Today 250 million people live outside their homeland. As a consequence, most of these people will have to send money abroad either regularly or occasionally. Meanwhile, can anyone send money abroad ?
What are your options to send money abroad ?
Before seeing if anyone can send money abroad, let’s first focus on how can people send money abroad. There are several options. Maybe more than you think actually. For instance did you know that you could use a credit card to send money on someone’s mobile phone ? Seems strange right ? Well, not that strange as millions of people in Africa use mobile wallets to receive funds. You can also pay via cash/credit card/bank transfer on the left side and receive physical goods such as food, dishwashers, fridges on the other.
As you can see, many different options exist to send money abroad, the main ones being by cash, bank transfer and/or credit card.
Can anyone send money abroad ?
If by anyone you are thinking about your little sister, then the answer is yes, as long as she is 18 years old (which by the way starts to make you a “not so young” elder brother.. 😉 ). To send money abroad, whatever the solution you use, the operator will have to undertake what we call a KYC which stands for “Know your customer”. This is a strict process one must follow before sending money abroad in which you will have to present 1 or 2 ID documents depending on the amounts & countries concerned by the transfer + personal information which will be registered in a file by the operator. These information are mainly your name, surname, date of birth, address, e-mail and phone number. After what, the operate takes between 24 & 48 hours to check your
Why all this process ? To avoid money laundering and or dark funds being sent for terrorism for example.
What solution should I use to send money abroad ?
If I were you I would go for a money transfer services comparison tool. Why? because it enables you to compare all the best solutions in a few clicks based on your requirements. As the best solution de send money abroad depends on the amounts sent and the country from/towards where the money is sent, this will enable you to be sure you have chosen the best option in no time.