As time marches on, things change daily. A few years ago we were very wary of purchasing products online, and now it’s a daily occurrence.
After we got used to that, we were wary of purchasing products online from other countries and making sure our money was safe. We are now beginning to be less worried about that.
Buying International Goods: 6 Best Payment Methods
All of that has changed and now it’s pretty common to purchase online and from other countries. I read this week that a new site similar to Amazon, Temu, has been growing by leaps and bounds and their app downloads are surpassing Walmart and Amazon by quite a bit.
“Its meteoric rise hasn’t slowed according to the latest data from Sensor Tower, which said it was downloaded by five million iOS users last month and two million Android users.“
Fortune
Ecommerce has opened the borders when it comes to purchasing goods, but the process can be long
and expensive, especially when you have to pay additional fees and wait for international shipping.
Naturally, people are searching for ways to reduce those fees when paying for overseas products.
Luckily, it’s 2023 and there are countless payment methods available.
Let’s talk about the most popular:
Domestic Bank Account
There’s no denying that using your domestic bank account will likely be the most straightforward
payment method. After all, there’s zero need to sign up with third-party services and your payments
will be easy to keep track of.
However, it’s important to note that domestic banks will charge a fortune for the pleasure of transferring fees into foreign currencies. Also, depending on the bank, they may not facilitate payments for the target foreign currency.
Digital Payment Platforms
Finding an alternative to domestic bank accounts will save you money, and the best option is to use
a digital payment provider like PayPal.
However, the fees can be considerably high when it comes to sending money internationally. As an alternative, Ria international money transfer will reduce fees significantly and it has a simple no thrills interface.
Foreign Currency Account
Many banks allow you to hold foreign currencies, although you’ll need to pay transfer fees first,
which often come with a high price. However, the appeal of this method is that your money will
already be in the correct currency, which will speed up the payment.
If you’re making regular international purchases, this option may be worthwhile.
Overseas Bank Account
Instead of paying a high fee and holding the foreign currency with a domestic bank, consider
opening an overseas bank. Doing this will likely save you money in transfer fees and may appeal to
vendors that prefer to deal with domestic banks.
Although there are clear benefits to opening an overseas bank account, you should note that the process can be fairly complex.
Credit Card
Credit and debit cards are great for cash flow because they’re easy to use. However, you should
keep in mind that all credit cards will charge an extra fee just for making a foreign transaction,
which is why we you might consider using an alternative method.
International Wire Transfer
Wire transfers are peer-to-peer payments and are one the most recognizable methods of making
international payments. Many banks allow wire transfers, but you’re better off relying on a
dedicated platform for international payments wire transfers because you’ll pay much lower fees.
When choosing to send money through a wire transfer, it’s essential to double-check the commission
charge and exchange rate and find out if there are any sneaky hidden fees.
Paying for goods from international retailers is easy enough these days, but it comes with additional
charges. To avoid paying more than you have to, check out the different methods above and choose
the one that works best for you. Keep in mind, though, that in some cases, you may be bound by the retailer’s accepted payment methods.
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