Safe and Reliable Ways to Transfer Money to Employees Internationally

Transfer Money

Thanks to modern technology, it’s never been easier to transfer money from one person to another. Whether you’re looking to reimburse a friend for lunch or send a freelancer you outsourced work to a bonus for a job well done, there are numerous apps and interfaces out there that can help you out. However, things become a little trickier when you need to send money overseas or internationally, including for business purposes. High service charges, surprise fees, and fluctuating exchange rates don’t allow you the luxury of assuming everything will go as smoothly as usual, but keeping the following options in mind can help take out some of the guesswork of the process.

1. Bank Transfers

Many business owners simply fall back on what works perfectly well the rest of the time if they need to pay an employee internationally: a good, old-fashioned bank transfer. On the one hand, bank transfers are seamless, reliable ways to move money from one place to another, especially if you need to move a lot of it at one time. However, most banks are only willing to facilitate transfers headed toward another bank account. International transfers can also take several days to be completed, as well as comes with high fees you may wish to avoid.

2. PayPal

PayPal brings many advantages to the table when it comes to transferring money, especially if the funds need to travel internationally. It’s easy, it’s simple, and it’s fast. (In many cases, the recipient receives the money within seconds.) As the sender, you aren’t strictly limited to sending the money from a bank account either. To complete the transaction, any debit or credit card can be useful if it is already linked to your PayPal account. However, the person you’re sending it to needs to have a PayPal account as well in order to receive the funds in the first place. Plus, applicable PayPal fees can be costly, and some users occasionally run into issues when transferring large amounts. When you are signing up as a business account in PayPal, you or the receiver will be charged 2.9% for the transaction.

Another important thing is that if any suspicious behavior can be seen in your account, PayPal will freeze your account, which means if you are in urgency, still you will not be able to send or receive money.

3. ShareMoney

ShareMoney is a widely trusted money sharing interface that’s designed specifically with international transfers in mind. Users can send money to Mexico, Brazil, Vietnam, Costa Rica, and a variety of other countries. It’s as fast and simple as PayPal and similar methods. However, the associated fees are significantly less, and the exchange rates are a lot more reliable. You also have a couple of choices as to how the money is ultimately delivered on the other end. You can have it transferred into your employee’s bank account, of course, or you can arrange for a cash pickup at a variety of different locations instead. The main disadvantage of ShareMoney is that a few countries can avail the service and there is a limit of money transfer. One cannot send more than $9999 in six months.

4. Western Union

Western Union is among the oldest, longest standing ways to send money from one place to another. As there are many options, still it is very popular. As with some of the above options, senders have the option of using a debit or credit card to send the funds, so it’s convenient on their end. Both the service fees and the exchange rate markups are reasonable, especially in comparison to a bank transfer. You also get to decide whether the funds go to the recipient’s bank account or an established Western Union location. In comparison with other options, Western Union charges less while sending a large amount of money. However, money transfers initiated via Western Union can typically be pretty slow, especially in comparison to some of your other choices.

Ultimately, the best way to transfer money and payments to traveling employees and international associates depends on several factors. It goes without saying that you want an option that’s safe, reliable, and efficient. However, you also need to make sure the money will be sent and received the way you need it to be and in a timely manner that serves everyone’s purposes. One great advantage is that in most cases you will be able to have a live chat or talk to a customer care representative if any problem occurs during the transaction, which is obviously needed.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hillflint
20 Things You Didn’t Know About Hillflint
Albert Chao Westlake Chemical
10 Things You Didn’t Know about Westlake Chemical CEO Albert Chao
Kelly Ortberg
10 Things You Didn’t Know About Rockwell Collins CEO Kelly Ortberg
Global Trade
How Global Trade Can Support Growth in Periods of Uncertainty
Cyber World
How to Keep Your Money Safe in the Cyber World
Credit cards in wallet in back pocket
7 Elements of a Good Credit Application
budgeting in the office
Three Ways Budgeting Our Money Actually Makes Us Richer
thermometer
10 Pharmaceutical Stocks to Consider in 2019
Software Engineer
How to Become a Software Engineer and the Salary You Can Expect
Uptime
Prioritizing Security to Future-Proof Enterprise Collaboration
Does Artificial Intelligence Have Ethics?
Cloud Attack
Top 8 Cyber Security Trends in 2019 You Should Look out For
Luxury Carbondale: Spend a Weekend at the Marble Distillery & The Distillery Inn
Lincoln Memorial
20 Awesome Free Things to do in Washington DC
Philly skyline
20 Awesome Free Things to Do in Philadelphia
20 Awesome Free Things to Do in Miami
2019 Acura MDX
The 10 Best Acura SUV Models Of all-Time
The 20 Best Mercedes SUV Models of All Time
2018 Volvo XC60
10 The Best Volvo SUVs of All-Time
The 20 Most Expensive Rolls Royce Models Ever Sold
The 20 Best Tudor Watches of All-Time
Timex MK1 Steel Watch With White Dial
The 10 Best Timex Watches of 2019
Fossil Sport
The 10 Best Fossil Watches of 2019
Hamilton Watches feature
The 10 Best Hamilton Watches of 2019