An international transfer service is simply any service that allows you to send money overseas.
Whether that be the Philippines, France, Chile, South Africa, or wherever, how an international transfer service works is they will convert your money into the currency of the country you’re sending the money to and then send it to your designated recipient, charging you a fee and a portion of the exchange rate.
The reason why an international transfer service is necessary is because sending money to people oversees is, to put it simply, not the same as sending money to people domestically. And while there are other options, such as conducting a wire transfer through your bank, the truth is an international transfer service will be both a faster and cheaper option.
Here are the five main reasons why you may need to use an international transfer service:
1 – You May Need To Send Money To Yourself
If you’re going to be traveling to another country, having the currency of that country may certainly be useful, right? If so, you can use an international transfer service to convert your U.S. dollars into the currency of that country and transfer it over to be picked up.
2 – To Pay Tuition For Your Child (or Grandchild)
Do you have a child (or grandchild) who will be studying oversees in another country? If so, and assuming you’ll be paying tuition, you will absolutely need to use an international transfer service in order to send the funds over to the educational institution.
3 – For Making Investments
If you want to make buy property or invest in real estate, who says you have to do so in the United States? There are many excellent real estate investment opportunities oversees, but in order to make them, you’ll have to send the money oversees first in order to pay. Yet again, an international transfer service will be the best way to do it.
4 – Supporting A Traveling Family Member
If you have any family members who you’ll be supporting while they travel the globe, you’ll definitely need a means to send money to them.
Or, maybe even if you won’t be funding the trip of that family member, you may still need to send them funds in certain emergencies should they contact you requesting urgent money. Since money transfer services are one of the fastest ways to send money overseas, it will certainly be a more preferable option to wire transfers in this case.
5 – Paying For Work
Have you had any work done from someone who lives in another country? If so, you may need to use a transfer service of some kind in order to pay them.
Using An International Transfer Service
In conclusion, these are the five most likely reasons one would need to use an international transfer service.
Is an international transfer service the only way to send money oversees? Absolutely not, but it is nonetheless one of the most inexpensive and speediest options to do so.