Table of Contents:
- What’s the best way to send money abroad?
- Main methods for sending international money transfers
- Retorna: Your ally for sending money to Latin America
- Key factors to consider before sending money
- Common mistakes when sending money abroad
- Frequently asked questions about international transfers
- Conclusion: Choose the best option for you
What’s the best way to send money abroad?
The best way to send money internationally depends on several key factors: the destination country, the amount you want to send, how urgently you need the money to arrive, and of course, the fees and exchange rate offered. Thanks to technological advancements, you now have a variety of options, including innovative digital platforms, traditional banks, or services specialized in international transfers. The key is finding the right balance for your specific needs.
Pro tip: Always look for options with a low total cost (fees + exchange rate), high transaction security, and fast delivery times.
Main methods for sending international money transfers
Here are the most commonly used and reliable ways to send money outside your country:
- International bank transfers
- A traditional and widely used method, generally considered safe.
- However, they often come with higher fees and less favorable exchange rates.
- Processing time can range from 1 to 5 business days.
- Requires detailed information such as the recipient bank's SWIFT/BIC code and international account number (IBAN, if applicable).
- Digital platforms (Fintech)
- Innovative services operating fully online or through mobile apps, offering a modern and efficient alternative.
- Known for low fees and more competitive, transparent exchange rates.
- Fully digital, fast processes that can be done from the comfort of your home.
- Many platforms can deliver money within minutes or hours.
- Money transfer companies (Remittance services)
- Companies like Western Union or MoneyGram have a long track record.
- Allow recipients to pick up cash, which is helpful if they don’t have a bank account.
- Have a vast agent network in over 200 countries.
- Fees can be higher, especially for small amounts or urgent deliveries.
- Cryptocurrencies
- Offer near-instant transfers and, in theory, no direct banking intermediaries.
- A viable option for those familiar with blockchain technology and digital wallets.
- Requires caution due to market volatility and the need for both sender and receiver to understand how to use the tools involved.
Retorna: Your ally for sending money to Latin America
Among digital platforms, Retorna stands out as a solution specifically designed to make money transfers easier from Chile, Colombia, Peru, and the European Union to various destinations in Latin America, including Venezuela, Colombia, and others.
- Regional focus: They understand the specific needs of Latin American users.
- Competitive and transparent rates: They aim to offer the best possible exchange rate with no hidden fees, so your loved ones receive more.
- Speed and security: Technology ensures that your money arrives safely and quickly.
- 100% digital process: Send money easily through their app, anytime and from anywhere.
- Trustworthy: Retorna is committed to keeping your transactions and data secure.
If you’re looking for an efficient, affordable, and reliable way to send money to family and friends in Latin America, Retorna is an excellent option to consider.
Key factors to consider before sending money
Before choosing a service, keep these essential aspects in mind to make the best decision:
- Exchange rate: Not all companies offer the real market rate. Many add a markup that acts as a hidden fee. Always compare the final amount the recipient will get.
- Fees: Check all charges. Some may be fixed, others a percentage of the amount sent, and there may be extra fees for faster service or specific delivery methods. Platforms like Retorna prioritize transparency in this regard.
- Transfer speed: Is the money needed urgently? Digital platforms can deliver funds within minutes or hours, while bank transfers may take several days.
- Delivery method: How does the recipient need to receive the money? Options include bank deposits, cash pickups, mobile wallets, etc.
- Security and regulation: Choose services that are regulated by competent financial authorities and follow strong security practices to protect your data and funds.
- Sending limits: Check if there are minimum or maximum amounts you can send.
- Customer support: Reliable support is crucial if any issues arise.
Common mistakes when sending money abroad
Avoid these errors that can cost you time and money:
- Not comparing options: Choosing the first service you find without researching alternatives can lead to higher costs.
- Forgetting to check the real exchange rate: Focus not just on fees but also on the exchange rate being applied.
- Using insecure public Wi-Fi: Only make financial transfers over secure, private internet connections.
- Entering incorrect recipient information: Mistakes in the name, account number, or address can lead to delays or lost money. Double-check everything.
- Not reviewing cancellation or refund policies: Understand what happens if you need to cancel the transfer or if there’s a problem.
Frequently asked questions about international transfers
❓ How long does it take for the money to arrive?
It depends on the method and destination. Digital platforms like Retorna are typically the fastest, delivering funds in minutes or a few hours. Traditional bank transfers can take 1 to 5 business days.
❓ Is it safe to send money online?
Yes, as long as you use regulated, reputable platforms with strong security protocols. Companies like Retorna invest in technology to protect your transactions.
❓ Can I send money if the recipient doesn’t have a bank account?
Yes. Some services like Retorna offer cash pickup options. Many digital platforms also support mobile wallets that don’t require a traditional bank account.
❓ What information do I need for an international transfer?
Typically, you’ll need:
- Recipient’s full name as shown on their ID
- Bank account number and type (if applicable)
- Recipient’s bank name and address
- Bank’s SWIFT/BIC code (for traditional bank transfers)
- Recipient’s country and full address
- In some cases, the reason for the transfer
Platforms like Retorna aim to simplify this process as much as possible.
Conclusion: Choose the best option for you
Knowing how to send money abroad safely and affordably is essential in today’s connected world. The key is to research, compare, and understand your specific needs. Whether you prioritize cost, speed, convenience, or a specific delivery method, there’s a solution that fits you.
For transfers within Latin America, specialized platforms like Retorna offer a compelling mix of competitive rates, fast service, and a simple digital process tailored to regional needs.
Quick summary:
- For maximum savings and speed, especially in Latin America: Try digital platforms like Retorna, which often offer better exchange rates and lower fees.
- If you prefer institutional reliability and don’t need fast delivery: Bank transfers are a good, though more expensive, option.
- If the recipient doesn’t have a bank account and needs cash: Money transfer services with physical locations are a solid choice.
👉 Always make an informed comparison before each transfer to ensure your money gets to your loved ones quickly, securely, and at the lowest possible cost.
