There are many reasons why people travel abroad, especially for relocation. For some, they are digital nomads or just love to leave in a particular country apart from the one they are nationals, while for others, especially those from developing countries, it is due to the search for greener pastures. Hence, for most of these people, they are likely to have dependents, friends and acquaintances back home that they will sometimes have to send money to. Another instance that results in people sending money abroad is to pay their employees. Fortunately, there are many ways through which money can be sent abroad. Some of the ways are discussed below.
Money transfer apps
One of the easiest and most affordable ways to send money abroad is by using money transfer apps. With money transfer apps, you can instantly send money to an account number of the person or if the individual has an account with the money transfer app, you can send directly to the app. They are convenient as you don’t have to leave your house. In most cases, they are also cheaper than sending through Western Union or bank. You can read about WorldRemit and other money transfer apps on uk.collected.reviews to know the right company to use to send money abroad.
Western Union is another popular way of sending money abroad. They are available in most countries of the world and you can easily use an individual’s details to send money to them. They don’t need to have an account in the bank. They only need to prove they are the recipient of the money by providing relevant ID cards as well as providing some other specific details that serve as a form of passcode for them to access the money.
You can also send money abroad by using bank transfers. You are expected to fill in the details of the recipient, mostly including a bank account detail that the money is to be sent to. In some countries, the individual will be expected to have an account that can receive the money in the current with which it is being sent. However, bank transfer, in most cases, uses to be the most expensive way of sending money to other countries.
Sending an individual
Some people send money abroad through other people. For instance, a friend or family member in their area of residence might be travelling to the area where the person they want to send money to resides. Hence, they give the person travelling the money to deliver to the individual when they get to their destination. In this case, they might not have to pay the traveller anything depending on their relationship. They mostly only send people that they trust as well, even though there have been cases where the trust was betrayed and the money was not delivered. There is also the risk of something going wrongdoing the trip like a fatal accident or the traveller being robbed.
Exchange of money between 2 groups of people
There are instances where an individual wants to send money to an area where someone there wants to send money to someone in their area. For instance, there are 2 students in the same school. Student A from London wants to send money to Relative A in Cape Town (South Africa), while Relative B in Cape Town wants to send money to Student B in London. If it happens to be the same amount, Student A could give the money to Student B, while Relative B gives the money to Relative A. That way they would have both achieved the goal without any costs and within a very short time.