Paysend Money Transfer: Review & Comprehensive Guide

Growth in digital remittances can be a game-changer in international remittances, mainly in terms of reducing the cost of global money transfer, increasing accessibility, and being more customer-centric. In the case of Nepal, which is one of the highest recipients of remittances in the world, youth are leading the mobile and digital revolution in the country. 50% of the users of eSewa, Nepal's most prominent digital wallet, are between the age of 18 to 30 years. With eSewa, users can make various payments such as pay utility bills, pay internal bills, recharge phones, book airline, and bus tickets, scan and pay to merchants, make a bank transfer (from eSewa to a bank account), and so on. There are also cashback and reward points upon registration. Established in the year 2019, eSewa Money Transfer is affiliated with F1Soft Group. With 15 million users (almost half of the country's population), F1Soft has been the leading fintech company in Nepal since 2004. eSewa is licensed by Nepal Rastra Bank under foreign exchange regulation, so it is a safe and highly regulated mode of money transfer. It offers traditional brick-and-mortar and agent-based remittance services along with the non-traditional digital modes of remittance.Money Transfer Services from the U.S. to Nepal with eSewa eSewa is partnered with various leading money transfer companies such as MoneyGram, WorldRemit, Remitly, Skrill Money Transfer, TerraPay, WireBarley, enabling customers from the U.S. to send money to friends and family in Nepal directly into the recipient's bank account or eSewa wallet.The account deposit service is available in more than 65 banks in Nepal. With more than 4.2 million registered eSewa wallet users, the addition of remittance service to eSewa wallet will provide a boost in remittance inflow to Nepal.Remittances to Nepal constitute a major portion of the country's foreign exchange reserve, surpassing both the official development assistance and the total foreign direct investment. In 2019, Nepali migrant workers sent home $8.64 billion which constituted 25.4% of the country's GDP. Sending Large Amount of Money from the U.S. to NepalThe U.S. to Nepal money transfer corridor is a thriving one, with many money transfer operators competing for business. Here are the top 5 money transfer service providers from the U.S. to Nepal.XoomPayPal-owned Xoom, a leading digital money transfer provider is one of the fastest, secure and convenient ways to send money from the U.S. to Nepal. The Xoom mobile app or website allows users in the U.S. to send money in an instant to friends and family in Nepal using their U.S. bank account, debit card, or credit card. Xoom has partnered with major banks in Nepal - Everest Bank Ltd., Nabil Bank, Himalayan Bank, Nepal SBI Bank, and others offering instant bank deposits. The money can be transferred to a bank account or picked up from an agent location (from over 4000 cash pickup locations) in Nepal. The maximum transfer amount is $9,000 per transfer when using Xoom transfer. The transfer fee varies depending on the method. Bank transfers are usually free of cost. Fees for payments by card are percentage-based.Do keep in mind that a margin is added to the exchange rate when converting U.S. dollars (USD) into Nepalese rupees (NPR).Wise (formerly known as TransferWise)Wise (Ex-TransferWise) is a London-based financial technology company regulated by (Financial Conduct Authority) FCA in the UK. For online money transfers from the U.S. to Nepal, Wise is a secure, fast, and low-cost option. There are no hidden charges, no marked-up exchange rate. Wise gives you the interbank exchange rate for your transfers. You can pay by direct debit, bank transfer, debit card, or credit card. Bank debit or ACH is the cheapest followed by bank transfer. While payment via credit cards has more fees. Depending on the transfers, the money can be reached in one day or even within seconds. There are limits to how much you can send to Nepal. For larger transfers, Wise might ask you to provide your ID card. To initiate the transfer process, sign up online or in Wise's app for free.WorldRemitWith WorldRemit, Nepalese immigrants in the U.S. can send money online to recipients in Nepal. The money can be received via cash pickup, bank deposits, mobile money, and even airtime top-up.The cask can be pick-up from thousands of Samsara, NIC Asia, and Citizen Bank locations within minutes. The bank transfer may take 1 business day.You can send up to $5,000 per transfer with bank transfer and up to NPR 300,000 with the cash pick-up option. A maximum amount of NPR 1,000,000 can be sent in a day. The transfer fee will depend on the transfer amount. WorldRemit adds a margin to the exchange rate.Muncha Money TransferMuncha money transfer lets you send money to Nepal from all the 50 states in the U.S. It is a preferred choice for many NRN (Non-resident Nepalese) as an online payment gateway. Muncha Money Money Transfer and ThamelRemit are popular ways of sending money.An individual with a U.S. bank account can transfer money to the recipient's bank account in Nepal. It takes about 48 hours to complete the transfer. It is licensed by Nepal Rastra Bank, so your money is safe and protected. It offers ACH transfer and can send up to $10,000 per transaction from the U.S. to Nepal. The first transaction is free for all customers.ThamelRemitThamelRemit is an online money transfer platform for sending money from the U.S. to Nepal. It is trusted by more than 50,000 Nepalese in the U.S.The platform is supported by Siddhartha Bank Ltd., one of the fast-emerging banks in Nepal, and is powered by MachNet.The transfer is carried out via ACH where money is directly debited in USD from your bank account in the U.S. and transferred to the recipient's bank account in Nepal in NPR. There is no charge or bank processing fee within Kathmandu Valley.Outside Kathmandu Valley, there may be a bank processing fee that is deducted from the recipient's bank account as per the particular bank's rules and regulations.  The exchange rates offered are highly competitive and fees are affordable. You can send up to $10,000 per transaction and get the money deposited into the destination account in 48 hours.TakeawayThanks to the increasing number of users of digital payment platforms like eSewa and others, the cashless transaction is becoming a reality in Nepal.The above list is not an exhaustive list of all the services available to send money from the U.S. to Nepal. It can be difficult to choose one from a plethora of options. Before you make the transfer, compare the money transfer service providers to get the best value for your money while sending money from the U.S. to Nepal.Nepalese living abroad prefer to send remittances directly through mobile banking, internet banking, or digital wallet. It offers ease of use, convenience, lower cost, and a competitive marketplace of the money transfer industry that gives better service and better exchange rates.

An international wire transfer is the best option if you ever want to send or receive big sums of money over an international border fast. Due to their high transfer limits, they are frequently used to make large payments like paying business invoices or sending money to family members who live abroad.You most likely would have looked up wire transfer limits imposed by your bank, money transfer service providers, or any other central agencies like the IRS (Internal Revenue Service).In this article, we cover what is a wire transfer, the wire transfer limits placed by major U.S. banks and money transfer companies that offer high transmit limits on international money transfers, and other topics. What Is a Wire Transfer?Wire transfer is an electronic transfer of funds from one bank account to another bank account. There is no physical exchange of funds. The sender provides all the instructions for the transfer, which include the recipient’s name, bank, account number, and routing number to carry out the process of wire transfers.It can be done in person or online, which is often the most convenient. Wire transfers are commonly used for both domestic and international transfers. In an international wire transfer, there is an electronic transfer of funds from one country’s bank account to another country’s bank account.How To Do A Wire Transfer?The Society for Worldwide Interbank Financial (SWIFT) handles the majority of international wire transactions using a SWIFT or BIC (Bank Identifier Code).Banks send and receive messages using the SWIFT messaging system to coordinate international money transfers. The SWIFT network consists of around 11,000 member banks across 200 countries and territories.Read more on how SWIFT Code works. For international wire transfers, the following information is generally needed:Recipient’s name and address Recipient’s bank name and addressSWIFT or BIC code Wire transfers are not limited to banks. Non-bank money transfer provider also provides international wire transfers to individuals. Such as Wise, Revolut, XE money transfers, etc. Wire Transfer FeeAlthough conventional banks are frequently used to send money abroad, it is not recommended. Money transfer specialists offer superior service with better exchange rates, quicker transfer times, reduced fees, and greater convenience.To generate a profit, the banks add a margin of 3-5% on top of the real exchange rate (rates on Google). Fees can also range depending on exchange rates. It can range from $10 to $50. Some banks can charge a fee for receiving international money transfers. Typically, both the sending and the receiving banks may charge a fee for wire transfers.Additionally, if a third-party bank acts as an intermediary in a bank wire transfer between the sender's bank and the recipient's bank, the third-party bank will charge a fee. The cost can increase if there are more intermediary banks involved in a single transaction.Is There A Wire Transfer Limit?The IRS does not impose any transfer limits on international transfers but there are reporting requirements for transfers of $10,000 or more and for individual payments made over a short period of time that add up to exceed $10,000.The banks or money transfer businesses, not the person making the transfer requests, are required to meet the reporting requirement.However, banks and money transfer companies will have their wire transfer limits and requirements that you must abide by.U.S. Banks Wire Transfer LimitsMany major banks in the US impose a per-day or per-transaction wire transfer limit.The maximum amount you can send ultimately relies on the type of bank account you have and the specifics of your payment, such as the currency and the country you are sending your money to. For example, the Bank of America wire transfer limit for online transfers is $1000 per transaction for personal account holders and $5,000 per transaction for business account holders. The international wire transfer limit for in-branch transfers will be higher depending on your account type. Chase Bank's wire transfer limit is set at $100,000 for individuals but offers higher limits for businesses on request. It can vary depending on the account type. Generally, Chase Private Client and Chase Sapphire account holders have the highest limits. Wells Fargo wire transfer limit through Wells Fargo ExpressSend Service will vary depending on the destination country, the payout method, and the specific bank or transfer provider selected. The maximum transfer limit is $5,000. The online transfer limit is set by account type, but you can raise it on request by contacting them and providing further details if required. The Charles Schwab international wire transfer limit is $100,000 per day. How Long Does Wire Transfer Take?Wire transfers typically happen on the same day. The money transfer happens immediately since it is being done manually and is being watched over by bank employees.Domestic wire transfers are handled the same day and are finished in a short period of time.International wire transfers are fast ways to send money which typically take 1 to 5 business days (depending on the recipient's location and other factors).Since they must be processed to maintain legality and adhere to compliance regulations, they are not instantaneous. The verification process and security checks are time-consuming.  ACH Vs Wire TransfersBoth ACH transfers and wire transfers are used to transfer money between bank accounts. However, there are significant distinctions between the two methods of money transfer.ACH transfers take place through the Automated Clearing House Network. The Automated Clearing House Network is a system for sending money electronically between bank accounts all throughout the United States.ACH transfers are often utilized for domestic transfers. However, international ACH transfers are starting to gain popularity. Remember that not all US banks provide international ACH transfers.The amount you can send using the ACH network in a day, a single transaction, or a month is limited Depending on the bank, it may differ, but often it's $25,000. Some banks may have a relatively low restriction of $2,000 or may allow up to $10,000 each month. For many people and businesses who need to transfer bigger amounts of money abroad, this can be a problem.This is where wire transfers are advantageous, as the transfer limit is way higher than ACH transfers for international money transfers.Domestic ACH transfers can be quick. An international ACH transfer can take several business days to complete. Typically longer than most wire transfers. Whereas domestic wire transfers are executed virtually quickly.The ability to automate bill payments and other routine monthly expenses is a great way to use ACH transfers to save time and money. They are usually free or very low cost. Hence, they are much cheaper than wire transfers.With wire transfers, you have to be careful because once it is initiated, it is difficult to reverse the process.  You might not get your money back if you sent it to the wrong person or make a mistake in the recipient’s details.Money Transfer Providers Wire Transfer LimitsThe good news is that banks are not the only option for sending money overseas. Most often, money transfer specialists can transfer your money faster, with lower transaction fees and a better exchange rate than regular banks.You can do wire transfers online or in their money transfer apps conveniently from anywhere and at any time.Learn more about the best money transfer apps. Similar to banks, money transfer providers have their transfer limits.Here are the wire transfer limits of some popular international money transfer service providers.Money Transfer ProvidersWire Transfer Limits Wise$1 million per local transaction. You can make multiple transfers throughout the same day. $1.6 million per SWIFT transfer. Limits can vary depending on the currencies you send to and from and the payment method.XE Money Transfer You can transfer up to $500,000 or currency equivalent for online transfers only. No transfer fees $500 and above.Revolut No limits to the transfer amount for most currencies.  There is a limit of 1 million Japanese Yen (JPY) equivalent per transfer to Japan. RemitlyYou can send up to $60,000 after providing additional information. The limit will vary based on the payout method or destination country.Western UnionThe transfer limit for unverified accounts is $3,000 and for verified accounts is $50,000.InstaremMaximum transfer limit up to $1 millionPaysendSend up to $10,000 per month upon providing additional information                                    TakeawayInternational wire transfers are the easiest option for sending large sums of money. Fortunately, there are a plethora of options for your every transfer needs. So, the best transfer type will vary depending on your needs. Compare your options before you send. While choosing your bank for international wire transfers for a larger amount may seem convenient and easy, but several money transfer specialists provide the same benefits with much lower fees and better exchange rates and are best suited for individuals looking for the service. 

Moving money across international borders is easier and efficient in today's hyperconnected world of mobile apps, social media, and evermore advancing technology.There are banks, money transfer companies, payment apps, and foreign exchange brokers that will easily transfer your money abroad without much hassle. Although there are differences in terms of costs, exchange rates, speed, complexity, and other factors with the various transfer methods. We will discuss the options to help you decide the best way to transfer money from the U.S. to the U.K.Sending Money To The U.K. From The U.S. Through A BankBefore the emergence of numerous third-parties money transfer service providers, banks predominantly used to transfer money domestically and internationally. International money transfers between banks rely on the SWIFT system.The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network provides secure financial messaging through a system of international banks to carry out international wire transfers from one to another. The network spans across 200+ countries and territories and comprises more than 11,000 banks around the world. Essentially, two banks exchange money transfer information via the SWIFT network. If the two banks don't have a relationship, an intermediary bank facilitates the communication process to make the transfer. Read more on Banks Vs Online Money Transfer Companies.Banks Fees To Transfer Money To The U.K. From The U.S.SWIFT is an expensive option. There are several fees associated with this method such as those charged by the sender and recipient banks and additional fees charged by the intermediary banks. International wire fees charged by four major US banks:Bank of America $45JP Morgan Chase $45 branch, $40 onlineCitibank $25Wells Fargo$30-$45The fees can add up if you are transferring money regularly or need to send a large sum over several payments. Also, sending a small sum via banks can be uneconomical because of their sizable fees. There are money transfer companies best suited for small transfers.For example, London-based online money transfer company Wise charges a small flat fee of 4.77 USD + 0.43% of the amount converted. The fees can vary depending on how you pay for the transfer. Payment via debit card or credit card has a slightly higher fee than payment via bank account. But it is always cheaper than banks.Exchange Rates Banks and most money transfer companies set their exchange rates. The exchange rate margin charged by banks is usually around 4-6% above the mid-market rate (the real exchange rates on Google).Money transfer specialists tend to offer better exchange rates than banks. This comes as no surprise as banks have more operating costs and will find it harder to compete with dedicated money transfer specialists. Also, many online money transfer providers such as Wise do not apply any markup to the mid-market rate. Wise is marketed to be 8x cheaper than most high-street banks.Being able to secure a USD to GBP or GBP to the USD exchange rate at a desirable level before you make your transfer from the U.S. to the U.K. is an advantage. The GBP to USD or USD to GBP rate, though not a fee, can be the most cost of your transfer. For very large amounts to transfer money to the U.K. at regular intervals, using a foreign exchange broker will fetch you the best exchange rates.To get the best exchange rates, look for competitive rates by comparing rates offered by service providers and then time your transfer when the USD to GBP rates are at a favorable level. Set alerts for USD to GBP or GBP to USD rates.Transfer SpeedBanks typically take 3-5 business days to deliver the money to your recipient. Things like daily working hours, weekends, public holidays, and different time zones can impact the overall transfer speed.In contrast, money transfer companies offer faster delivery services. It can be almost instant, same-day delivery, and within 24 hours depending on the payment method and how the money is received. It rarely takes as long as banks, mainly because there are no middlemen with these specialists. Transfer Money To the U.K. With An Online Money Transfer CompanyThere are plenty of money transfer companies to choose from to send money from the U.S. to the U.K. These online money transfer companies also leverage mobile technology by developing their money transfer apps with various features that are easy-to-use, equally reliable, making the money transfer process faster, more transparent, cheaper, super convenient and accessible anywhere and anytime. With so many choices, it can sometimes be overwhelming to narrow down to one choice. To help you decide, we have put together the top money transfer companies on the market to send money from the U.S. to the U.K.XEXE money transfer offers a quick, cost-effective way to securely send money to the U.K. from the U.S.A. It is rated 4.4/5 stars with over 50,000 reviews on Trustpilot. Currently, it offers money transfers to 130+ countries in 60+ currencies for individuals and businesses.The service is accessible on the Xe site and XE mobile app. With the app, you can check live currency rates, currency charts, U.K. money transfer tracking, set notifications, and set alerts for any chosen currency pairs. They also offer tools such as forward contracts, market orders, and currency data APIs. XE wire transfers are great for large bank-to-bank transfers and are completed within 1-4 business days, though most transfers arrive within 24 hours. There is no minimum transfer. You can pay by direct debit, bank transfer, credit card, or debit card. You can transfer up to $500,000 (or your currency equivalent) online. For larger transfers than this, reach out to the Xe currency expert to help you set up the transfer. RevolutIt is safe to send money with Revolut, the popular digital-only bank based in London. Banking services are offered by Metropolitan Commercial Bank, Member FDIC. You can save money with Revolut when sending money abroad. Revolut offers great exchange rates and low fees. Transfer to a bank account or another Revolut customer is free. Payment methods can affect the delivery time. Payments to other Revolut users and card payments are instant. Depending on the country of the recipient, the international money transfer can take up to 3-to-5 business days.Send money with Revolut in 30+ currencies to 100+ countries. The fees are low and always upfront. You can get 10 free international transfers every month. Download the Revolut app on your Android or iPhone mobile device and sign up. Then add money into your account using your card or a bank account. Choose your transfer amount, your currency, and the destination country. Add the recipient details- phone number, full name, bank account number, and BIC/SWIFT number. WiseWise is one of the cheapest ways to transfer money to the U.K. There are no hidden fees and the money is converted using the mid-market rate. So, the fees are low, transparent, and fair with your every transfer. It is available in 59 countries and allows money transfer to more than 80 currencies. The Wise multi-currency account lets you hold 50+ currencies. Wise has 12 million users and counting worldwide. And a Trustpilot rating of 4.6/5 stars. Wise is regulated by the Financial Crimes Enforcement Network (FinCEN) in the U.S.A. So, your money is completely safe with Wise. Send money to the U.K. via the Wise site or Wise app and pay in USD with your debit card or credit card or with your bank account. The money gets delivered within 24 hours or on the same day or even within minutes, depending on how you pay for the transfer.Funding by bank account is the cheapest while it is slower than debit card or credit card payments. SkrillSkrill allows U.S. customers to make international money transfers to 18 different countries. The great thing about Skrill is that you can use your Skrill's digital wallet to send money to a bank account overseas for free. Skrill offers international money transfers to over 180 countries in 40 currencies to a bank account, mobile wallet, email address, and phone number.Knect, the Skrill Loyalty Program lets you earn points with nearly all your transactions. You can redeem those points with rewards and more. Signing up for a Skrill account is free. You can do it on the Skrill website or on the app. You can fund your transfer from your personal bank account or a debit or credit card, or local payments. For expats looking for low-cost digital money transfer services, Skrill Money Transfer is an alternative solution to other expensive options.InstaremInstarem is one of the low-cost international money transfer service providers to send money from the U.S.A. to the UK.Like Wise, the exchange rates are sourced from Google. The fees are upfront and there are no hidden charges. The exchange rates are very competitive. They apply a small margin on the rates and a nominal fee. Check Instarem's rates and fees anytime on their website calculator. Enter the transfer amount and select the send and receive countries to see the exchange rates and fees for the chosen pair of currency, in this case, USD to GBP.You can pay with a bank account, wire transfer, or debit/credit card.Sign up online or on the app using your email address or your Facebook or Google account and earn InstaPoints instantly.  You also can earn InstaPoints with every transfer and redeem these points in your next transfer.PandaRemitPandaRemit is an online money transfer service based in Hong Kong. It has now expanded to international markets including North America, Asia, and Europe, and offers remittance services to over 30 countries now.PandaRemit and its subsidiaries are regulated by the Australian Transaction Reports and Analysis Center (AUSTRAC).Your first transfer comes with zero fees and the recipient has the option to receive the money in multiple ways- a digital wallet, bank cards, or cash pick-up. The money is delivered as fast as 2 minutes. There are no hidden fees and exchange rates are competitive. They also offer a 100% money transfer guarantee or get your money back. You can fund your transfer via bank transfer or card payments. Bank transfers carry no charge. Sign up using your phone number or email address online or on the app to start sending money.PaysendPaysend is regulated by the Financial Conduct Authority in the U.K. So your money is safe and protected. Paysend delivers money to 150+ countries worldwide. Paysend is the first Fintech company to introduce global cards to card transfers connecting 12 billion cards issued by Mastercard, Visa, China Union Pay, and local card schemes. Paysend provides 40+ payment methods for online SMEs and serves 17,000 SMEsOne of the best ways to send money to the U.K from the U.S. is using Paysend which is offering fee-free transfers to bank accounts until June 1, 2022. You can transfer online to Visa, Mastercard, or bank accounts. The fee for sending GBP directly to Visa or Mastercard cards is just $2. There is no fee for direct transfers to bank accounts till June 1. The money is transferred on the same day.The exchange rates are shown upfront before you make your transfer. Sign up online or get the Paysend app on the App Store, Google Play, or AppGallery to send money today. ConclusionAs you can see, there are multiple options at your disposal when sending money from the U.S. to the U.K. Selecting a money transfer company to send money abroad requires research and comparing the service providers to find the best way to send money to the U.K. based on your transfer needs.International money transfer continues to evolve with new emerging technologies. The newest innovation is the bitcoin or cryptocurrencies that have the potential to change the money transfer landscape in the coming future once adopted on a large scale.