Remittances and business money transfers from the US to other countries like Australia, UK, Canada, and other European countries are set to increase as companies and the global economic rebound following over a year of turbulence following the coronavirus pandemic. Also, as the coronavirus vaccination process continues, there’s likely to be an increase in the number of people moving abroad and, as a result, international transfers to fund property purchases, support relatives, or simply keep track of finances ongoing. In this article, we will look at sending funds from the US to these countries.
A common question among many people sending money from the US to other countries is the availability of same-day options. While this was not possible in the past, many companies and products now help you to send money internationally and the recipient to receive it instantly.
There are many of these options. For example, a company like PayPal allows you to send money globally. After receiving the digital transaction, the recipient can easily withdraw the funds into their bank account, send it to another person, or even spend it online. The company also owns Xoom, a platform that helps people send money globally instantly.
Other companies have these same-day options. For example, while Western Union is a traditional company that has been around for more than 170 years, it now offers same-day money transfer services. You can easily send money to a customer who will receive or collect the funds right away.
Further, some relatively new and fancy startups help you send money from the US to other countries like the UK. Some of the most popular ones are firms like Wise, PaySend, and WorldRemit.
These companies allow you to send money directly to a person’s bank account. You can send the funds from your debit or credit card, do a wire transfer, or an ACH transfer. Each of these options costs a different amount of money. Further, a firm like Wise allows you to create an online multi-currency bank account, meaning that you can send funds easily to the local currency.
While most of these options are fairly cheap, it is always advisable to use a money transfer comparison company to check the costs and other details.
While the money transfer options mentioned above are good and user-friendly, they have some limitations in some instances. For example, some of them have limits on the amount of money you can send in a day. For example, with WorldRemit, you can only send $5,000 at a time. The same is true if you are doing an international wire transfer.
Many American banks have a limit, with Chase bank putting a limit of $100,000 per day. They do this to comply with the strict anti-money laundering (AML) laws.
If you send a large amount of money, you should use a wire transfer if the amount is less than $100,000. When sending more money than that, many money transfer firms have options that help you achieve that. For example, Wise will require you to provide evidence of your source of money. This could be a loan, property sale, and investments, among others.
Another way of doing this is to use digital currencies. There is no limit to the amount of Bitcoin that you can send since these transactions are usually anonymous. Some of the platforms you can use to send money are Coinbase and Kraken.
This article has looked at some of the best options to use when you want to send money from the United States to other countries like the UK and Australia. We have also explained the best options for sending money in bulk and the benefits of using a money transfer comparison site. MoneyTransfers.com specializes in providing users with the best international money transfer options; you can visit their website here.