Receiving Large Amounts of Money from Overseas: What to Do?

Every day, millions of people transfer money internationally, and there are also millions receiving large amounts of money from overseas. You may be a freelancer getting your payment from a foreign client or a college student getting money from your parents. The important thing is that international money transfer has never been more effortless.

People use a myriad of options to send or receive money from abroad. Banks are the most traditional, established service for international transfers. We’ve also seen how the instant transfer of digital wallets has caused their popularity to surge in the last decade. Then, there are money transfer exchanges representing a balanced way that appears to be the best all-around method.

In this article, here we’ll review the options for receiving large amounts of money from overseas.

Bank Transfers

The sender can directly transfer the money through the bank into your account. They have to provide their personal details, account number, and IBAN/SWIFT. Then, once the bank goes through the paperwork and confirms the information, the transfer is made.

However, more and more people have moved away from banks and gravitated towards other options. The reason? Banks are expensive! They charge hefty fees/margins and offer unfair exchange rates for currency conversion.

Of course, it also goes without saying they take forever to send money to a foreign country. Despite all of this, their security still guarantees them a seat at the top of the list.

Digital Wallets

Many mobile or digital wallets like PayPal and Skrill have established themselves as viable money transfer options in the last decade. Their rise to popularity has reached a point where most websites have included them as a payment method. After all, why shouldn’t they be? You can instantly transfer funds to another part of the world with a push of a button.

Today, PayPal is the most popular payment method in freelancer platforms. Freelancers, by nature, work with clients all over the world, and PayPal seems to be a fast, hassle-free way for compensation.

However, there are some trade-offs. First, PayPal charges both the sender and receiver 4% of the total amount. We’ve seen the entire 8% deducted from the receiver’s payment in many arrangements. Second, Paypal puts severe limitations on the transfer volume, frequency and is super sensitive about suspicious activities.

Money Transfer Services

The biggest selling point for International money transfer services is that they are far cheaper than banks. Unlike banks, they offer competitive fees and provide far better exchange rates. Plus, the sender doesn’t have to go through endless paperwork to make a simple transfer.

Of course, they’re not faster than PayPal. But, they don’t impose exorbitant fees and aren’t as strict, making them the safest option for sending/receiving large amounts of money from overseas.

Bottom Line

Whether you’re continuously working with foreign clients or occasionally receive money from overseas, you need a reliable option. Even if you’re not making the transfer, you can still select a top-rated money transfer service and save a lot when receiving large amounts of money from overseas.

However, you need to be careful to choose transparent fees, comprehensive coverage, and superior security. Lycaremit fits this description exactly with its competitive, transparent fees, sensible rates, and super-secure RSA 256-bit encryption technology. So, what’s holding you back? We’re ready and waiting for you to reach out to us. Let Lycaremit safely and securely manage all of your international transfers!

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