Transfer Money Overseas

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Sending Money Abroad

There are three major ways to send money transfers from the United States to someone in another country (international money transfers):

Cash Transfers
Western Union & MoneyGram

Money Orders
U.S. Postal Service & Banks

Banking Transfers
Checks, Foreign Drafts & Wire Transfers
(See our Cost / Efficiency Comparison below)


Cash Transfers

Western Union, an established leader in money transfer, can send money worldwide, including the ability to transfer money online or by phone.
Its online money transfer website has a useful feature that calculates the cost of sending money to the country of your choice. If you transfer money online or by phone, you pay using a credit card or debit card.
If you do not transfer money online or by phone, you will need to locate both a sending money transfer agent and a receiving transfer money agent. There are 196,000 agents located in over 190 countries and territories. If using a sending money transfer agent, you must pay for the international money transfer in cash.
Fees, procedures, and the locations of money transfer agents are available on the website or by calling 800-325-6000.
Each money transfer transaction has a unique money transfer control number. It makes it easier for collection of funds if the recipient knows the number.
The recipient should be able to pick up the funds within the hour (subject to the hours of operation at the receiving agent location). Proper identification is required.
MoneyGram is a competitor in international money transfer and now offers the ability to send money online as well. It has 75,000 agents in 170 countries. Like its competitor, its website has a useful feature that calculates the cost of sending money to the country of your choice. It claims to be cheaper than the leading money transfer provider, although costs may vary by country and the amount of the international money transfer (for example, we found it significantly more expensive for sending money to Mexico, but slightly less for sending money to the United Kingdom).

Money Orders: U.S. Postal Service & Banks

The United States Postal Service issues international money orders:

Maximum allowed is $700 per money order. However, you can purchase multi money orders per day, up to a maximum of $10,000.
The processing fee ranges from $3 - $8.50 per money order.
U.S. Money Orders can be cashed in banks or post offices in most countries around the world.
All U.S. post offices provide this service.
You must fill out the recipient's name on the money order before mailing to the recipient.
Keep the numbered carbon copy receipt for your records.
In case of problems, the money order is traceable by its unique number.
For more information, see the United States Postal Service website.

Most banks also issue money orders. The maximum is $1,000 and the fee is around $10. Most of the routines of U.S. Postal Money Order purchases apply.

Banking Transfers

If you have a bank account, there are several ways to transfer money overseas through the banking system. Not all banks operate in the same way. Check with your local bank for details.

Sending a Check Abroad

Check clearing can take from 4 - 6 weeks.
Even though it's easy to issue a check, it may not be easy for the recipient to cash the check.
The recipient will be charged a fee of about $50 for check processing.
Some countries have less streamlined banking systems than others and may not honor foreign-drawn checks.
Foreign Drafts

Depending on which city or town you live in, this can take from a few days to a week for the bank to prepare the draft.
You mail the draft to the recipient.
The money comes out of your account when the draft is prepared, not when the recipient gets it.
There is a fee for this service of about $25.
Since the draft is drawn on your bank to another (corresponding) bank, the recipient must have access to the corresponding bank.
Wire Transfers

You don't have to be a customer of the bank to wire funds, but you have to pay cash.
This is quicker than a Foreign Draft, since it is done almost immediately.
The fee is about $65 for non-customers and about $40 for bank customers.
The recipient must have access to the corresponding bank.

Cost / Efficiency Comparison
Sending $300 from the United States to the United Kingdom

Western Union
$29 Recipient can pick up cash in 20 minutes.
MoneyGram
$25 Recipient can pick up cash in under 60 minutes.
Money Order $3-$10 Five days mailing time. Will probably be able to cash the money order on the same day.
Check $50 Five days mailing time plus clearing time for check. Anywhere from 5 - 7 weeks.
Foreign Draft $25 One week draft processing plus mailing and bank clearing time. Total about three weeks.
Wire Transfers $40-$65 About one business day