Redraic Blog

Transferring a large amount of money overseas has long been viewed as just a luxury for the wealthy, but anyone with a friend or family member traveling overseas may find themselves in situations where they need to urgently transfer a large sum of money to a loved one. There are several convenient ways to exchange large sums of currency.
Western Union and Money Gram

Most often used in situations where a friend or loved one is living or traveling overseas, companies like Western Union and Money Gram have long been a trusted and convenient method of transferring money overseas. Western Union can send money in amounts of up to $20,000 per transfer in an instant. Western Union also has a currency exchange service. A major downside to using Western Union can be the hefty fees, as the cost of each transfer tends to be based on the amount of the money being sent as well as its destination. Depending on the amount of the transfer, the fees can become considerably high, which is why Western Union should only be used in emergency situations. Money Gram is known for having cheaper fees than Western Union, but also being much more limited in the maximum amount of money one can send, specifically online with only $899 per destination and only $3,000 per day. Money Gram is also less accessible worldwide than Western Union.
Wire Transfer Through a Bank

Banks can be utilized to send international money transfers. Banks, as well as other financial institutions like credit unions, charge less to transfer funds overseas than Western Union. The downside is that this type of currency transfer can take many days to complete. The upside is that the maximum limit on transferable funds tends to be significantly higher than that of Western Union. The specific charges set by private financial institutions can range from a few cents to a few dollars depending on the financial institution’s pricing rates.
Online Financial Company

Online financial companies, like PayPal, provide the ability to immediately transfer funds between other individual PayPal accounts. For users who have not verified their address with the website, PayPal has a monthly transfer limit of $10,000. Verified members can transfer unlimited funds between accounts and PayPal also offers currency exchange services at a reasonably low cost to the consumer. While there is no direct charge for the exchange of currency itself while using PayPal, it is worth checking the current exchange rates prior to a transaction to ensure you are receiving the desired amount of funds. PayPal users can transfer the funds received to a traditional bank account or withdraw the funds when using a PayPal debit card. The debit card has a $500 daily limit for withdrawals and a $3,000 daily limit for card purchases.

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