Ever since humans established countries, there has always been a need to travel and trade across borders. In the early days, merchants had to physically carry gold to its intended destination.
Today, sending money is as easy as tapping a smartphone screen a few times, and in an instant, the recipient will be smiling all the way to the bank. While almost every American has sent money locally at some point in their lives, few have had reason to transfer cash abroad.
But, can you send money to another country? If you haven’t done so before, it’s perfectly normal to be unsure about the practicability and ease of sending money internationally.
Fortunately, yes you can send money to friends, family, or even businesses in another country. The process is pretty simple and, depending on the transfer method you use, can be quick and affordable.
Why Send Money Abroad?
International money transfers are somewhat shrouded in mystery. Rich executives that spirit off hefty sums of money to tropical-island tax havens are a Hollywood favorite.
However, sending money to other countries is something that ordinary people do regularly for a host of reasons. Businesses that outsource raw materials in other countries, for example, have to make quick and cost-effective payments to support productivity.
Similarly, expatriates living in the U.S often have to send money to friends and families in their home countries. In today’s global village, it’s not at all unusual for Americans to go to college, invest in real estate, retire, travel, or get married abroad.
These are just a few instances of when it may be necessary to send money to another country, but the list is virtually endless.
Sending Money to Another Country
If you’re looking to send $1,000 to another country using traditional banking channels, you can easily lose over $60 in transfer fees. Ideally, that money is something you or your recipient could put to better use. Sending money through your bank isn’t quick either. Depending on where you want to send cash, your recipient may have to wait for more than five business days before the transaction goes through.
Fortunately, fintech companies have developed several quick and inexpensive ways to send money outside the country. These services, however, aren’t one size fits all. The best option depends on how much you’d like to send and what country you’re sending to. Some financial institutions provide instant transfer services, while others focus more on affordability. The best way to send money outside the country also depends on whether or not the recipient has a bank account.
With Cashero you get the best of both worlds – lightning fast transfers and affordability. Casheros tech stack means transfers between accounts happen instantaneously and minimal fees, if any.
If you’re using an excellent financial service provider, sending money abroad isn’t rocket science. You only have to enter the amount you want to send and the currency you want your recipient to receive. The app, website, or cashier will tell you how much the person will receive, as well as all the fees you’ll incur. If your recipient isn’t getting US dollars, you’ll also be able to see the exchange rate before you complete the transaction.
Conclusion
As people continue to travel, do business, and work in other countries, there’s a growing need to transfer money across borders. Unless you’ve done it a few times before, it’s not always clear whether or not it’s possible to send money out of the country. Fortunately sending money abroad is not only possible, but it’s also simple. However, even if you’ve sent money abroad a few times, it’s always an excellent idea to evaluate if you’ve been doing it the best way possible. The most popular or seemingly obvious ways to get cash across borders may not be the quickest or most cost-effective.
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