INTERNET METHODS OF SENDING MONEY OVERSEAS

WAYS TO TRANSFER MONEY OVERSEAS OVER INTERNET TO USA, UK, INDIA, PAKISTAN OR ANYWHERE ELSE
While the Internet has bridged many gaps in worldwide communication, the resulting conveniences have also created a lot of confusion. Now there are so many ways to transfer money overseas that even veteran globe-trotters often find themselves at a loss when all they want to do is something as simple as send some money back home.

Here are some options that you may use if needed.

Cashier's Checks

A cashier's check, in countries where it is accepted, is often the safest way to transfer money using ordinary mail. Never use personal checks when you can use cashier's. The same applies when receiving checks. If you get a personal check there is no way to know if that account has any money in it. The bank issues cashier's checks upon receipt of the cash specified, so you know they are good. The problem with overseas checks is that they are likely to be in another currency and you will again have to contend with fluctuating market rates.

Bank Drafts
A bank draft in a foreign currency is not much different from a cashier's check. The difference is that not only can you pay cash for this but you can also tell the bank to take the account directly out of your bank account. Obviously you must have an account in the bank that you are asking to make the draft. You will inform the bank about the recipient's name and full address. Since drafts go via mail or courier, the delivery time depends on the mailing service you choose as well as the location where they are mailed.


Things are simpler when receiving bank drafts. They are just like checks that may be deposited into your bank account or you can cash the draft if you prefer. You do not even need a bank account to cash the draft as long as you have adequate identification to prove that the draft is indeed addressed to you.

Wire Transfers
For the best in safety and speed, you can find no option better than wire transfer. You can wire the money to any bank branch by either using cash or by drafting your account. Wire transfers require the recipient to hold an account in the country where they are going to receive the money. Wire transfers need the recipient's name, account number, bank, and branch location. There are some countries, and some circumstances, under which it is possible to make a wire transfer to a recipient without a bank account. However, due to complexities in regulations it is recommended that if there is no bank account then use a bank draft or cashier's check, or use an intermediate service provider like Western Union.

Depending on which countries are involved, wire transfers can take 2-3 days. In some developing countries the bank might choose to hold the money for some weeks so ask before starting a wire transfer.

Credit Card
If you have an internationally accepted credit card then you can get an add-on card for your friend or relative overseas. They can use their card for cash advances and you can pay for them. Note that most cards have limits on the amount of cash you can withdraw.

OVERSEAS MONEY TRANSFER BY BANK WIRE TRANSFERS

SEND MONEY TO INDIA, BANGLADESH, PAKISTAN, WORLDWIDE BY WIRE TRANSFERS

Usually the way you will choose to transfer money overseas varies relative to the amount of money you wish to send and the way in which you need to send it ie its intended usage once its received.
Most commonly spoken of are methods of transfer like western union that involve a sum of money being sent by you, either your bank account or in cash for a recipient to pick up in cash with the help of identification, without the involvement of a bank account at the recipient institution.
The other option different to this is the option of a wire transfer. A wire transfer is the moving of money from one bank account to another directly and in a secure transfer.
The main advantages of a wire transfer are that firstly it is safer. No money is ever seen in cash (goes directly from the senders to the recipients bank) until withdrawn by the recipient from his own personal bank account and so there is less chance of an unforseen occurence spoiling the smoothness of the transfer. The level of security on international wire transfers is high. The money is sent with the requirement of only a routing number and bank account number and the details are sent over heavily encrypted banking networks to minimize the possiblity of theft or bank fraud. Wire transfers are insured and guaranteed.
The downside however to the western union transfer can be the turnaround time. Where with western union or moneygram transfers, money can be available for a recipient to pick up the same day, a wire transfer will usually take around 3-4 days.
Also the security and reliability of a wire transfer comes with the addition of a larger fee. Wire transfers usually set you back around $25 however depending on the amount of money being transferred can still prove to be more cost effective than a cash or money order transfer.

A wire transfer can be organised through your local bank at a branch or else over the internet for those banks that have it available. You will only need to look at whether or not the receiving institution has the facilities to accept wire transfers. Most major international banks do, but it always pays to check.
In summing up it is evident that under certain circumstances that vary based on the amount of money you are sending, for what purpose and the amount of time you require it to be received in, a wire transfer may be the way to go.
Wire transfers are the most reliable, most effective and convenient way to transfer your money to where you want it to go. If the circumstances fit and wire transfer is possible it is certainly recommended for avoiding hassles and cutting down on fees for large transfers.