Are you looking for a way to send money abroad, e.g. from the USA to Poland, but don't know which method will be most cost-effective for you? What are the advantages and disadvantages of postal money orders? How do they differ from increasingly popular online transfers? Find out the best way to send money to a foreign account.
Domestic transfers are a day-to-day business for many of us. We make them almost every day, and we are accustomed to receiving them within minutes or, at the latest, the next day. However, sending money abroad is not easy, especially when it comes to currency conversion, e.g. into dollars.
Ordering a regular bank transfer will be disadvantageous in such a situation. High commissions, the possibility of additional fees, unattractive exchange rates and long processing times make it more reasonable to look for another way to send money.
What should we do if we want to send money from, for example, the United States to Poland or another European country? Such a situation involves the conversion of dollars into Polish zlotys or, for example, euros. How to order the transfer so that it is profitable? There are mainly two options: a traditional money transfer and a convenient online transfer.
Cross-border postal money orders - advantages and disadvantages
The most traditional way is known as postal money orders, also often referred to as money orders. To send funds this way, you must visit a post office and request a funds transfer.
One advantage of this solution is that the money can be sent to a specific person by giving their address in another country. Thus, the person does not need to have a bank account or profile with another institution. This is particularly convenient if you want to send money to an older person.
When ordering a postal money order, however, we must anticipate a long processing time, usually lasting from several to even several days. Additionally, there is a service charge, which is often a percentage of the amount sent apart from the fixed amount. Finally, less favourable exchange rates must also be taken into account, which is another way for the service provider to make money. Ultimately, the person ordering the transfer may, therefore, not even know how much money will reach the recipient.
More modern forms of money transfers are provided by online platforms. They work on a similar principle, but the transfer can be ordered without leaving home, which is an added convenience for the sender.
In this case, the collection of the money is usually done stationary - either at the post office or at a selected service point. The recipient only needs to present the confirmation received in advance to collect the funds.
Fast online transfers - pros and cons
Another way to send money abroad is to use online fast transfer service. This way, you do not have to leave your home to send money. All you need to do is log in to one of the online services that provide such services - such as the fintech Conotoxia.
The key advantage of such a solution is full transparency. The person ordering the transfer online immediately knows how much they will pay for it, what the currency conversion rate will be and how much money in the local currency will ultimately reach the recipient.
The processing of such a transaction is also much faster. The funds can reach the recipient's bank account even in a few minutes. Therefore, this is an option for those who care about time and want to send money quickly from, for example, the USA to Poland.
Sending money abroad by quick online transfer can also bring significant savings. The transaction fees are usually lower than for a traditional postal order. Sometimes you can also come across an attractive promotion - for example, until 10/10/2022, when ordering an online transfer from the US to Europe on Conotoxia.com and choosing the Online Banking method from Trustly to send it, we will transfer the money for free, without any fees.
What are the disadvantages of online foreign transfers? The multitude of platforms available on the internet offering such services raises concerns about who to entrust your money to. When sending funds in this way, be sure to use well-known companies with good reviews. It is also worth checking that the platform is supervised by the local regulator.