Low cost international money transfer – xoom a paypal service

How can i send money internationally? – Here ways to send money overseas

Image Source: paypal.com

The appearing mobile phone payments or Paypal schemes, a warning to the banks are new beginners to the person to person payments location I frequently get this quarry.

Yes, it is my opinion; I was finding for an easily decorative way and clearly it is so as my opinion.



Cheapest way to send money overseas

In the united state I have a Bank account. Recently from this account I transfer some money to the other account in a Belgium Bank. For this transferring bank charged a flat fee $40 to me, it does not depend on the transferring amount. The SWIFT charges for the message I know, so I look the amount very shocking you can understand. However 3-4 working days are taken to complete the process and no updates is not available about the progressing process. From the best the FX rate was so far.

There has another easy way to transfer money. To reduce the transferring charge and to search out the best FX rate my experiments is conduct to use alternative payments options.

The experiment aims are – find a best way for transferring my earned cash and to try to prove the new payments options are unruly to the banks.



Quickest way to transfer money

In USA the above mentioned account is linked to the Paypal Account in USA. I also have a BE linked bank account with Paypal Bank Account.

Send international payment

Step 1 – From my US bank account to my Paypal account I’ll transfer money and on Paypal official website paypal.com has not any information about the money transfer charges. My bank charged for the transaction $25 as considered the transfer as domestic transfer. This process will take only 3 working days as Paypal said.

Step 2 – I’ll also transfer money to my Be Paypal account from my US from Paypal and the interesting is this is instantaneous and the charge for the transfer is not clear from the Paypal site.

Step 3 – Then from my BE Paypal to my BE bank account I’ll transfer money but miracle no charge detected from the account for the transfer as Paypal said and it will take only 3 working days to complete the transaction.

Net effect –I hope that near about 50% of the charges or more will save whereas it will take longer (may be up to 6-7 working days).

Safest way to send money overseas

Step 1 – step 1 is not required when I figured out noticed it. From Paypal.com I directly send money as my Paypal linked US bank account – Paypal at 0 costs directly debits my bank.

Step 2 – Simple I logged in my Paypal account – taping on the “Send Money” option. As the recipient I enter the email address of the BE Paypal account then enter the amount, clicked the “Personal” option, after that clicked on the “Payments Owed”. A question shown on the screen that is whether I want to Send Euros or Dollars then I figured out if I Send Euros then Paypal converts it into Dollars and transfer the amount or if I send Dollars then my BE bank transfer the amount into Euros. Paypal offers a currency converting option to the users. When I compared the exchange rate it something like €1= $1.2884 and my BE bank’s rate €1= $1.2983 so the Paypal rate is much better so I decided to send Euros and convert it.

Concerning fees of this step or transaction

– To Paypal Us from my US bank it is charged 0.

– 0.5% on my transferred amount from my Paypal to my Paypal BE but this amount is applicable for the transaction below than € 5,000 as I transferred various amount of money. Above € 5,000 the charged much higher (such an example, 3.9% for the € 6,000) I don’t know how they calculated the amount. From the flat charge of bank $40 is much satisfactory the 0.5% charged of Paypal.

Send and receive money online worldwide

Step 3 – I login to my BE account simple select the “withdraw” tab “Transfer to bank account” option then enter the amount clicked two times then it is completed.

Time elapsed for this step: 3 business days and fee for this step:

After two days my phone was ringing and I noticed an unknown number, I received the call and discovered that it is a supportive call from PayPal they called me actually they noticed that it was an unusual international transferred I have done they informed me about the further pattern in the future. I really thankful to the PayPal for their supportive call to the users for a smooth banking experienced.



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