How to Securely Transfer Money to A Foreign Bank Account?

Reasons behind transferring money to a foreign bank account can be many, like holidays, helping a relative in meeting expenses, tuition fees, or maybe even as a gift. At the same time, you need to ensure that you are opting for a safe and secure way so that you do not get duped in due process when sending international payments.

5 best ways of securely transferring money to a foreign bank account

Now, let's discuss some of the best and most reliable ways to transfer money abroad.

Wise

It is one of the best options for transferring money internationally. Some of the main reasons behind its popularity include great customer experience, ease of use, low fees, and 100% transparency. Moreover, signing up with Wise is easy, enabling efficient transfers and a smooth user experience. Frequent users of Wise remarked that this platform is, by any chance, the true disruptor of any traditional money transfer model.

Process: The process is pretty simple. All you have to do is, Sign up with Wise then, enter the amount you wish to transfer, and mention the type of transfer (personal transfer or personal bank transfer). Next, provide your personal details and make sure that it complies with the finance regulations. Following this, mention details about the person you are sending the money. Next, choose your transfer type, and that's it.

Payment ways: Wire transfer, debit/ credit card, Google Pay, Apple Pay, or direct debit from a bank account. However, the receiving party must have a bank account to receive the amount, irrespective of your mode of money transfer.

Speed: Same-day transfer is also possible but is limited only to a few countries. Moreover, transactions can happen within seconds if you transfer via debit/ credit card. Bank transfers, or when using a bank account for transferring money to a foreign account, can take two business days or even seconds, considering the destination.

Limit: With a Wise wire transfer, you can transfer money up to $1 million per transfer.

Fees: Upfront fees are the lowest and are typically less than 1% of the transfer amount when you use any bank account for making the transfer. Furthermore, Wise offers the best exchange rates and cheapest services and charges the lowest fees.

Currency Club

One prime thing to consider when transferring money to a foreign bank account is its transfer fees and exchange rates. Every transfer is different, and the service charge per transfer is also different. And this is where the Currency Club comes to the rescue. This platform charges the lowest cash transfer fees, and you can transfer money to people living across various countries and they do an excellent rate if you are looking to buy Turkish Lira.

Process: The process is simple; all you have to do is Log In or Sign Up on Currency Club. However, ensure that you have a personal bank account to get it done seamlessly with Currency Club.

Payment ways: Payment options include credit/ debit cards, prepaid cards, bank accounts, Apple Pay, Google Pay, and similar others.

Speed: Most Currency Club transfers occur within seconds or almost instantly. However, in the case of home delivery, it can take a few days, completely depending on the destination.

Limit: There is no fixed transaction limit, as it entirely depends on which country you are transferring to and from where. However, you can transfer within the capped amount of €15000 per transaction.

Fees: The number of fees deducted depends upon where you are transferring the money, and it is typically very low compared to other foreign money transfer service providers.

Xoom

Xoom is a well-known PayPal service using which you can transfer money to your family and friends located all across the globe. Moreover, unlike PayPal, Xoom ensures that all requirements for money transfers, particularly personal transfers, are comprehensively met. Xoom's service is seamless, and its entire process of transferring money to a foreign bank account is very easy.

Process: Its process is affordable, extremely fast, and offers high transfer limits to verified accounts. Additionally, it is one of the highest-rated applications on the Google Play store and Apple App Store, having 4.7 stars. Using Xoom is child's play, and it also provides multilingual customer support.

Payment ways: Payment options include transfers through a bank account, debit/ credit card, and PayPal.

Speed: Transfer of money can occur within minutes, irrespective of the mode of payment. Sometimes, transfers can take up to a few days as factors like banking hours and time zones hold vital importance.

Limit: There is no such limit to the amount of transfer you can make. However, the maximum amount of money you can transfer within a day is limited to $50,000.

Fees: If you are using PayPal balance or a bank account for transfer, then upfront fees are around $0 or below $5 with an exchange rate markup above 2%. Xoom's service is way more inexpensive than international wire transfers by banks.

OFX

OFX is a very popular Australian online foreign exchange company. It is a very safe platform for transferring money to foreign bank accounts, as it works in accordance with high rules and regulations. It is probably the best option if you want to transfer large amounts of money. Additionally, this platform is quite cheap in comparison to its competitors. OFX's service has expanded to more than 70 countries globally.

Process: The method of successfully using it is straightforward. You need to open a free OFX account; it takes around 5 minutes to get this done. Next, you can quickly transfer your funds by providing your recipient's details. Then through electronic bank transfer or Bpay, you can transfer your money easily. Furthermore, you can even track your online transfer through the OFX application.

Payment ways: You can make transfers between bank accounts through cash, credit/ debit card, Apple Pay, Google Pay, and similar others.

Speed: Same-day delivery option is not available with OFX. It takes half a business day for OFX to receive the request and another 1 to 3 business days for the recipient to receive the money.

Limit: OFX has not put a cap on the maximum amount of money you can transfer in a day/ month. However, the minimum amount of transfer that you can make is $1,000.

Fees: OFX does not charge transfer fees over the amount of money transferred, but its exchange rate markup rate varies between 2% to 4%.

MoneyGram

MoneyGram ranks as the second-largest foreign money transfer company globally. It offers international bill payments, money transfer services, and various corporate services and products. It is a reliable platform for transferring money to foreign bank accounts. You can additionally avail of services like sending money online via an agent, in-app money transfer, debit/ credit card, and wire transfer.

Process: It's an online process. Get started by entering all details about online money transfers after registering or logging into your MoneyGram account in the app. Next, provide the required information about the receiver, then choose your payment method, and that's how you complete your transaction. Convenient, easy, and fast.

Payment ways: The available options on their web platform comprises transfers via bank accounts, credit, and debit cards. An added advantage provided by MoneyGram is through their availability of physical location services, you can transfer or receive cash in case you do not have a bank account.

Speed: Same-day delivery option is available. However, there can be a delay for a day or two depending on external factors like time zones and banking hours.

Limit: The maximum limit per transfer varies between $10,000 and $15,000, depending on the country you are transferring to.

Fees: Transfers made via bank accounts are very low, but fees might be a little more in the case of other modes of payment. Moreover, MoneyGram's exchange rate markups can be as high as 3%.