If you need to send money to family or friends, here are the cheapest, fastest and most secure ways for every occasion.
This year remittances from the developed world to less wealthy countries will total $550 billion, the World Bank expects. But there’s a problem, it says: transaction costs for these crucial transfers average 7%—meaning $38.5 billion is been eaten up by fees, which come in the form of both explicit fees and unfavorable exchange rates.
On a more personal level, if you’re sending $1000 home, it could cost you $70. And that’s money that your relatives or you could put to better used. The current system in the U.S. for sending money abroad isn’t quick, either. The Federal Reserve has toyed with the possibility of creating a faster payments system to gain efficiency, but progress on the idea has been slow at best.
Fortunately, fintech startups have been developing platforms and services to make sending money from one individual to another cheaper and faster. But these services aren’t one size fits all. Depending on whether you’re sending money domestically or internationally and what country you’re sending to, the best service can vary. It will also vary based on what bank accounts you and the recipient have.
Forbes analyzed numerous money transfer services to determine which was the best for a range of categories. Winners for each category were chosen based upon criteria including low fees, accessibility, a range of payment methods and time for delivery.
PayPal’s international transfers come with hefty fees, so it’s only best for sending money within the U.S. It also allows for the largest transfers amount with no limit to how much you can send in total .PayPal account holders can send money to friends and family through the app, or online via a web browser. Account holders can send money through a variety of payment methods; recipients also have to be PayPal account holders, but can sign up for free.
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