Ben Todd | Jun 2, 2017 | 1
Best Way to Send Money to Europe
Banks in Europe are mostly on the ball, which means you can send money to Europe and have it received within minutes or within two days in most cases. You have to decide if you are looking to send money to Europe in the fastest, most convenient, or cheapest manner possible. This article offers a series of different solutions and ideas for sending money to Europe. Each of the options listed in this article has its own level of convenience, cheapness and speed. There are plenty of choices. All you have to do is pick the one that suits your circumstances or needs.
Send Money to Europe With TransferWise
Sending money to Europe usually means converting your currency to Euros, or to the currency of the few countries in Europe that have not taken the Euro as their own. Use TransferWise, and there are no hidden charges. The company is more transparent than most, which is probably why so many people trust them. One of their problems is that their transparency makes them look more expensive than they are. You often get far more for your money with TransferWise because they offer you the same rates you see on Google, Bing and XE. You may get a no obligation quote from their website. It only takes one business day for your transfer to complete if you are sending to a country that is part of Europe.
Send Money to Europe With CurrencyFair
If you visit the CurrencyFair website, you will see their quotation tool on their home page. It shows you how much your recipient will receive for the money you send. Adjust the tool to the currency you wish to send and the currency your recipient wishes to receive, and then enter the amount you are sending. The tool will show you how much you will pay in fees, and it will show you how much your recipient will receive. The average commission for a transfer is 0.35%, and their average transaction time is usually between 24 hours and 48 hours. In many cases, the money arrives just before 24 hours has gone by because it usually happens overnight between business days, (like ACH transfers in the USA).
Send Money to Europe With Western Union
If you wish to send money to Europe, then you may send it via Western Union and have it paid into your recipient’s bank account, or you may have your recipient pick it up in cash. Western Union is spread around Europe like the Colony Collapse Disorder (CCD) in bee hives. The company is in all the biggest cities and in many European towns. Their mobile app is also very handy because you can price up your transactions and run them a little more quickly. The trouble is that Western Union charge a little extra for the convenience of sending money with them. You get the convenience of being able to send money to be picked up in cash, and their app is convenient too. Still, if you prefer convenience and you don’t mind paying a little extra, then Western Union is the one for you.
Send Money to Europe With MoneyGram
There are 400,000 MoneyGram locations around the globe, and there are 30,000 in the USA. MoneyGram also has 400 international banks in its network. MoneyGram is a big player in the money transfer game, which means there are going to be issues and there are going to be negative reviews. Nevertheless, if you are playing a numbers game, then you are far more likely to be one of the millions of people who have a good experience with MoneyGram rather than one of the minority who have a bad time. Use their online tool to see if MoneyGram will allow you to send money to your desired country. Pay a debit card or a credit card, but remember that credit card payments are considered to be cash advances, which means your card issuer will charge you extra.
Send Money to Europe With PayPal
PayPal has changed a lot over the last few years. It used to be a great way to buy while protecting your identity and bank information, but now you are able to set up direct debits, apply for credit, and you may even use their Access MasterCard with your account. Store your money in a safe place without them charging you a monthly fee, and when you are ready to transfer it to somebody in Europe, then you may transfer to that person’s PayPal account. Upload your money to your account, and then send it to the other person with that person’s email address or phone number. Receive payments from companies and pay small fees, and maintain a balance with numerous types of currencies sitting side by side.
Send Money to Europe With With A Bank Transfer
If you happen to live in Europe and you use the Euro as your currency, then transferring to almost any country is a breeze. If you are transferring from a country in the EU that doesn’t use the Euro (such as the UK), then you are going to have a little more difficulty transferring money into Europe. You are going to have to find a bank that offers cheap transfers. If you are wiring money to Europe and having it exchanged, then the fees may be high, but not prohibitively high. Plus, you do get the added benefit of extra security and convenience when you use your bank to transfer to Europe.
Send Money to Europe With A Check
You may convert your money in your account and then write a check in the recipient’s currency, or you may send a check in your currency and have your recipient convert the money. If your recipient lives in a place where checks may be deposited by photograph, then you may need to simply photograph the check and send the image to the recipient to pass on to his or her bank. Your recipient may have to pay conversion fees if he or she is sent a check from another country with another non-local currency. If you convert the money in your country, then you need an account where the money may be kept until the check clears.
Send Money to Europe With Bitcoin
Convert your money to Bitcoin, and you may be able to send a transfer to Europe for a very low cost. Plus, the transfer will probably only take a few hours. The hard part is finding a recipient who knows all about Bitcoin and who is happy to accept a Bitcoin payment. In addition, not only are you going to pay fees when buying your Bitcoin, and not only are you going to pay fees when transferring your Bitcoin, but your recipient will pay fees when he or she turns Bitcoin into Euros (or the currency of his or her country). On the other hand, a European is more likely to find a cheap exchange than people in most other countries.
Send Money to Europe With An International Money Order
You have to make sure that the money you send is in Euros because far more institutions and banks will accept an international money order if it is in Euros. If you send it in your own currency, then the recipient will have to accept whatever exchange rate he or she can get. Will your recipient’s bank and/or financial institution of choice be happy to accept and clear an international money order, and if so, will the recipient have to pay extra fees? These are the questions you need to ask before you send your international money order.
The cost of an international money order will vary depending upon where you are sending it from, and don’t forget that there are limits on how much you are able to send overseas via a money order. You may have to buy several international money orders if you are looking to send thousands of dollars.
Send Money to Europe With Skrill
You are able to send money to people in most European countries because Skrill supports the Euro. Your conversion rate will be bad, and you will have to pay a sending fee. Skrill is the sort of tool you use if your recipient has a Skrill account and you figure it will be the easiest way to send your transfer. Skrill is not popular in Europe, but more and more people are using Skrill in Europe because bitcoin sellers in the Middle East and South Asia are demanding payment via Skrill on private bitcoin marketplace websites. If your recipient already has a Skrill account, then there are worse ways to transfer your money…there are also better ways.
Send Money to Europe With World First
With World First, you are going to have to search hard to find their fees because they do not make them easy to find. You will have to transfer a minimum of $1000, which is not terrible. The company makes most of its money by skimming from the exchange rate. You may make your order over the Internet or over the phone, and you may set up regular payments or one-off payments.
Send Money to Europe With OFX
OFX asks that you fund your account with a debit card or bank transfer. There is no minimum amount for transfers, and it will usually take one working day to send your money to Europe. OFX skims from the exchange rate in order to make most of its money, but it doesn’t mind sneaking a fee or two into the mix.
Send Money to Europe With HiFX
The minimum you are able to send with HiFX is $100, and they only support 20 currencies Luckily, the Euro is one of the currencies that they support. It takes three to five days for your transfer to be converted and sent. There is small fee for payments, but it is waived if you send more than $5000. You may set up regular payments and you may make one-off payments.
Send Money to Europe With TorFX
Do not be fooled by TorFX when it says they offer free transfers because what you save on fees is nothing compared to what you lose on the exchange rate. They skim rather heavily on the exchange rate. Don’t be fooled by their dollar-and-dime bought awards because they are meaningless. If you choose to use TorFX, then let it be for the convenience of the service rather than the silly propaganda they put on their website. Your transfer will take two days to arrive, they exchange six currencies, and the minimum you have to send is $150.
Conclusion – Should You Go For The Best Price?
If you use your head, you can do a bit of trial and error testing and find the cheapest way to send money to Europe. The trial and error testing simply involves trying each method listed on this article until you get the best price. Per dollar spent, how much is the recipient getting at the end? Figure that out for each and then use the one that gives you the most dollars for your transfer.
On the other hand, you may be more concerned about convenience, in which case, you should pick the company or the method that suits your habits and even your technology. Finally, if you are looking for speed, then you will probably have to pick an online wallet such as PayPal, or maybe a cryptocurrency wallet for something such as bitcoin. If you can get your recipient to sign up for a wallet too, then you will be able to send faster transfers.
As you probably know, you cannot have convenience, speed and cheapness in one package. Each option you have will have a certain degree more of one while having slightly less of the other two. Pick your priorities, and you will be able to pick a transfer and exchange method that suits you. According to our research and testing, all of the methods/companies mentioned in this article are legitimate and trusted, but it always pays to do your own research and testing to be sure.