![]() However, there are also some major disadvantages to sending money internationally via your bank compared to using a money transfer operator. If you want to know more about sending money to a foreign bank account make sure to read our guide. This means of sending money can certainly be convenient for sending funds, as you already have direct access to your money and only need to provide your recipient’s details to complete a transfer. Sending money to your friends and family with your bank via an international wire transfer is another option. International wire transfer with your bank If sending a bank transfer, your recipient’s bank details Your recipient’s name and contact details Your payment details (bank account number and sort/SWIFT code, or card details depending on how you’re paying for your transfer) The precise details that you need will often depend on the provider you are using plus what payment/ delivery options you select, but an example of the details you may need to provide include:Ī copy of a photo ID, such as your passport or driving license, to verify your identity What do you need to send money to friends and family abroad with a money transfer operator? Any reputable providers will show you up-front what fees you will be charged and how much your recipient will receive on the other end. One of the biggest advantages of using a money transfer operator for sending money abroad is these companies ability to offer international transfers for lower fees and more competitive exchange rates compared to traditional banks. Save money with money transfer operators: A few of our top recommended money transfer operators perfect for sending money to friends and family abroad include: These companies specialise in international transfers and therefore are able to send money overseas quicker and cheaper than most banks. Money transfer operators are almost always the best way to securely send money to friends and family internationally. If you’re sending money to friends or a family member abroad, you have a few different options: Money transfer operator The large majority of this sum comes from migrants sending regular payments back home to friends and family, providing vital support for healthcare, education, and other vital living essentials that many families in low to middle-income countries could not otherwise afford. Global remittances are thought to total $508 billion in 2020 - a 7% decline from 2019 - according to the World Bank. What’s the best way to send money to friends and family abroad? Below are some of the top ways for sending money to friends and family for less. However, in the past couple of decades, new and innovative companies have grown in popularity for making money transfers quicker, cheaper, and far more convenient. Banks are familiar, most of us already have a bank account, and they make sending money both domestically and internationally convenient because our details are already synced up. In the past, it may have seemed like the only way to securely transfer money to your loved ones was via a bank. South Georgia and the South Sandwich Islands.
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