Sending Money Overseas: A Guide to Using Your Debit Card

It is crucial to access your regular funds when moving to another country. One way of doing this is by using a debit card with an account back home. Depending on the bank, you may have multiple options for withdrawing money from your account while abroad.

How to Send Money Overseas with your Debit Card

Sending money overseas with your debit card can be done in various ways. You may have the option to call your bank and set up automatic withdrawals. You might even be able to do it online without having to make any phone calls. For those who are limited on time or would instead not go through the hassle of making a phone call, it is also possible to do this process online on your own. Many cards will have a link in the menu section of their website that says withdrawal or international withdrawal. It will allow you to set up automatic overseas withdrawals from your bank account.

When choosing how to send money overseas with your debit card, it is essential to determine if you need regular cash withdrawals or just one-time transactions. For example, sometimes, you may be able to set up a certain amount of monthly retreats and never have to worry about it again. However, suppose you will need funds weekly or even daily. In that case, automatic withdrawals may not be for you, and you may prefer to go with the online option instead.

Once your card issuer informs you of sending money overseas with your debit card, you should be aware of how much it will cost your bank to withdraw money. Every country has different ATM fees, but many banks charge between two and four percent for withdrawing overseas. Although it may not seem like a lot, these charges can add up over time if you make multiple transactions each month or week to access cash.

One of the best ways to avoid ATM fees and deal with international merchant accounts is by using your debit card for online purchases. Although you can purchase items from other countries this way, it is only valid if the company will allow you to pay in US dollars. You can also pay with another currency besides the local one. If you are unsure, it may be best to use a different method, such as PayPal or Western Union instead.

Direct wire transfers are another way to send money overseas with your debit card. These generally do not have any fees associated with them. Instead, you can use a local bank or even a Western Union office to send the money. In most cases, they will give you a tracking number that will allow you to follow your funds to their destination country.

According to the experts at SoFi, “If you want to transfer money from bank A to bank B, you’ll want to log into bank A’s account, then choose the option to add an account, link account, or add an external account.” Contact them today to learn the best way to transfer money from one bank to another.