Transferring money to one another has never been easier, and there are even several ways one can transfer their money to areas on the other side of the globe.
While there are several ways one can transfer cash to a bank account or to another person domestically in the West, such as Cash App and Venmo, a person can also make use of other transferring services that allow them to send money internationally. These often will come with a service fee when sending cash internationally, however, so it is important for users to find the cash-transferring service that best matches them, according to Forbes.
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WorldRemit
A WorldRemit account is needed to use this service, but making an account is free, and it allows users to send cash internationally to more than 130 countries. Users can also use a variety of payment options when using WorldRemit, including bank accounts, credit cards, Google Pay, and Apple Pay, and most transfers are either instant or near instant. Users can even send physical cash to an address via home delivery, though doing so can take anywhere between 24 hours and seven days.
Users should know before initiating a transfer that both transfer fees and transaction limits will vary depending on where one is sending their money from. If a user is sending money from the U.S. with a debit, credit, or prepaid card, they can send $5,000 per transaction, with a maximum amount of $9,000 per 24 hours.
Wise
Similar to WorldRemit, this service is free to sign up for and allows users to use several payment options when making transfers, though not nearly as diverse as WorldRemit's. Wise can also make conversions to other types of currency, such as USD to euros.
Converting currencies comes with a fee of at least 0.41%, and while ATM withdrawals of up to $100 per month are free, withdrawals over $100 are subject to a 2% fee. Users should also know that there is a $250,000 limit per transaction every day, as well as a $1 million limit per year.
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PayPal
PayPal is also a viable option for those who wish to issue money domestically or internationally, which allows them to make payment transfers using either a bank account, a credit card, or a debit card. There is no fee when using a bank account, though there is a small fee when using either a debit or credit card.
Additionally, PayPal users should know that sending money internationally to family and friends is subject to a charge of 5% of the amount sent, with $0.99 as the minimum fee and $4.99 as the maximum. Verified PayPal accounts also have no limit for the total money that can be sent, but are limited to up to $60,000 in a single transaction.