Top Three Ways of Sending Money Abroad

There are generic us numerous options available for sending money abroad nowadays. Before making a money transfer, it is important to explore your options and analyse each of them as choosing the correct one is important.

The top three methods that are used more frequently are personal cheques, wire transfers and rechargeable debit cards. Each method is different and each has their own costs and characteristics.



Below is a brief insight of each of the three options and a look at some of the pros and cons associated with each method:

Personal cheques:

A cheque is a document that orders the delivery of money to a named person. In order to send a cheque overseas, the sender must have a checking account with a bank in their home country. When sending a cheque overseas, there is the option available to draft the cheque in the currency of the country in which the receiver is based. This ensures that monies will not be lost due to fluctuation in the exchange rate that may occur between the period of time of drafting the cheque to when the cheque actually reaches its destination.


It’s a cost effective method of sending money,

It’s a good choice for people who do not send money regularly,

SWIFT fees are avoided.


May take a long period of time to reach the recipient,

Sender must hold a bank account in their home country,

The recipient must have access to a bank,

There is a risk that the cheque will get stolen or lost in the sending process.

Wire transfers:

An international wire transfer is completed using the SWIFT system which guarantees safety and is trusted by users all over the world. This method requires the sender to enter their chosen bank and request money to be moved to a bank overseas using the SWIFT system. In most cases, the banks involved charge a reasonably high fee for using this service.


Considered a very safe way of transferring money,

Useful and trustworthy for sending large amounts of money,

Speedy transfer time.


Recipient must have a bank in close proximity to them,

High service fees.

Re-chargeable debit cards


This method sees the sender signing up with an online money transfer service who will send an ATM card to the specified address. Once the card reaches its destination, the receiver can go to any ATM machine and withdraw cash in the local currency. These cards are re-chargeable so when the initial funds have been used up, the sender has the option of going online and topping the card up with additional funds.


Very secure,

Low transfer fees,

Considered to be hassle free as a transfer can be made from anywhere that the sender can access a secure internet connection,

It’s not time consuming as once the ATM card has been received, money can be transferred in a matter of seconds.


There is a limit on the amount of money that can be transferred per transaction,

The sender must of access to the internet.

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