Most, if not all, of us reading this should know how to send money to someone domestically. It can be as simple as sending money to an address from a Venmo or PayPal account, writing somebody a check, giving someone cash, or completing a wire transfer.
But sending money overseas, on the other hand, is a little different. You have to contend with a transfer of one country’s currency into another, and there are a lot of additional fees and steps along the way.
This is why sending money overseas will require you to do so differently. Rather than choosing one of the above options, you’ll instead either need to work with a third party international remittance transfer service or complete an international bank wire transfer.
But will you ever really need to send money to someone overseas? Is it really something you need to be concerned about.
Well, let’s just say even if you don’t need to send money to somebody overseas now doesn’t mean you won’t need to in the future.
Here are four times in your career when you’ll need to send money overseas:
Paying A Client or Employee
If you ever hire an employee or client who lives overseas in a different country, you will need to pay them for their work (obviously). But you’ll most likely need to pay them in the currency of their country, and to do this, you’ll need to use an international money transfer service of some kind to convert your currency to theirs.
Are you going to go to school overseas? Do you have a child who will one day attend an international university? If so, you will definitely need to send money overseas in order to pay the tuition and other necessary fees. A bank wire transfer or third party transfer service would work here.
Buying property overseas almost certainly necessitates having to send money overseas in order to complete the purchase. Either you would send the money to yourself overseas, or you would send the money to the bank or lender. Either way, you would likely need to complete an international wire transfer through your bank in order to do this.
Last but not least, if you have any friends or relatives who are traveling overseas and who call you requesting fast money as a result of an emergency (maybe there’s a medical emergency or they need to get back home), the fastest way to send them money would be to use a third party transfer service, which can complete the process in a number of hours or a day or two at the very most.
Sending Money Overseas
Don’t let sending money internationally scare you. It is more expensive and requires a few more steps in contrast to sending money within the United States, but for the most part, it remains a simple and straightforward process.