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Things to Think About When Sending Money to Europe

By Chris Nolan

The globe is becoming more interwoven than in times past, and with that we can expect to see more people working and studying abroad. So when someone is in need of a service to wire money to Europe, it can be stressful deciding on the best form to use.

The first thing to look into when transferring money is the cost. No matter how much you decide to send, you will be charged a fee depending on the amount. The most cost-efficient way to wire larger amounts is through a banks transfer service. Though all banks charge for this service, it is always a set rate, typically between $35 and $45. And if you are planning on sending money to Europe you dont have to worry about conversion rates since the bank receiving the money automatically converts the funds at the exchange rate for that day.

Using a bank is the most secure way to wire funds to Europe, with the only downside being that the sender must have a bank account in the originating country, and the recipient needs an account where the funds are to be sent. The problem here is that many people do not have a bank account, but this is when you would turn to a location-based service.

With these companies, you simply pay a fee, hand over the amount you would like wire, and create a password or secret code. The recipient then goes to the location nearest them and presents their name and the code in order to get the money. The downside of this alternative is that you are limited in how much you can wire. The amount depends on the company, but usually you are not allowed to send more than $2,000.00. And just as with banks, the cash is converted once it reaches its destination, but you will see the fee for converting the funds is less favorable than you would find at a bank.

Thanks to the internet, new services are popping up left and right, allowing people to transfer money to Europe right from the comfort of their living room. It is services like these that are changing the way people move funds around the world, and it is rapidly becoming a building block of global e-commerce. Some services even expanded to allow customers to wire money from a credit card or bank account to one of their hundreds of locations.

This rapid globalization we are experiencing is bringing e-commerce right to our doorstep, and soon enough it wont matter where you are " you will be able to wire money in the blink of an eye.

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