Banking Transfers

Banking Transfers

If you have a bank account, there are several ways to transfer money overseas through the banking system. Not all banks operate in the same way. Check with your local bank for details.

Sending a Check Abroad

• Check clearing can take from 4 - 6 weeks.
• Even though it's easy to issue a check, it may not be easy for the recipient to cash the check.
• The recipient will be charged a fee of about $50 for check processing.
• Some countries have less streamlined banking systems than others and may not honor foreign-drawn checks.

Foreign Drafts

• Depending on which city or town you live in, this can take from a few days to a week for the bank to prepare the draft.
• You mail the draft to the recipient.
• The money comes out of your account when the draft is prepared, not when the recipient gets it.
• There is a fee for this service of about $25.
• Since the draft is drawn on your bank to another (corresponding) bank, the recipient must have access to the corresponding bank.

Wire Transfers

• You don't have to be a customer of the bank to wire funds, but you have to pay cash.
• This is quicker than a Foreign Draft, since it is done almost immediately.
• The fee is about $65 for non-customers and about $40 for bank customers.
• The recipient must have access to the corresponding bank.

Cost / Efficiency Comparison Sending $300 from the United States to the United Kingdom
Western Union	$29	Recipient can pick up cash in 20 minutes.
MoneyGram	$25	Recipient can pick up cash in under 60 minutes.
Money Order	$3-$10	Five days mailing time. Will probably be able to cash the money order on the same day.
Check	$50	Five days mailing time plus clearing time for check. Anywhere from 5 - 7 weeks.
Foreign Draft	$25	One week draft processing plus mailing and bank clearing time. Total about three weeks.
Wire Transfers	$40-$65	About one business day

Money Orders: U.S. Postal Service & Banks

Money Orders: U.S. Postal Service & Banks

The United States Postal Service issues international money orders:

• Maximum allowed is $700 per money order. However, you can purchase multi money orders per day, up to a maximum of $10,000.
• The processing fee ranges from $3 - $8.50 per money order.
• U.S. Money Orders can be cashed in banks or post offices in most countries around the world.
• All U.S. post offices provide this service.
• You must fill out the recipient's name on the money order before mailing to the recipient.
• Keep the numbered carbon copy receipt for your records.
• In case of problems, the money order is traceable by its unique number.

For more information, see the United States Postal Service website.

Most banks also issue money orders. The maximum is $1,000 and the fee is around $10. Most of the routines of U.S. Postal Money Order purchases apply.

Cash Transfers

Cash Transfers

Western Union, an established leader in money transfer, can send money worldwide, including the ability to transfer money online or by phone.

• Its online money transfer website has a useful feature that calculates the cost of sending money to the country of your choice. If you transfer money online or by phone, you pay using a credit card or debit card.

• If you do not transfer money online or by phone, you will need to locate both a sending money transfer agent and a receiving transfer money agent. There are 196,000 agents located in over 190 countries and territories. If using a sending money transfer agent, you must pay for the international money transfer in cash.

• Fees, procedures, and the locations of money transfer agents are available on the website or by calling 800-325-6000.

• Each money transfer transaction has a unique money transfer control number. It makes it easier for collection of funds if the recipient knows the number.

• The recipient should be able to pick up the funds within the hour (subject to the hours of operation at the receiving agent location). Proper identification is required.

MoneyGram is a competitor in international money transfer and now offers the ability to send money online as well. It has 75,000 agents in 170 countries. Like its competitor, its website has a useful feature that calculates the cost of sending money to the country of your choice. It claims to be cheaper than the leading money transfer provider, although costs may vary by country and the amount of the international money transfer (for example, we found it significantly more expensive for sending money to Mexico, but slightly less for sending money to the United Kingdom).

Online Banking Reviews

Online Banking Reviews

Fast Answers - Best Online Banking
Top Rated
What the Research Says
• Citibank (http://www.citi.com) >> Where to buy

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Online banking with best ATM access.With over 16,000 ATMs nationwide, Bank of America online banking offers the easiest access to your money, with the highest customer satisfaction scores (along with Citibank). If you want more personalized attention, there are also over 5,800 banking centers. Other pluses include free checking with no minimum balance needed. Online bill paying is free. You can view up to 18 months of account statements and get e-mail alerts on your mobile device to help you track payments. However, Bank of America doesn't offer a high-yield online savings account, so its rates aren't the best.
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Best Internet-only bank.Although it has no physical branches, E*Trade offers a range of online banking services that are a lot like Citi.com -- a high-yield savings account, free checking and bill payment. One advantage to E*Trade bank is its integration with E*Trade discount brokerage accounts. Another is a savings account yield that's substantially higher than Citibank's online savings account. An ATM card gets you free access at 8,800 E*Trade ATMs in the U.S., and E*Trade also offers unlimited reimbursement for non-E*Trade ATM charges. Reviews praise E*Trade for its quick posting of deposits, but as with most Internet-only banks, making deposits is trickier -- you need to mail in checks, arrange for direct deposit with your employer or transfer funds from another bank account.
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Best online savings account.HSBC doesn't attract much attention for its online banking as a whole, but it gets great reviews for its high-yield online savings account, typically offering one of the higher available rates at a bank. Anyone can open an account, and there's no minimum deposit. You can transfer funds for free into and out of your HSBC account, and you get an ATM card that can be used for free at HSBC branches to either deposit or withdraw funds. Experts say an online savings account makes a great supplement to your regular checking account. There's also an innovative bill pay option that pays interest.
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Best online checking account.Reviews applaud EverBank for its high interest rate on online checking accounts -- EverBank pledges to keep its rate hovering in the top 5 percent of all nationwide savings rates. Free unlimited online bill paying and check writing is included if you keep at least $1,500 in your account (otherwise fees are $5 a month). While many Internet-only banks don't let you make ATM deposits at all, EverBank does have a network of 13,000 affiliate ATMs that do accept deposits (though it can take up to five days for your account to be credited). You can withdraw money at 800,000 VisaPlus ATMs, and EverBank will reimburse you for up to $6 in ATM fees per month.