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Originally Posted by Beezer

Cut off Western Union!

Capital flight!

7 OF THE BEST WAYS TO SEND MONEY ABROAD (2017 EDITION)

Posted by Ben Todd | Mar 10, 2017 | Money Tips, Money Transfer Companies, Sending Money | 4

1. Online Payment Services

This is most likely your most convenient option to send money or transfer money to another country as you can do it from your own home on a computer, in only a couple minutes at most. These companies are ubiquitous and easy to use. If you use an online payment service such as Paypal you do not have to worry about any hidden or extra fees outside of the initial fee and the exchange rate (if you are sending abroad).

Paypal

Paypal makes sending money internationally an easy and convenient process . With Paypal you can send money to 190 countries in 20 different currencies. To send the money all that is needed is the recipients email address or mobile phone number. Paypal allows you to preview the conversion and exchange rates before you send the money so you know how much exactly you are spending.

Best Suited For: Smaller sums (under 500) where both parties have access to email and the person receiving the funds does NOT need immediate cash. Remember, if you transfer money from paypal to someone else’s Paypal, they will still need to withdraw that amount to their bank account to get access. This can take up to 5 – 7 business days.

Pros: There is a large convince factor as you do not need any confusing banking information, just the recipients email or phone number. No hidden fees as Paypal lists all the fees before you make the transfer. The fees are also reasonably priced and it’s easy to join up and send. And of course, everyone these days has heard of PayPal by now, so there is a lot of trust. Paypal works very well for merchants who need to accept payments online and freelancers who want to accept and send payments abroad.

Cons: Paypal has been known to freeze funds without first contacting you if anything looks a little bit out of the ordinary. This can cause big issues and take some time to resolve even if there was no issue in the first place. People have had their account locked when trying to access Paypal in a different country. Paypal is not so well suited for sending larger sums (over 2000 dollars). They have a habit of locking accounts up and blocking larger transfers for security reasons. This can place your account in limbo until it gets resolved.

Costs
There are different fees when transferring money internationally as compared to sending money domestically. The fees are based on the country of the recipient so if for example you were sending money to someone in Germany the fee would be based on the European Paypal fees. The fees all depend on which country you are sending to with the range being form 1%-4%.

Keep in mind the following:

• Paypal always charges percentage of the amount sent. This means for BIGGER amounts, you are better off looking for another method that won’t take such a cut but only charges a fixed fee.
• Paypal s you to see the final currency exchange rate before agreeing to the deal, but uses the inter-bank rate on its website calculator.
• For the US or Canadian dollars, Paypal tacks on a a 4.5% margin on top of the inter-bank exchange rate. They add a whopping 5% for other currencies.

Cost Per $1000 USD

The cost per $1000 USD varies depending on which country you are sending the money to.

For example the fee to sending money to the United Kingdom is 0.5% if using Paypal or bank balance so it would be 10005 USD. If sending $1000 USD to the UK through your credit card there is a 3.9% fee so it would total $1039USD. Keep in mind paypal also applies their own currency exchange rate to a transaction as well.

Other popular online payment services:

• skrill.com
• xoom.com
• google wallet
• amazon pay

2. Money Transfer Operators

Money Transfer Operators are companies with ground locations that specialize in quickly moving money for clients from one location to another, even between countries. A money transfer operator service is ideal if you need to send or transfer money internationally very quickly. These usually offer both services online and at street locations through various office branches all around the world.

Transferring money abroad with these services can be performed both online and offline. They are especially ideal if the recipient does not have a Paypal account, which not everyone does. These services are very fast and efficient.

Two of the most popular money transfer services are Western Union and MoneyGram.

Western Union

Western Union is a worldwide service that has 4000 locations around the world where you can send money. With Western Union you can send funds via: online website, at a location, through online banking and mobile. You can send money directly to a recipients bank account or the recipient can pick up money by visiting a Western Union location. There is also a toll free number you can call to set up a money transfer.

Best Suited For: This is ideal for someone who may need funds ASAP in an emergency situation. Also if someone needs actual cash asap rather then email money transfers etc. It’s also good to send people who don’t have access to the internet directly, as the person can just drop in to a location in person and pick up the cash.

Pros: You can choose if you want same day speed, next day speed, with other options available. This is a good service to use if the recipient does not have a Paypal or if they are on the move frequently travelling through different countries. You do not need to sign up or create an account to send money.

Cons: You have to have a lot of the recipients information and also need to tell them what the Money Transfer Control Number (MTCN) is which can be an inconvenience. Furthermore, the service charges tend to be very high, higher then that of Paypal. There is a higher chance of fraud, as it can be easy for fraudsters to intercept a Western Union transfer since sometimes all that is needed to claim money is the MCTN number.

Cost
The fees can vary depending on the country and the exchange rate of the country the money is being sent to. Sending money to a bank account ranges from $12-$40 dollars. Sending money to a pickup location can cost anywhere from a range of $10-$100. The Western Union website has an fee estimate calculator. Because of the fixed rate, this actually can make western union an attractive option for large money transfers between countries.
Cost per $1000 USD

The fee to send $1000 USD to another destination in the USA is $28 for a total of $1028 USD.

The fee to send $1000 USD to Europe is $58.00 for a total of $1058 USD. For the direct to bank which takes 3 days the fee is only $8.00 for a total of $1008 USD.

MoneyGram

This service works very similar to Western Union as you can transfer funds anywhere in the world. You can transfer funds directly to the recipient’s bank account, mobile wallet, or have them pick it up in person. There are over 300,000 MoneyGram pick up locations around the world.

Best Suited For: Similar to Western Union, best in emergency situations or if the recipient needs actual cash rather then money transferred to their account

Pros: Transfer can be done very quickly often in the same day. Good for an emergency situation when someone needs funds ASAP.

Cons: Similar to Western Union this is a high target for fraud and scams, so be weary. Fees can get expensive compared to Paypal.

Costs
Like Western Union, the fees can vary depending on the country and the exchange rate of the country the money is being sent to. To send money to a bank account is only $5. Sending money for a in person pick up can range between $5-$100 based on the location. The website has an in depth fee calculator.
You can sign up for MoneyGram here.
Cost per $1000 USD

The cost to send $1000 USD to another USA destination would be $20 for a total of $1020 USD.
The cost to send $1000 USD Europe would be $58.00 for a total of $1058 USD

3. Bank (International) Wire Transfers

If you need to send money abroad another option to pursue is a bank wire. This can be done online or in person. A bank wire is a electronic transfer of funds from one bank to another where both parties involved need a bank account. To send a wire transfer there are specific details needed such as the recipients full name, branch number, transit number and bank account number. There is a specific form that you will have to fill out whether you do it online or in person.

Best Suits: This is ideal if someone specifically needs the funds to go directly into their bank account. If sending money for business purposes or directly to a business this may be the route that is preferred. It’s also a good method of getting money directly from one bank account to another. Keep in mind though international wire transfers from bank to bank is very high and not at ALL the best rate.

Pros: Can send large amounts of money at a time (which can be problematic with other methods) and is very secure as banks are handling the matter, as it is very difficult for hackers or fraudsters to intercept a wire, just be sure you know who you are sending it to. It’s very convenient to send a transfer from your own bank and the transfer is safe with the money covered by banking laws.

Cons: A bank wire is definitely not as quick as some of the other methods such as Paypal or Western Union. It can take 3-5 business days for a wire transfer to complete. Also can be more expensive then some other methods that are available, especially when you look at the fee charge and the often horrible bank exchange rate that’s given.

Costs
The fees range depending on the bank but the average range is usually $20-$40 for the wire transfer and often very high exchange rates.
Cost per $1000 USD
There is no fee based on the amount of money sent other then the fixed amount. But keep in mind the hidden fee associate with a bad exchange rate.

4. Money Orders

In today’s day and age there are a lot of alternatives ,however at times a money order can be the method of transfer that is required.A money order is a set amount of money prepaid at a bank or post office written to a specified individual or business. Money orders can be done online although there are not many reputable companies that offer this online. If you choose a money order it is recommended that you do it in person at a bank or a post office.

When you send a money order you pay in advance for the amount specified. The funds are guaranteed to be there for the recipient since the order was already pre paid.

Best Suited For: A money order is best suited for a situation when the funds needs to be guaranteed. Some business will prefer a money order over a cheque because the funds are guaranteed.For example, if you buy something online and the vendor does not take paypal or other online payment, you may be asked to send a money order for that amount.

Pros: A great advantage of a money order is the funds are guaranteed to be available when received where with a check the funds could bounce. Also money orders are traceable in case its gets lost or an issue of fraud.

Cons: Can take a days for the recipient to receive the money order, there are much faster options available. Certain locations may have a limit on the amount of the money order. You have to send the money order from a physical location so convenience is a factor.

Costs
The cost of a money order varies however they range from $10-$50.
Cost per $1000 USD

5. Foreign Exchange (FX) Broker

Another attractive option to consider when sending money abroad is a foreign exchange (FX) broker due to the money you can save on exchange rates.

We rate this as the SECOND CHEAPEST METHOD OF SENDING MONEY (of different currencies) ABROAD, right behind Peer to Peer Currency Markets.

FX’s brokers are on average 3-4% cheaper than sending money through a bank transfer/wire. So for large sums AND for a much better exchange rate than banks will give, the FX Broker is one of the best options.

You get a lot of currency conversion options with FX Brokers. You can also set a price watch so when a currency reaches a certain price you will get a notification. Further you can set up recurring payments to an international source using one of these services. You can even lock in exchange rates. There are options to make reoccurring large payments between countries (such as mortgage payments from one country to another) that are free even.

However, the cost here comes at convenience. You will need to set up an account and then move money into that FX account to be able to use this service. This may or may not bee too much of an issue for you.

A popular site where this can be done is Travelex.com. This is a great site that features a price promise, which claims they will match any fee you may find elsewhere. The transfers are quick as they can be completed with 1-2 days

6. Free International Bank To Bank Transfers

Some of the major banks offer free bank transfers as long as the recipient has an account with the same branch in two different countries. For example HSBC allows you to transfer money to anybody that has an HSBC account free of charge. With HSBC locations in different countries, you can see how advantages this can be. Many credit unions are known to offer this service for free as well.

Keep in mind that the following needs to be fulfilled:

1. the sender must have two bank accounts with the bank, one in each country or
2. the person receiving the money must have an account with the same branch as the sender
3. optional: to avoid any bad currency exchange rate fees, both accounts should have the same currency accounts (i.e. both accounts are USD Currency accounts)

Not all of the major banks offer this as they instead just offer the email money transfers instead. Also note that even if you save on the actual bank transfer fees, you will still pay an over-inflated exchange rate IF you transfer from one currency to another currency.

So this method best works when both accounts are in the same currency.

7. Peer 2 Peer Currency Exchange Markets

This is perhaps the most interesting method on the list and one that, given enough time, offers you the best transfer rates when transferring money abroad by far — even better than the Forex Broker option. You might call it the most technical savvy, web 2.0 way of getting around expensive transfer fees.

Note that THIS is the method used by the author of this article as it offers the cheapest conversion rates all round and the one he recommends most.

How It Works
The way it works is people set their own currency exchange rates and the market service either will match you up with a rate you are looking for, or give you a default rate (usually between 0 or .50 percent). This avoids the banking rates and can save you a huge amount on fees — especially if you transfer higher amounts of money.

The way these work is that you sign up for an account, then add your local currency to your account (you must have a bank account attached). You then ‘top up’ money in your account with whatever local currency you’ve added. You can then request a buyer (the software handles this) to sell that currency to a public rate set by other people (always lower than what banks give you). The software matches you up with a seller (or you can do it manually) and you sell whatever currency amount you have to the other person (basically you are converting your currency).

http://echeck.org/best-ways-to-send-money-abroad/

Migrant caravan won't stop if U.S. cuts off aid to Central America

The Editorial Board, USA TODAYPublished 6:44 p.m. ET Oct. 29, 2018 | Updated 6:51 p.m. ET Oct. 29, 2018

Here are a few reasons why terminating the annual $500 million is not a solution: Our view



(Photo: Nick Oza for USA TODAY)

With a caravan from Guatemala, Honduras and El Salvador making its way north through Mexico, President Donald Trump is in an agitated state. The caravan reflects not only the limitations of his immigration policies but also an opportunity to whip up his base before next week's crucial midterm elections.

To that end Trump, announced the deployment of at least 5,200 active-duty troops to the border — roughly one for each person in the caravan — and plans a speech on immigration Tuesday. He has also vented his anger toward the three countries by threatening to terminate the roughly $500 million in annual aid they receive from the United States.

Without doubt, some things need to be done to discourage people from coming here, but cutting off aid to struggling Central American nations is not one of them. Let’s run through a few reasons why:

►It would be fruitless. People are leaving the three countries because large portions of them are under the control of gangs and narcotraffickers, with law enforcement either nonexistent or corrupted. That grim reality encourages people to flee and gives government little leverage in stopping them.

►It would look contradictory. For decades, the United States fought a Cold War against nations that sealed their borders and prevented people from leaving. Forcing Central American countries to keep their own people trapped at home like prisoners would be the height of hypocrisy.

►It would punish America. Ending aid to Central American countries would drive them into the arms of China or other countries whose interests don’t necessarily align with those of the United States. This would be an ominous development in a region so close to our own border.
Contrary to popular sentiment, foreign aid is not given for reasons of altruism. It is given in an effort to obtain and retain allies.

Rather than cutting off aid to impoverished and dysfunctional nations, the United States should look at other approaches to discourage caravans of desperate refugees. No. 1 would be enlisting Mexico to insist that Central Americans apply for U.S. asylum as soon as they arrive in Mexico, rather than when they arrive at the U.S. border. Those rejected would have less incentive to continue north and could be more easily deported by Mexican authorities.

That, of course, would involve developing closer ties with Mexico, not demonizing it. And that wouldn’t fire up the partisans on the campaign trail.

But if we are looking for solutions to the migrant crisis, cutting off aid to the source countries would be counterproductive. In fact, a case could be made for increasing assistance as a way to improve conditions in those nations so fewer people would want to leave.

https://www.usatoday.com/story/opini...es/1753276002/