Many people today regularly send money abroad. It is very common for immigrants to send money back home to friends and family in their home country. It is also common for people to send money to a family member in the military or to their child who is studying abroad. These are just a few of the many situations that may require you to regularly send money abroad, and you may have found out first hand that sending money overseas can be rather expensive.

Wire Transfers

If you are like many people, you will first consider using a bank wire transfer to send money overseas. This can directly deposit funds into another bank account within a day or two. However, many banks do charge a rather high fee for this service. In fact, it is not uncommon for a bank to charge $25 or more just for the transfer service. If you send money regularly, this can cost a significant amount of money over the course of a year

PayPal

Many people are making use of the internet to transfer money to a loved one overseas, and one of the most common websites used for money transfers today is PayPal. This requires both parties to set up a PayPal account, and money can be transferred as needed. However, there generally are fees and charges associated with this method as well. Plus, you do have to wait a few days for the funds to transferred to be accessible through the recipient's bank account.

Prepaid Debit Card

Perhaps one of the cheapest ways to send money abroad is to use a Visa debit card. These are reloadable debit cards that are available to you without a credit check. The application process is easily completed online, and right now there is no charge to apply for a card. With a Visa debit card, you can load money onto a card quickly and easily, and the recipient can enjoy quick access to the cash. You can also transfer money between two debit cards free of charge, too. A Visa debit card is able to be used in many locations around the globe, and cash can also be withdrawn at ATMs, too.

The Fees of a Debit Card

There are several different programs you can choose from when you sign up for your prepaid debit card, which gives you the ability to find a program that best suits your needs. The fees associated with using this card are nominal compared to other alternatives for transferring money overseas. Some programs allow funds to be reloaded onto the card without any fees at all.

When it comes to the cheapest way to send money abroad, the clear answer is to use a prepaid debit card. Not only are they an affordable way to send money, but they also are more convenient and provide faster access to funds, too. You can easily apply for one today, and once it arrives, you can start using it to send money to loved ones overseas in a more affordable way than you likely are currently using.