Billions of dollars are sent abroad by millions of U.S. households. Many columbia bank aberdeen and other places allow these transactions. While sending small amounts might be easy, sending large sums could be a problem. Given below are some ways you can send large sums of money abroad.
Bank-to-bank transfer-friendly banks allow clients to transfer money from one account to another in a different bank directly. These transactions can be executed in-person or online. Each financial institution has a different requirement of the fees to be paid for such transactions.
Wire transfers are initiated by a bank official who supervises all the paperwork as well. These transactions are done best in-person. Wire transfers are popular because they ensure safety from both sending and the receiving banks. If wire transfers are made before 5 pm EST, money can be sent to another country on the same day. They also involve fees as suited fit by the institution.
Some large sum transactions can be in the form of cash-to-cash transfers through institutions such as MoneyGram, Ria, and Western Union. This transfer requires the deposition of physical cash that is converted into the domestic currency of the receiver’s account before sending it physically to the receiver’s location.
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Prepaid debit cards
The best way to make large sum transfers to another country is to deposit money into the receiver’s bank account. The receiver can then get a debit card issued that can be used to withdraw cash from an ATM. While this transfer does not cost money, the issuing of a debit card involves some activation fee.
Sending large sums of money to another country is not a difficult task anymore. There are several methods to do so. The cost and limits of each method vary according to the bank or financial institution you are taking aid from.