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..
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
