Sending cash to another country can be surprisingly frustrating…and expensive.
But sometimes it's necessary to send money to another country to fund a trading account, pay a MT5 programmer, buy trading equipment, or pay a trading mentor.
If that's the case, then these services can save you some time and headache. They are the very best services that I've found to send money to people internationally.
Transferwise
PayPal and Venmo work well enough in the US, but you never know what the restrictions will be when sending money to another country. They are constantly changing.
A friend told me about Transferwise in 2019 and I've been using them ever since.
They are a great alternative to money wires and other clunky services. I don't know about you, but I can only remember one time (out of about 10 transactions), when I was able to send a money wire on the first try. Ridiculous.
Transferwise fees are minimal and your payment gets there quickly. You can withdraw from different sources like a debit card, credit card or bank account.
Perfect for sending money to friends/family/business partners, paying for products/services or funding your next trading account.
Use this link to get your first transfer for free.
Bitcoin
Alright, this isn't technically a service, but it is a cheap and easy way to send money to anyone in the world. I've purchased a few items online with Bitcoin and it works perfectly.
There are a couple of potential issues with using Bitcoin however.
First, there is a bit of technical know-how required. Not everyone knows how to send and receive Bitcoin. It's not difficult, but it's not a mainstream thing yet.
The easiest way that I've found to send, receive and store Bitcoin is to use a Ledger device. I have one and I love it.
They look like USB memory sticks, but they are anything but. These super-secure, specialized devices are called hardware wallets and they store your cryptocurrency.
You can think of them as mini banks.
Even if you lose your hardware wallet, you can still retrieve your crypto if you keep your pass phrases stored in a safe place.
Second, all transactions are final with Bitcoin. With credit cards, you can call the credit card company and they will cancel a fraudulent transaction.
There's no such safeguard with Bitcoin. So you have to be sure that you're dealing with a reputable company (or person) that will refund your money if there is a problem. Otherwise, your money is gone.
However, this is a huge benefit when you are receiving money. The person sending you the money cannot cancel the transaction. This eliminates clawbacks and other types of fraud that are common with credit cards.
So if you want to dip your toes into the Bitcoin waters I would recommend using a Ledger to store your virtual cash.
Also sign up for Coinbase, they make it easy to purchase Bitcoin. Get $10 of free Bitcoin when you sign up for Coinbase via this link.
If you are tired of the banks and large corporations telling you where you can send your money, then cryptocurrencies like Bitcoin are a perfect way to take back control of your cash.
Read this beginner's guide if you don't understand how cryptocurrencies work.
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