Is it possible to transfer money overseas?
- posted by: Prakhar on 2016-10-08
- tagged:
legal, taxes
- score: -1
Can this be done?
and if this can be done what would be the most efficient way, ie, the one which has the least hassle and charges you the least?
Answer 11303
You have a few options, such as:
- PayPal: The sender and the receiver, both, much has PayPal accounts (the fee for each transaction is 2.9% plus $0.30 USD of the amount you receive).
- Western Union Money Transfer (According to Western Union’s website, Western Union charges a $5 fee for a standard EFT/ACH delivery and a $22 fee for expedited wire transfer delivery, as of September 2014. There is no fee to send a check to the payment recipient.)
- You can visit your bank and check the procedure to transfer money to a particular country. It’s a time consuming process though. The paper work not so much but usually takes about 7-10 working days (depending on the country)
Personally, I prefer PayPal due to it’s least hassle way of working.
Answer 11304
In addition to the options Chiragh, raised check out Transferwise, by the creators behind Skype.
It basically is a peer to peer wire transfer of sorts that takes out the bank as a middleman. There might be a few other similar options out there.
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