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What's the cheapest way to send money to foreign country?

S

stso

Platinum Member
Needed to send about $500 to someone who lives in Taiwan, and I was thinking what is the cheapest way to do it.
As far as I know, Bank of America charges about $35 for wire money ...
And traveller check is somewhat hard to do because the bank clerk always want me to sign the traveller check before I can leave the bank ...
Does anyone know any cheaper way and safer way to do it? Thanks in advance 🙂
 
Don't the Western Union ads say something about the fastest/cheapest way to send money. You should check out their website.
 
If you are confident that mail will be received by the recipient in Taiwan then I would send a paper item such as an International Money Order ($3) or Foreign Check/Draft ($5).

Wire transfer is the fastest and probably most secure method but also costly, why pay 7% of your $500 just to send money? Wait another week, send it via snail mail and it'll cost you $10 max including postage.

I have customers who send these overseas all the time and usually (90% of the time) there are no problems.
 
Here's Bank of America's FX (Foreign Exchange) website. Although you'll be sending USD (US Dollars), it still has some helpful information.

If you decide to send the USD 500.00 via snail mail, make sure to get the recipients full name, address and phone number so your bank can type this info onto the International Money Order or FX draft/check.
 
Thanks RossMAN 🙂
Btw, do you happen to know how much does international money order cost?
 


<< Thanks RossMAN 🙂
Btw, do you happen to know how much does international money order cost? >>



Read my post above, notice where I said:
International Money Order ($3)

Banks vary on their fees, but $3-$5 would be the norm. A LOT cheaper than sending a Wire Transfer.

Also another good idea to keep records, send it with some sort of delivery notification and ALWAYS make copies of what you send just in case it didn't get there you may be able to initiate a 'tracer' with BOFA and possibly a stop payment.
 
If I send by international money order, do the recipient need to pay any fee to cash it?
 
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