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Sending Cash Without Losing Cash

Does your business use suppliers, support or other services outside of the US? If so, finding the quickest and most cost-effective way to pay them is important for you and for them. Generally speaking, the simplest and most popular method of overseas payments is bank-to-bank money transfers. Unfortunately, banks often charge hefty fees on such transfers. But what other choices are available? 


 Veem bookskeep online accounting operates in over 80 countries and is safe and secure because it uses the latest security technology. All your information that is stored, shared or uploaded onto the platform is encrypted with the most advanced protocols. Your money remains in your bank account until both parties are verified, and only then does the money move, both safely and quickly.

Pros

 Sign-up is quick and easy
 Transfers can be completed in 1-3 days
 No monetary limits
 Financial information is stored, so if you make the same transaction repeatedly, it will
save you time
 No wire transfer fees, if you are sending to the same currency (ex. USD to USD)

Cons

 Service network covers 80 countries only

 

Xoom bookskeep online accountingis a secure way to transfer money, with service to 67 countries around the world. Xoom can move as little as $10 at competitive rates, backed by a guarantee that promises delivery to your recipient on time or your money back. Online tracking and 24/7 support provide further peace of mind.


Pros

 Send same-day transfers of $10 to $2,999 worldwide
 Get help with transfers 24/7 either online or by phone
 Protect your money with encryption and a money-back guarantee

Cons

 Transfers come with both a variable fee and spread on the exchange rate
 Service network covers 67 countries only

world first logo bookskeep accountingRather than a fee that’s equal to a percentage of your transfer, this large international money transfer specialist charges a flat $10 fee for transfers of under $10,000 and no fee for $10,000 or more with rates close to the mid-market rate. It also allows for much larger transfers— $25,000 and up to $50,000 after you’re a confirmed
user. But you’ll need to allow one to six days for delivery.


Pros

 Flat $10 fee for transfers of up to $10,000, and no fee on larger transfers
 Competitive exchange rates on transfers of $1,000 to $25,000 or more
 Offers spot contracts, forward contracts and hedging options
 Lock in rates for up to three years into the future

Cons

 High minimum transfers of $1,000 or more
 Two-step process can mean up to six days for delivery
 Social Security number and government-issued ID required


Fortunately, you do have options when choosing a partner to facilitate your payments to overseas suppliers. See which works best for you, and send cash without losing cash!

Bree E.
Bree E.

bookskeep Accountant