Consider using TransferWise, If you’re looking to send funds to Asia. Banks and traditional providers frequently have hidden additional costs by marking up the exchange rate. TransferWise always converts your funds at the mid-market rate, making them up to 8X cheaper than banks.
How to send funds To Asia From USA Banks
Bank Transfer-The most used system of transferring funds is to send them from your US bank into your Asian account.
Send the Money Via Paypal
You can transfer funds from a PayPal account in the USA to a PayPal account in Asia. It’s also possible to transfer finances directly to an Asian bank account from a US PayPal account.
- Transfer funds into your US Paypal account from your US bank account.
- Transfer the funds from the US Paypal account to your global one.
- Transfer the funds from your global Paypal account to your Asian bank account.
Fees vary depending on whether you use a PayPal to PayPal system or if you transfer directly to an Asian bank account. However, for illustration, if you transfer finances to a PayPal account in Asia, you will be forced to pay $2.9 for the transaction costs.
Use A 3rd Party Line Transfer Agency to Transferwise
Agencies like MoneyGram, TransferMate, and Western Union offer no-fuss line transfers to Asia, for a price.
Rather than transferring to your bank account, these services transfer cash;
- Add your cash and destination details (receiver’s name, ID number, login credentials).
- Go to the agent in Asia (this could be a bank, post office, or store).
- Fill out a form and tell them your logins and ID to get the cash.
- They will give you foreign currency. Change the foreign currency into Asian currency.
As you can see this process requires a transfer charge ( affordable) to be paid to the agent and an amount to the bank to change your funds into regional Asian money, but it’ll get funds to you in Asia within about 24 hours as long as you can find a place where they offer the service.
Use an International Credit Card
Credit cards will work just okay in most restaurants and large stores in Asia.
There may be a charge for using foreign cards, but these days it’s possible to get special cards just for use abroad that offer free operation and low-interest rates. However, this type of card may also help you If you know that you are going to be traveling to Asia or away abroad for any period. Ask your bank for details.
Buy Travellers ‘Cheques
Traveler’s cheques are the safest, but they take some time to exchange.
You will need to go to a bank, presumably on a weekday or a Saturday morning along with your passport. Most staff in large municipalities and metropolises speak a little English and will understand what a traveler’s check is and what you want to do. You may need to change the cash they give you into regional Asian currency, which will incur a cost, but overall they are safest and can be replaced if lost or stolen.
Away from the exchange rate, and the fact that you will presumably need to stay in line for a while, traveler’s cheques are a cheap way of getting plutocrats into Asia.
Take away
There are numerous ways to transfer funds from the USA to Asia. Banks can be accessible but might have high freights and uncompetitive exchange rates. Some enterprises offer fast cash deliveries but these come at a cost. A good option is to use TransferWise, which is quick, secure, and has great client service.
