Sending Money While Traveling Abroad? These Online Services Can Help You
When you're traveling, the last thing you want to worry about is money. How do I get the local currency? How do I send money home? What's the best way to exchange money? These are all common questions that people have when they're traveling abroad. Luckily, there are a number of online services that can help make transferring and exchanging money a breeze.
In this article, we'll discuss some of the best online services for sending and exchanging money while traveling.
How does money transfer work?
The most mainstream method of sending money online is through a banking service, like Western Union or MoneyGram. With these platforms, you're able to send cash from your own bank account into another person's numerically-based savings, or even directly to their cell phone as budgetary credit. The receiving party can then utilize the transferred funds however they please.
You can also send money online using a peer-to-peer (PTP) service like PayPal or Venmo. With PTP, you just need the email address or mobile phone number of the person you're sending it to. They can use the funds for online purchases or transfer them to their bank account.
What are the benefits of using an online service?
Online money transfer and exchange services have several advantages. For one, they're convenient—you can usually do everything from your home computer or mobile phone without having to go to a physical location. Second, they tend to be fast—money transfer services typically send money almost instantly, while PTP transactions are often processed within minutes. And third, online services are often cheaper than traditional methods: for example, you may avoid currency conversion fees by using an online service that uses the mid-market exchange rate.
A multi-currency account
If you're traveling to multiple countries, it can be helpful to have a multi-currency account. Revolut is one of the best multi-currency accounts out there. With Revolut, you can hold and exchange over 150 different currencies. You can also send money abroad with zero fees. Another great thing about Revolut is that you can get a prepaid debit card. This is great for making purchases while you're abroad without having to worry about conversion fees.
TransferWise
This is another great online service for sending money abroad. With TransferWise, you can send money to over 60 different countries. The best part about TransferWise is that they use the real exchange rate, so you'll always know how much money you're actually sending. They also have low fees and fast transfers.
This can be a great option if you need to send money home in a hurry. Namely, the folks from Sortter.com have come up with a TransferWise review that will give you insights into this service. You can see the pros and cons of the service and make your own decision about whether to use it or not.
PayPal
This is one of the most popular online payment platforms out there. With PayPal, you can easily send money to anyone in the world with an email address. You can also use PayPal to make online purchases. One thing to keep in mind with PayPal is that they do have fees for international transfers. However, these fees are usually lower than what you would pay with a traditional bank. Also, if you have a PayPal account, you can link it to your Revolut account. This will allow you to send money abroad with zero fees.
CurrencyFair
If you're looking for a way to get the best exchange rate, CurrencyFair is a great option. With CurrencyFair, you can choose to either lock in an exchange rate or let the market rate fluctuate. For example, let's say you're sending USD to EUR. If you lock in the exchange rate, you'll know exactly how much EUR you'll receive. However, if you let the market rate fluctuate, you may end up getting more or less EUR depending on the current exchange rate. CurrencyFair also has low fees and fast transfers.
Xoom
This is another wonderful alternative for sending money abroad. You may send money to over 130 nations through Xoom. One of the finest things about Xoom is that they provide a mobile app, allowing you to quickly transfer money when on the go. Another fantastic aspect of Xoom is its low costs and quick transfers. There are, however, a few things to keep in mind. First, Xoom only offers bank account transfers—no cash pickups. Second, you'll need to have a U.S. bank account to use Xoom. So, if this works for you, Xoom can be a great option.
These are just a few of the best online services for sending money while traveling abroad. When choosing a service, it's important to consider things like fees, exchange rates, and transfer times. With so many great options out there, you're sure to find one that fits your needs.
Hey there! My name is Wojtek and I am very happy that you came to my travel blog. I've been traveling the world for a few good years now and I still want more.
On my website I describe the adventures that have happened to me, you will also find here a collection of valuable tips for tourists and travelers. If you liked this article, be sure to leave a comment and read some more!
