A few months ago, I realized that I desperately needed a loan to make ends meet. I thought long and hard about different ways to make a little extra cash, but borrowing was my only real option. I decided to work with a lender in my area to borrow money, and then afterwards, I devised a plan to pay it all back before I paid very much interest. It was difficult to learn to budget, but the results were well worth the effort. I was able to pay back the debt and set aside a little for a rainy day. Check out this blog to learn more about creating a budget to repay debt.
Because of technology, sending money across international borders is now easier than ever before, and along with the ease of transferring funds has come a wide variety of options to accomplish it. Which option is best often depends upon the capabilities of both the sender and receiver of the funds. The following are three of the most popular ways money is being sent from the United States to South America.
Transferring cash to cash
This is the oldest method of sending money from one place to another, and is still popular when sending money to foreign countries, especially countries in Latin America. Basically, you walk into a business establishment that offers this money service and fill out the necessary information. You pay cash, and the money can then be picked up at a specified location by the person you want to receive the cash. The only thing the recipient needs is identification. The great advantage to this counter to counter type of money transfer is neither the sender nor the receiver of the funds are required to have any type of account, especially a bank account.
Transferring funds using bank accounts
Transferring money from your bank directly to another person's bank account is one of the safest ways to transfer money. In addition, because the money arrives in a bank account, the recipient will have immediate access to the funds. However, the recipient will obviously need to have a bank account, and also need to have one that can receive money from the United States. Another issue with bank account transfers is the delays in receiving money. The length of time it takes for the transfer to be completed is dependent upon the specific bank transferring the money as well as the bank that is receiving the money.
Transferring funds using an online payment service
Aggregate payment services have been around for many years when they came into favor with online shoppers. When using a service like this, the money can be transferred almost immediately, and there is no fee associated with sending or receiving the money. There are, however, two drawbacks. The first is that both parties need to have an account. The second is that the recipient will still need to have a method of accessing the money. This can often be solved with a debit card that is tied to the recipient's payment services account.
As you can tell, there are several ways to transfer money to Brazil, Argentina, Chile and other South American countries. The key to making it easy is in understanding what options are available to you, as well as the financial capabilities the recipient has.