The immense technological improvements all over the world in all aspects of life has reduced this world into a small globe and it has made life easier than ever before.
Until recently, only traditional banks were able to complete international money transfers. Online money transfer is a good example of technological improvement in money transfer sector which can be backdated to 150 years ago.
Currently, the money transfer sector booming mainly because of the high rate of globalization the world is experiencing today. Human beings depend on money transfers to sustain their way of life moving across borders.
Luckily enough, improving technology has given birth to numerous options of advanced and reliable online money transfer since there is a huge demand for money transfer service.
One of the most amazing thing with these online money transfer companies is that they charge very low transfer costs, while others do not charge you any fee for your money transfers depending on how their systems work.
It is true that it might be very difficult to determine the best money transfer company since these companies are many and they offer almost similar services.
Comparison: Best Transfer Money to USA
First Transfer Free!
- Transferwise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
First Transfer Free!
- Azimo is a very competent partner for the international transfer. Azimo has a large selection of countries and the transfers are safe and cheap.
Therefore for you to choose a good online money transfer company you should understand the company in the following aspects:
- Exchange rates: How good is the exchange rates of the chosen company as compared to its competitors?
- Pickup method: This is all about how the beneficiary will receive the cash. You confirm if the beneficiary will pick the money in the nearest transfer agent or they will receive the amount in their bank accounts?
- Fees: You should know what the online money transfer company you have chosen will charge to send money to your intended destination.
- Customer service: Difficulties can always arise, therefore, it is good to know what kind of customer service is offered by the online money transfer company you have chosen and at what time is the customer service offered.
- Minimum and maximum money transfer amount accepted: Each online money transfer company has its maximum and minimum accepted money transfer limit. Therefore it is important to know the maximum and minimum limits of the company you have chosen since this will affect the size of your money transfer.
- Transfer methods available: You should be certain on the available transfer methods for the chosen company, for example, will the transfers be placed online or through a mobile app.
- Turnaround time: I am sure you will opt for an online money transfer company that will avail the money to your beneficiary in minutes. Therefore, it is important to know how many minutes, hours, or working day it will take for your beneficiary to receive the cash. If the above factors are keenly looked into and you are sure that the online money transfer company you have chosen offers the best options then you will have smooth and remarkable online money transfer experience.
How can I send money to USA?
There are numerous options that you can use if you want to make money transfers to the USA. It is always advisable to identify and analyze all the existing options that you have and rationally choose the best. If you want to send money to the USA you will have three options to choose from namely; transfer to a bank account, cash pick-up at an agent location, and transfers via a foreign exchange company.
Bank (is expensive)
Banks will always be banks, these financial institutions are there to maximize their profits. The USA banks offer poor exchange rates and charge huge fees for international money transfers making bank transfers very expensive.
Money transfer provider
For online money transfer to the USA, you have several options that you can choose from. All you will need to keenly analyze the existing money transfer providers at your disposal and compare their offers in terms of exchange rates, turnaround time and sending option.
How much does it cost to transfer money to USA
The transfer cost will mainly depend on the money transfer provider you have chosen and the country in which you are initiating the transfer.
Most money transfer companies like Azimo, WesternUnion, TransferGo, CurrencyFair, OrbitRemit, WorldRemit, OFX, xe and some few others will not charge you any transfer cost for your money transfer to the USA.
Duration of a money transfer to USA
The turnaround time will depend on the money transfer company used and transfer option selected. The duration for the transfer amount to be available to your beneficiary is really a weighty issue that you must consider before choosing any money transfer company. Here is an overview of how long it might take your beneficiary to receive the transferred amount.
For TransferWise regardless of the payment option, it will take 24 hours for your beneficiary in the USA to be able to access the transferred funds.
If you use Azimo to make your money transfers to the USA, with any of the available payment options the receiver will get the funds in 24 hours time.
If you make your transfers using CurrencyFair it will take 2 days for your beneficiary to receive the transferred funds.
If you want the money to be delivered in minutes or within the same day you can use the following money transfer companies; WesternUnion and MoneyGram for cash pick-up at agent location within USA or OFX and CurrencyDirect for bank transfer option.
Conclusion on the money transfer to USA comparison
It is evident that the USA hosts a good number of companies providing money transfer services hence making it easy to send money to the USA since is a variety of options to choose from.
If you want to send money to the USA within the shortest time possible it advisable to use WesternUnion or MoneyGram since your beneficiary will be able to receive the cash within a few minutes, though you should remember there is a transaction fee paid depending on the amount you send, therefore, it might be a bit costly.