5 ways to send remittances or international money transfer in 2022

With total remittances reaching more than $700 Billion in 2022 according to the World Bank around the world, there is a huge business of sending and receiving remittances. Remittances are sent by mostly migrant workers and laborers to the underdeveloped world from the developed world, so choosing a money transfer company is very important.

Migrant workers are sending remittances from the Middle east to South Asia(India, Pakistan, Bangladesh, etc) and all over the world as well as to Africa. From the USA in 2021 $68 billion was remitted back to workers and laborers from countries all over the world.

Lots of things can play a huge role in deciding a perfect transfer like who has the lowest fees and who offers the fastest money transfer because even the smallest amount like $40 or $50 can make a huge difference in the underdeveloped country. Mostly these remittances are sent for the purpose of home expenses, to pay back any loan or for medical emergencies.

Hassle free money transfer monthly or quarterly can be very effective and worry free. Picking up the information about how many money transfer companies operate in the receiving country is necessary because lots of money transfer companies are limited by the regulations and operate in very few countries.

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Following are some money transfer companies that can be used to send remittances internationally.

Western Union

It is one of the largest money transfer companies around the world to send remittances. It works in over 200 countries to send money internationally. On the price estimator on its website select the source, destination country and amount to be sent and it will calculate the western union fees and commission. It is one of the cheapest options around. The final money received will include a lot of factors like the exchange rate offered, the bank fees etc. As it is operating mostly all over the world there are no fixed fees as different countries have different taxes or regulations or none.

$3,000 is the allowed limit for each person per day. $3,000 or its equivalent in the local currency and no business or trade payments are allowed through western union. Only person to person remittances are allowed.

You can transfer money through your credit, debit card, bank account, through mobile or in person to an agent. Once the money is received you will get an email with the tracking number which you can use to track it.

To receive money you have to go to an agent in either a western union shop or a bank. It can also be transferred to your bank account or prepaid card depending on receiver location which can be checked with a tracking number on the western union website.

Paypal

Paypal is a simple online money transfer company which is available in more than 200 countries. Transferring money through paypal is one click away and it can be received as quickly as well. It is an easy method for transferring money related to freelancing or any kind of money transfer. It can be operated with an email address or as an account. It is accepted at most shops, malls and you can transfer money to your own bank account as well.

If your account is verified you can send upto $60,000 which might be available in parts of $10,000 in a single transaction. Unverified accounts can be limited to under $5,000 for the transfer of the money. Anyone can be verified by providing their identity information like bank details etc. A 5% fee which can be a minimum of $0.99 or maximum of $4.99 will be applied on each international transaction.

To transfer money, you just have to login in your account and send the money to any email address registered with paypal. Same goes for the receiving as well.

TransferWise

Transferwise is available in over 80 countries with 53 currencies. It is a very cheap and fast way to send money or remittances internationally. You can receive your salary or payments in TransferWise. TransferWise provides you with a card which can be used for payments and shopping. You can move your money easily between countries and can spend in any of the 53 local currencies.

It is free to send money from, to the same currency in transferwise. However it charges from 0.41% with transactions of different currencies worldwide in 80 countries with 53 currencies.

With very few limitations on business transfer you can send money anywhere. Most of the transactions have no limit on them except USD, which transferwise will guide about depending on the situation.

Payoneer

With support for withdrawal in your local bank in more than 150 countries and currencies, payoneer is in real meaning a pioneer in local and international businesses money transfer. You can send and receive payments through payoneer on your account which can be withdrawn to your own bank account. You can also create scheduled payments in payoneer.

Sending and receiving payments through a payoneer account is always free. But as you can receive payments directly from their bank or credit card, payoneer charges 3% processing fee. Further if you want to withdraw it to your local bank/currency, the withdrawal fee can be upto 2% of the total amount.

You can send upto $5000 per day in 30 payoneer transactions.

Skrill

Skrill since its launch has been expanded to 120 different countries by offering online wallets in 40 different currencies. Users can create a digital wallet and add money into it through credit card, bank account or other alternatives. It allows international remittances transfer with its money transfer service.

Skrill takes upto 3.99% as its services fee when the rates are exchanged while converting into different currencies. Sending and receiving money from skrill can be free upto 2.99% of the total transaction.

On a daily basis, Skrill allows transactions of $5000 to $10,000 depending on the account holder.

All these services are used by millions of people daily to transfer billions of dollar around the world everyday with cheap, fast and reliable services.