What is the fee for sending money to US? How to send money to US more cheaply ?

With the continuous development of economic globalization, overseas trade cooperation and personnel exchanges are becoming more and more frequent, which promotes the development of cross-border remittance business. How to remit money to the US at low cost has become the focus of attention, and the remittance fee has naturally become the focus of people’s attention, especially in the process of remittance to the US, whether the fee is reasonable has always been a concern for everyone.

This article will introduce some methods and fees for transferring money to the US, help you compare the relevant fees, and introduce a more economical and convenient way of transferring money.

The basic process of transferring money to the US

1.Fill in the remittance form: The remitter needs to fill in the recipient’s name, address, US bank account number and other information, and fill in their own name, address, phone number and other personal information.

2.Choose the remittance method: The remitter can choose telegraphic transfer, postal remittance, bank promissory note and other methods for remittance.

3.Payment of remittance fees: The remitter needs to pay the corresponding remittance handling fee according to the actual remittance amount.

4.Confirm the remittance information: After confirming that the information filled in and the fees paid are correct, the remitter needs to check the remittance information again to ensure accuracy.

5.Initiating a remittance: After confirming that the information is correct, the sender can proceed with the remittance and transfer the funds to the recipient’s account.

Method and cost of remittance to US

Bank telegraphic transfer

Telegraphic transfer is a way for the sender to remit money to the recipient’s bank account in the US through the bank. It has a fast remittance speed, large remittance amount, and relatively high fees.

The handling fee for bank telegraphic transfer usually depends on the bank’s pricing policy and may include fixed fees and percentage fees. For example, remittances made through banks may be charged a fixed fee plus a certain percentage of the transfer amount.

More convenient economic remittance methods

In addition to the traditional remittance methods mentioned above, you can also consider using some remittance tools to achieve more convenient and low-cost remittance. Here are several ways to choose according to your own needs.

Wise

Wise, as a popular remittance method, is also a recommended remittance platform that not only saves costs but also improves efficiency. It has the following main features:

Low handling fee: The handling fee is lower than other remittance platforms on the market, using intermediary exchange rates, and there are no hidden fees.

Fast remittance: Using a remittance network different from traditional telegraphic transfer SWIFT, 80% of remittances can be received within 24 hours, and 35% of remittances can receive funds immediately.

Remittance limit: If you want to make a large amount of remittance, you need to submit a separate application to Wise, which is more suitable for small transfers.

Limited coverage: Although the transfer system covers the most popular currencies in major regions and markets around the world, it is still a bit inconvenient for business owners dealing with smaller markets or emerging economies.

BiyaPay

BiyaPay, as an innovative remittance tool, supports real-time exchange rate inquiry and exchange of more than 20 legal currencies and more than 200 digital currencies, providing a more convenient and efficient solution.

Low fees: remittance fees are as low as 0.5%, much lower than traditional methods and competitors

Local transfer method: integrates local transfer methods in most regions, which can achieve zero cost in the intermediate process of bank remittance.

Unlimited amount: Support overseas remittances in most countries or regions around the world, with no limit on the remittance amount.

Instant arrival: It can achieve instant arrival, whether it is an emergency payment or a regular payment, BiyaPay can provide efficient service.

Summary

With the increasing demand for remittances, we need to pay attention to comparing multiple remittance methods when conducting remittance business. We should not only pay attention to the remittance fees, but also consider various factors such as exchange rates in order to reduce remittance costs and choose more efficient, convenient, and economical remittance methods.