• In-Person Bank Transfers

This method necessitates a trip to your local bank to send your money overseas, which is the least convenient choice, but one that you have.

When making an overseas transfer, you may want to consider this option if you aren’t confident completing transactions online or need additional help with the process. Bank transfer services are available at most US banks.

You Need to Know About Remitly

Even while sending money abroad is becoming more convenient, the results are not always as expected. Now that you have more options for sending money back home, it’s well worth your time to choose the finest one.

Consider the app’s ease of use, cost, speed of delivery, and the locations to which you can send money.

Your present provider should be replaced if you’re not completely satisfied. You’re looking for a money transfer app that is both simple and economical and safe and secure.

Sending money to friends and family in foreign countries involves paying various fees to money transfer firms. Fees for sending may be hidden from your view. Check out any app before sending it to make sure you understand the fees.

Money can be sent between the United States and other countries via Remitly.com. As Beamlt Mobile, Matt Oppenheimer’s startup was started in 2010.

BeamIt Mobile was rebranded Remitly when the company relocated from Idaho to Seattle and welcomed new co-founder Josh Hug as a new member of the leadership team.

In 2013, the company’s transaction volume increased, and today the company transfers money online to various nations across the world with a rising customer base of between 200 percent and 400 percent.

They’re well-known for their speedy, safe, and affordable services. Using the company’s website or mobile app, consumers can send money anywhere.

Additional benefits include bilingual service, making it easier for customers to transmit money around Latin America and Asia.

Growth has necessitated the development of the company’s technologies. A wide range of payment options is available through Remitly, including bank transfers, debit cards, and credit cards.

As a bonus, Remitly has thousands of pick-up locations worldwide, so you can quickly get your money by going to one of them.

How Does An International Transfer With Remitly Work?

Remitly’s website and app allow consumers to send money to various countries around the world. Before making a Remitly transfer, you must first sign up for a free Remitly account.

To pay someone, all you have to do is enter their information, choose a payment method, and transfer the money.

A credit or debit card can be used to fund either the express or economy money transfer method, depending on where you’re transferring money. Alternatively, you can use your bank account to fund either method.

The rates and delivery timeframes are different for each service, with express transfers often costing more but coming faster than the economy option. Fees can also vary greatly depending on where you’re going.

You may send more money back home with Remitly because of its low rates. Competitive fees and openness are two advantages you gain.

There are no costs if you send $500 to Mexico from the United States via Remitly. You only pay $3.99 if you spend less than $500.

Depending on where you’re sending the money, Remitly charges a fee. Transferring $500 or more from the United States to Brazil, China, or India will cost you $1.99 and $3.99.

Security

Your bank account and credit card details are among the most important information that financial apps have access to. If somebody gets their hands on such information, they could make money from your bank account or charge your credit card. They may utilize your information to steal your identity.

Remitly does all in its power to keep your information safe and secure. The app uses 256-bit encryption (the financial industry’s standard) to protect your account.

You may also rest easy knowing that Remitly doesn’t send you emails or texts that include your personal information, such as your Social Security number.

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Our Verdict

In terms of remittance, Remitly is a fantastic alternative because it offers a variety of payment methods, including Express and Economy options.

However, it is essential to note that Remitly may charge you a credit card fee of 3% if you select this option.

Keep in mind that the mid-market rate may include mark-ups, meaning that you may pay more for your money transfer than you anticipated.

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