So you want to purchase something online and now you need to find out how to safely send money online for the payment. Fortunately there are a variety of ways to send money to online stores and the first place you should start is at the store themselves. Not all online stores accept all the methods of payment as there are simply too many and some are specific to certain countries anyway. That said, the usual ones such as Visa and Mastercard are widely accepted and if you have a credit card then that may be your simplest option. These companies also have a debit card option that can be used if you are more risk averse and not comfortable submitting your credit card details online.
In addition to the traditional credit card companies, the internet has created a whole new industry on the area of online payments. Many more people now find they need to send money to others, be it online stores, for gifts, or simply because they owe some money and it’s easier than handing it over personally. Knowing how to send money online is becoming a fact of life these days if you spend some of your time online. There are so many goods and services available online and don’t forget that instead of sitting down once a month and writing out checks for all your bills, you now sit at your computer with your online banking open and pay them electronically. This is usually much faster and cheaper.
The other good news is that most of the online payment options show you how to send money overseas. In today’s global economy you are nearly as likely to be dealing with someone overseas as in your local town. Sending money overseas doesn’t need to be complicated, nor does it have to be expensive. Like other things though, the prices can vary, so if you have a number of overseas payments then it might pay to shop around.
Most of the cost is hidden in the exchange rate
When a transfer advertises a low fee, the real charge is usually built into the exchange rate — a margin added quietly on top of the mid-market rate before the money moves. It does not appear as a line item, which is exactly why it is easy to miss.
Wise uses the mid-market rate itself and charges a stated fee instead, so the whole cost is one visible number. You see the fee, the rate and what will actually arrive before you confirm anything.