Today, many businesses in the US use foreign currency payments to pay for goods and services from foreign entities. It may also include foreign employees paid in foreign currencies or any other reason requiring payment outside the US dollar.
The cost of exchanging foreign currency can add up, so exploring all the cheapest ways to make foreign currency payments is essential.
Our guide discusses how to make foreign currency payments to banks and people.
1. Wise
A Wise account, formerly TransferWise, allows users to store, send, and receive money in 25 currencies. The money transfer service offers competitive exchange rates and no commission or hidden fees.
What’s more, transfers can be made online or via the Wise app in just a few taps. As a result, the app makes it easy to do foreign currency transactions when you need it.
Wise also offers currency transfer services to banks abroad. Wise is an affordable and transparent option for currency transfers of any size. In addition, there’s no minimum transfer amount, so you can send as much or as little money as you like.
Wise allows you to make quick and easy foreign currency transfers. Wise allows you to pick up your money from an ATM or deliver it directly. It is available at over 700 locations all around the globe.
2. Xoom
Xoom offers a quick and easy way to send money abroad using your debit card or checking accounts. It’s also an excellent company for currency payment services.
Xoom allows customers transfer foreign currencies in over 120 currencies easily and quickly. It also offers cost-effective foreign currency rates!
Transferring money internationally between bank accounts has never been easier. Xoom is used by more than 5 million people every year.
What’s the primary reason behind Xoom’s popularity among consumers? It’s easy to use the Xoom mobile app on iOS and Android to transfer money or visit its website.
First, create an account to use the foreign currency transfer services. Register online or through your Xoom mobile app and then make a deposit by using your bank checking or savings accounts’ information. Once verified, the money can be withdrawn via ACH from any local branch.
Xoom provides two options for customers to send money overseas: bank-tobank foreign currency transfers or debit card payments at participating retailers like Walmart and CVS Pharmacy. Not only does Xoom offer excellent service, but also competitive foreign exchange rates too!
When you make a foreign currency transfer using Xoom services, all your transactions are protected by SSL encryption encrypted with 256-bit technology; no one can access or view your funds. This makes it nearly impossible to withdraw money from your account fraudistically.
3. MoneyGram
MoneyGram works similarly to Western Union because it includes a similar fee and transaction process for each service. Western Union is considered the largest money transfer service, while MoneyGram tends to be slightly more expensive and has higher average transfer rates.
To send money using your MoneyGram card, you will need to either visit a MoneyGram bank branch or send it online. It even lets you withdraw cash from ATMs at no charge if the foreign country has international banks operating within its borders. (SWIFT) is the Society For Worldwide Interbank Financial Telecom Network. All their networks are connected. It ensures every financial institution around the world is connected and can send/receive money transfer without problems.
4. Western Union
Western Union is the oldest money transfer company in the world. It offers fast and reliable transfers with low fees. Western Union’s “money in a matter of minutes” service is well-known.
The international currency transfer agent charges low fees, offers reasonable exchange rates, excellent customer support and provides excellent customer care worldwide. Their offices can be walked into with cash to make a payment in foreign currency for $50-$900, subject to local regulations.
Western Union is also available online. It does not require that the receiver or sender have a bank account. Western Union offers convenient foreign currency payment options. There are over 350,000 locations around the world.
5. OFX
OFX is another great option for foreign currency payments. The company offers excellent rates and makes the transfer process very simple. OFX offers many services, including spot, forward, and hedge products.
OFX has international reach in over 200 countries. It makes it easy to quickly transfer money abroad, without worrying about compatibility issues.
Finally, OFX offers a user-friendly app and website that makes it easy to track transfers and keep up-to date on the latest exchange rates.
6. WorldRemit
WorldRemit offers an alternative way to quickly and easily send foreign currency payments. WorldRemit’s app and website allow you to send money worldwide to over 140 countries. WorldRemit offers competitive rates that allow for real-time tracking.
WorldRemit works best for sending money in foreign currencies such as Euro and Yen, particularly if the recipient is already a bank customer.
7. Remit to us
Remitly makes it easy to send money overseas quickly, securely, and without any hidden fees. It allows you to obtain the best deal for bank-tobank transfers.
Remitly can make same-day payments for most currencies. This allows you to receive your money as fast as possible. You can also send and receive foreign currency payments from anywhere with its app. With its app, money can be transferred anywhere you are around the globe.
The Top Way to Make Foreign Currency Pays Summary
In the era where technology is constantly evolving, there are various ways to make foreign currency payments. As explained above, transferring money internationally between banks is not so foreign anymore.
Finding the right solution can make foreign currency payments easy and fast. There are many services available to meet different requirements.