How to Transfer Money Overseas for Beginners

High Interest Money Market Savings Accounts

A Money Market savings account offers a better interest rate than a normal savings account, plus the flexibility, liquidity and accessibility of a check account.

Sending Money Abroad

Cash Transfers

Telegraphic Transfers thru a company like Western Union who can send money worldwide, with the ability to transfer money online or by phone.

Money Orders

Postal Services issues international money orders, as do some banks.

Banking Transfers

If you have a bank account, there are several ways to transfer money overseas through the banking system.
Sending a Check Overseas; Wire Transfers; and Foreign Drafts

Telegraphic/Wire Transfers

Wire transfers, Telegraphic Transfers, etc..

Foreign Currency Exchange
Foreign Currency Trading

Foreign Currency Exchange - Foreign Currency Trading..

Comparative Cost / Efficiency for sending $300

Western Union $29 Recipient can pick up cash in 20 minutes. You can do it by phone or online using a credit card too.

MoneyGram $25 Recipient can pick up cash in under 60 minutes. A competitor to Western Union with 75,000 agents in 170 countries.

Money Order $3-$10 Five days mailing time. . Can be cashed in banks or post offices in most countries and will probably be cashed on the same day

Check $50 Five days mailing time plus clearing time for check. Anywhere from 5 - 7 weeks. Some countries may not honor foreign-drawn checks.

Foreign Draft $25 One week draft processing plus mailing and bank clearing time. Total about three weeks. The reciever must have access to a corresponding bank

Wire Transfers $40-$65 Done almost immediately, and you don't have to be a customer of the bank to wire funds

Transfer Money Overseas Now!

How to Transfer Money Overseas Now

High Interest Money Market Savings Accounts

Sending Money Abroad

Comparative Cost / Efficiency for sending $300