Whether you study abroad and need to send or receive money from your parents, or work in a country different to where you reside, own property across the oceans, or even if you are in dire need of conducting foreign money transfers for a mortgage or pension, learning the different ways of making foreign money transfers is highly necessary and beneficial too.

When a person lacks the knowledge needed to make international money transfers, they are vulnerable to risks and possibly huge irrecoverable losses. Hidden costs and meagre exchange rates might seem like something of the past, but they still exist and can really drill a hole in your bank account as well as in your wallet. Hence, it’s always best to educate yourself on such things.

Transferring Funds Overseas

While it is true that you must be well aware of the exchange rates and hidden costs before you proceed to conduct the transfer, you should also be aware of the different methods through which you can transfer money overseas. Having an adequate amount of knowledge about these methods not only helps you be aware of the dos and don’ts, it also helps you make a better decision regarding which mode of payment is most suitable for you.


One of the most used modes of sending and receiving money from across the globe is indefinitely PayPal. Many have found PayPal to be one of the more economical modes of transferring money overseas. These transfers are conducted electronically and all you and the receiver or sender requires is a PayPal account. However, although sending money through PayPal is free, the recipient is required to pay a small fee when they go to receive the payment.


This is probably one of the easiest ways throw which you can transfer funds, regardless of whether the receiver or sender is nearby or in another country. It’s as simple as paying your dues online. To conduct payments through this mode requires an IBAN number, and depending on the bank, you can go ahead and make the payments.

The aforementioned modes of payment are two of the most popular ways through which a large number of the world’s population makes and receives payment overseas. However, it is necessary to include another method of payment in our article which is WorldRemit. Read on to find out our review of sending money overseas with WorldRemit:


WorldRemit is an ideal mode of sending or receiving payments from anywhere in the world. However, the company does not grant its services for business purposes. There is a limitation here, because you can only use it for personal purposes. However, WorldRemit grants total access for payments that are received for the purpose of paying for living costs, household bills, healthcare, or overseas education. Users of WorldRemit are allowed to send money to your family, relatives or friends.