Looking for the best way to send money to your spouse who resides cross-border is much-needed for the majority of couples nowadays. The purposes of transferring money abroad can be wide-ranging – such as everyday expenses, investments, or supporting each other financially.
Continue to read this informative blog post right now so that you can find numerous best ways to transfer money to your spouse living in any other country.
#1 – Bank Transfers
One of the most popular methods for transferring money internationally is through banks, thanks to their credibility and the level of security they offer. You can send money from your bank account to your spouse’s bank account abroad.
When we talk about the fees or exchange rates, you will need to pay higher fees and gain less competitive exchange rates than specialized money transfer services. Bank transfers take much time to process, often several business days, based on two factors – the banks involved and the countries of transfer.
#2 – Money Transfer Operators (MTOs)
Wide-ranging money transfer operators provide the most convenient options for transferring money to your spouse if they are residing in India.
These exceptional services are the best way to send money to india, enable your spouse to get cash at specified pickup destinations, or have the amount deposited directly into their bank account.
As MTOs are renowned for their fast transactional speed and better accessibility, you may need to pay higher fees. You can also gain less favorable exchange rates than different online money transfer platforms.
#1 – Cryptocurrency Transfers
Cryptocurrency transfers offer a cost-effective way to perform an international remittance without the involvement of global institutions. This method could be cheap, especially with cryptocurrencies like Bitcoin, which allow for peer-to-peer transfers at relatively low fees and in a short time, giving you confidence in saving money.
However, relying on cryptocurrencies to make international transactions also implies that both you and your spouse must have knowledge and access to cryptocurrency wallets, which in turn entails specific extra steps and security measures.
#1 – Online Payment Services
Another significant yet most sought-after choice for sending money to your spouse living outside of your country is online payment services.
By taking advantage of these services, you can send money directly to your spouse’s email ID or mobile number so that your spouse can transfer the amount sent to their bank account.
Bear in mind that online payment services are not only fast but also easy to use. However, you need to pay fees depending on the transfer amount and currency exchange rates.
#1 – Exchange Rates and Fee
When choosing how to transfer funds to your spouse overseas, you should also take into account the overall cost of the service, including the exchange rates and the fees you are charged. Foreign exchange rates may change; thus, a lower amount may be received by the spouse in their respective country’s currency.
Explore other service providers to understand their price offerings and identify the lowest charges for the given transfer amount and destination country. Some providers also provide a service that allows you to monitor exchange rates and even has alerts set up to notify you when the right time to make a transaction is.
James is the head of marketing at Tamoco
