When you are working in another country, sending money back home can be a great way to help your family. But how long does it take to send money abroad?
There are several factors that determine how quickly your funds will reach the recipient. These factors include:
- How are you sending the money
- Where are you sending the money?
- How do you want the money to be received?
There are three main ways to send money: digitally, through a bank transfer, or by mail.
Bank transfers
Bank transfers can be a quick way to send money internationally. However, your bank and overseas bank processing times may add more time to the transfer and collection of funds. Also, you may find higher fees than with a money transfer app.
Sending funds through the mail — using a money order, for example — is typically the slowest method of completing an international Direct deposit transfer. You will need to take shipping time into account, as the postal service can be affected by weather, weekends and holidays.
Security is also an issue here. There's a good reason why sending money or even money orders has become less common over the years. It is less secure, more difficult to track, and less convenient than other methods.
Which is the fastest?
Sending money digitally can often be the fastest and most efficient method. This is because money transfer services and mobile wallets often have relatively fast processing times.
As the process is electronic, currency can be automatically converted at competitive exchange rates and low service fees. In certain cases, it is possible for the recipient to receive money within minutes.
4 ways to send your money
Money Transfer Service
Money remittance services are completed online or in the form of an app. You will need to create an account and from there you can usually use a debit or credit card to pay and send your funds to another country.
Mobile Wallets
Mobile wallets are another digital way to transfer money internationally. While some cannot send money directly to other countries, you can use a money transfer app like Remitly ‘s to send funds to the recipient's mobile wallet. The recipient can use the funds directly from their e-wallet or transfer the money to their bank account.
Bank Transfers
There are a few ways to complete a bank transfer.
One method is to use a money transfer app to send funds to your recipient's bank account. The app will ask for specific information and then the funds will be placed directly into your account.
You can also transfer money from your bank account to theirs via an international bank transfer, which is handled through the bank, either through their website or in person.
For this method, you will need to consult a bank where you have an account. You will need to provide information about the recipient and their bank account before the transfer can be completed.
Fees for this service vary from bank to bank. The term of a bank transfer depends on the bank itself and how it handles international transfers.
International Money Orders
International money orders are not electronic and are sent by post. You can buy them through postal services or certain banks.
A money order is a document that can be exchanged for cash by the recipient. You usually pay with cash, a Traveler's check or a debit card. Credit card payments are not accepted with this method.
Delivery speed varies by location
The amount of time for your money to be received may vary depending on the destination country.
If you use a money transfer app like Remitly , just select the country you are sending the money to and see the delivery time.
If you are transferring with your bank, be sure to check the different time zones, as well as weekends and national holidays.
