Make Foreign Currency Payments - Frugal Reality

7 Top Ways to Make Foreign Currency Payments

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.

If you want to make currency transfers to a bank abroad, Wise can help you with that, too. The Wise service is cheap and transparent, so it’s an excellent choice for any size foreign currency payments. In addition, there’s no minimum transfer amount, so you can send as much or as little money as you like.

Wise lets you make foreign currency transfers easily and fast. It gives you the option of delivering your money directly or picking it up from an ATM in just one hour at over 700 locations worldwide!

2. Xoom

Xoom is a fast and convenient way to send money abroad from nearly any US bank or credit union account using your checking account or debit card. In addition, it’s a top-rated company for currency payment solutions.

Xoom allows customers to make foreign currency transfers in over 120 currencies quickly and conveniently. Moreover, it’s done for cost-effective foreign exchange rates too!

Hence, transferring money internationally between banks has never been this simple. Nevertheless, there are plenty of reasons why more than five million users choose Xoom services each year.

What’s the primary reason behind Xoom’s popularity among consumers? It’s easy to transfer money using the Xoom app on iOS or Android or use its website quickly and conveniently every day.

To use its foreign currency transfer services, you must first create an account. Register online or through your Xoom mobile app and then make a deposit by using your bank checking or savings accounts’ information. The money can be withdrawn by ACH from any local branch once verified.

Xoom offers two easy ways for customers to send funds overseas: bank-to-bank foreign currency transfers and debit card payments at participating retailers such as Walmart, CVS Pharmacy, etc. 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. As a result, it’s near impossible to withdraw money from your account fraudulently; you must have authorized each transaction.

3. MoneyGram

MoneyGram works similarly to Western Union because it includes a similar fee and transaction process for each service. The only difference between is Western Union is the largest money transfer company while MoneyGram is slightly cheaper and has faster average transfer rates.

You have to visit a MoneyGram branch or directly send the money online using your card. It even lets you withdraw cash from ATMs at no charge if the foreign country has international banks operating within its borders. All its networks are connected through (SWIFT), the Society For Worldwide Interbank Financial Telecommunication network.

It ensures that every financial institution worldwide is interconnected and can send/receive money transfers without issues. For example, if you get a pre-settlement funding from Oasis Financial, you can then wire money to extended family overseas.

4. Western Union

Western Union is one of the oldest money transfer companies in the world. It offers fast and reliable transfers with low fees. Western Union is known for the “money in minutes” service.

The foreign currency transfer agent offers low fees, reasonable exchange rates, and excellent customer support worldwide. You can walk into any of their offices worldwide with cash and make a foreign currency payment for an amount between $50-$900 (subject to local regulations).

Also, Western Union can be used to send money online and does not require the sender or receiver to have a bank account. With over 350,000 agent locations worldwide, foreign currency payments with Western Union are convenient for both parties involved in the transfer.

5. OFX

Another great way to make foreign currency payments is through OFX. The company offers competitive rates and makes the transfer process easy. In addition, OFX has various services, including spot contracts, forward contracts, and hedging products.

OFX has an extensive global reach in over 200 countries worldwide. It allows you to transfer money abroad without worrying about any compatibility issues quickly.

Lastly, OFX has a user-friendly website and app, making it easy to track your transfers and stay up-to-date on the latest currency exchange rates.

6. WorldRemit

Another fast and easy way to make foreign currency payments is through WorldRemit. You can use its app or website to send money to over 140 countries worldwide. WorldRemit offers competitive rates with real-time tracking.  

It’s best to use WorldRemit to send money in foreign currencies, such as Euro or Yen, especially if the recipient already has a bank account.  

7. Remitly

Remitly allows you to quickly, easily, and securely transfer money abroad with no hidden fees. In addition, it allows you to get the best deal possible on bank-to-bank transfers.

Remitly offers same-day transfers for most currencies, so you get your money as quickly as possible. In addition, its app allows you to send and receive foreign currency payments on the go. So your money is easy to transfer with its app – no matter where you are in the world.

Top Way to Make Foreign Currency Payments 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 perfect solution can make foreign currency payments fast and straightforward. The list of foreign currency transfer providers above offers various services that cater to different needs.

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