3 Tools for Sending or Receiving Money in a Foreign Currency

With the world becoming such a small economy, where people can easily do business across large oceans, it becomes necessary to consider methods for exchanging money. In many ways, it is these tools that allow such global transactions to take place. Long gone are the days when all of these transactions must be handled through special methods in specialized banks. Today, your local bank can facilitate a direct transfer – perhaps the easiest of all options – in a matter of hours. Yet, there are some tools available that can help with the sending or receiving of foreign currency to keep in mind.

#1: PayPal

Perhaps one of the most well known for apps, it allows people to send money in a safe manner across the world. Anyone with a credit card and an email address can use the tool. The key here is that PayPal is instant. This makes it possible for you to send foreign currency with ease and without any delay. You can pay for items or send invoices within seconds. Whether you need personal or business support, PayPal makes the process easy to manage.

#2: TransferWise Money Transfer

This tool is also an easy-to-use option. It is a type of peer-to-peer transfer. It is built right into Skype’s foundation, making it an excellent option for those who want to be able to communicate and send with ease. The rates here are affordable, but there are not available in all countries. In other words, if you plan to transfer to and from the US, India, and Europe, you’re set with this tool.

#3: MoneyGram

Many people love just how easy it is to use MoneyGram. It is accepted pretty much anywhere even in some remote areas. It charges moderate fees, which makes it possible to really keep costs low. Available to businesses and for personal use, it is also one of the best tools for immediate transfers. Same-day transfers are possible. Next day transfers are also possible and tend to be a bit less expensive. Users do not have to set up a bank account to receive funds in this manner.

It is possible to visit your local bank to set up transfers like this as well. Many times, your goal should be to use a service that is both affordable as well as easy to use in the region you plan to do business in. Be sure to check the rates of exchange against locations to find the one paying the best.