Send Money To USA

Ways to Send Money to the United States

With a nominal GDP of $19.39 trillion (2017 est), the U.S. has retained top position as the world’s largest and most developed economy since 1871. It has a well developed financial system comprising financial intermediaries and financial middlemen.

There are several options when sending money to your family, relatives, and friends in the U.S. You can opt for international wire transfers, online money transfer services, international checks or even money orders.

Bank Wire Transfers

The U.S. banking system is the most extensive in the world. The number of FDIC-insured commercial banks in the country in 2017 was 4,909. Also, being the most banked society in the world, your loved ones can access money sent to them conveniently.

Most banks in the U.S. readily accept both international wire transfers denominated in the dollar and those denominated in foreign currency. That said, some banks may require different receiving information based on the originating currency.

Bank wire transfer charges largely depend on the location of the sending bank. International wire transfers typically take three to five days to complete a transaction. If your loved ones in the U.S. haven’t received any money after a week, contact the sending bank. As for the transaction charges, expect to pay anything between $30 and $50 per transaction.

Online Money Transfers

The increase in technology, mainly driven by the need for innovative, faster, and inexpensive ways to send money has seen online money transfers dominating the remittances space. Majority of the money transfer companies have their headquarters in the U.S. and trial their products there.

• Western Union -Denver, Colorado
• MoneyGram - Dallas, Texas
• Xoom - San Francisco, California
• Ria Money Transfer - Buena Park, California

Even for companies like WorldRemit and TransferWise that are elsewhere, their presence is all over the United States. The only limitation is the country you are in and the options available there.

Majority of online money transfer services only need you to sign up for an account and top it up using a debit or credit cards, bank transfer, or in-person cash deposit at a store.  

Most of the providers allow you to send from their websites, through downloadable mobile apps, or from physical stores. Western Union allows you to start the process online and complete it at a store convenient to you. MoneyGram has a SendBot you can use to send money on the Facebook messenger app.

Using online money transfer services, you can send to the U.S. through any of the following options.

• Transfer to Bank – Choose the bank option from the provider’s sending platform and transfer directly to the recipient's bank account.
• Cash Pickup – If the recipient is closer to a cash pickup location and they prefer to receive money this way, money transfer service providers such as Western Union, TransferWise, MoneyGram, Xoom, and WorldRemit can help you send.

Money Orders

The United States Postal Service accepts money orders from 27 countries. Many of those countries are in South and North America except for Japan. Money orders are still a secure, reliable, and convenient way of sending money.

International Check

Most banks in the U.S. accept international checks. That said, payment gets delayed until the bank presents the check to the foreign bank. Apart from the fees charged, this method of sending money may be subject to limits.

What’s Needed to Send Money to United States

When sending money to the United States, the provider you choose will largely determine the information to provide. Though circumstances may change especially, with many providers implementing the Know Your Customer (KYC) policies, you’ll still need the following information to send money to the U.S.

• Your government-issued photo I.D.
• Your credit card or debit card information if using this method to fund your transfers
• The recipient's name as indicated on their I.D. or passport document
• The recipient's address
• If sending to the recipient's bank, provide the bank name, account number, routing information, and branch.

Some banks in the U.S. may require specific information and declaration of the funds transferred. Ensure you find out from the recipient in advance to avoid giving incorrect information.

What Are the Ways of Receiving Money in the United States

The United States economy and financial system have expanded possibilities for lots of Americans to transact and do business. The expanded options include the different ways people can receive money from overseas. However, all this depends on the provider chosen and the amount of money transferred.

Whether you are on the East Coast or the West Coast, there are two main ways you can receive money sent to you via money transfers.

Through the bank – You can choose to have the money transferred directly to your bank account. This gives you the safety and liberty to start transacting right away. Also, you can receive large amounts conveniently.

Cash pick up from agent locations – Online money transfers have such established networks in the United States that you can’t miss an agent location near you. That said, Western Union, Xoom, WorldRemit and others have limits on how much you can receive through this method.

What Is Required to Receive Money in the United States?

Most providers will notify the recipient that their money is on the way. When the money gets to the recipient, they’ll be required to provide some information for verification purposes. Without this information, the providers may decline to complete the transaction.

• The recipient's government issued I.D. The name on the I.D. must match that provided by the sender.
• The PIN, money transfer control number (MTCN) or reference number

The recipient may also be required to identify the sender and the amount to be received. All these checks are necessary especially, in the United States as part of due diligence.