Use Case Diagram For Cash

If you need to quickly send money to a friend or family member in another country, there are a few different ways to do so. Keep reading to learn more about your options for sending cash internationally.

Transferring Cash at Your Bank

If you have a bank account and want to transfer money internationally, pay a trip to your bank and initiate an international wire transfer. Your recipient also needs to have a bank account, but it doesn't have to be with your bank. An international wire transfer initiated by a bank usually has higher fees than other alternatives, states Consumer Reports, but it also has a higher transfer limit than many transfer options. It usually takes a few days for the money to arrive to your recipient.

You may have actual cash on hand that you need to send. Or, maybe the recipient doesn't have access to a bank account or debit card. It's possible to send cash by visiting a company that provides money transfer services. To use this option, your recipient will need to have the same company in their area. Once you send the money, it usually arrives the same day, often within minutes. Expect to pay higher fees and receive a poor exchange rate for this convenience, reports SmartAsset.

Moving Money with a Credit or Debit Card

If you have a debit or credit card, you can send money by connecting the card to a service that provides international transfers. The transfer will appear as a charge to your card. Your recipient doesn't need to have a debit or credit card of their own; they can usually receive the money directly to their bank account or to a money transfer account.

How to Send Money from Your Home

The days of making a special trip to the bank to transfer money internationally are over. Instead, you can utilize an online international money transfer service. Just go to the company's website and enter your information and the info for the person you are sending money to. Most online companies will initiate transfers from credit cards, debit cards, bank accounts, money transfer accounts and pre-paid debit cards. Online transfer services typically have low fees and favorable exchange rates.

What to Do Before You Send Cash

There are a few tasks to complete before you send money internationally, regardless of which option you decide to use. Once you transfer the money, it's gone and you have little chance of getting it back. Make sure that you're sending money to the correct individual and that you know why you're sending the money.

You should also make sure you have the correct information for your recipient and that they have the required items to receive the money. For example, some in-person transfer services call for a valid photo ID.

Thoroughly compare the fees and exchange rates for all of your options. Decide how quickly you need to send the money. Usually, the faster the money arrives, the higher the fees. Pick the most cost-effective solution for your needs. Check that the company you're considering serves your recipient's country.