How to Make an International Payment

Last Updated: March 16, 2020 References

With more and more people buying items online from overseas sellers and producing work for international clients and companies, it's become increasingly more important to know how to make an international payment. In concurrence with the expansion of the Internet and international trading, making international payments has become easier due to improved bank services, as well as the services of companies such as Money Gram, Western Union and PayPal. If you need to transfer money to a person or a company overseas, read the following steps and find out how to make an international payment.

Steps

1
Determine the amount of your international payment.
- If you're paying for goods, remember to check whether you need to add shipping costs to the total, as well as which party is responsible for the costs of the international money transaction.
- If you're paying for services, contact the provider of the services to decide who will pay for the costs of the international payment.
2
Inquire about making an international payment with your bank, PayPal, Money Gram and Western Union, and find out which method works best for you.
- Many banks allow you to make an international payment for an additional fee, but some banks don't offer this service at all. If your bank does allow you to make an international payment, find out if you can do this online. If not, ask if you should call the customer service line or visit your local branch. Also ask what the service fees are and how long the transfer will take. Alternatively, you can enlist the services of a foreign exchange brokerage that specializes in international transfers.
- PayPal offers immediate transactions to many countries for a transaction fee of 2.9%. All you need to set up an account is an email address and a verified PayPal account, which means your bank details have been approved. If the recipient doesn't have a PayPal account, he'll receive an email notification outlining the steps necessary to transfer the money to his account. For those with verified accounts, there's a limit of $10,000 per transfer but no limit on how much you can transfer in total. You can make payments via PayPal from a verified account, however, funds typically take 3 to 4 days to clear the account. Funds transferred from a credit card are immediately credited to the PayPal account.^{[1]
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- Money Gram and Western Union both allow you to wire money from a nearby facility to any country in the world. You can use cash, debit or a credit card. You can calculate the transfer fees on their websites before making the transaction. Transfer fees range from 8 to 12 percent.^{[2]
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  Research source} Exchange rates are variable and based on current daily exchange rates. To get the best exchange rates, watch the daily exchange rates until they're acceptable to you. However, this is not going to be possible if you need to make a payment immediately.
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3
Choose the international payment method that works best for you and the recipient.
- Consider transaction time and costs, as well as the proximity of a pick-up location if appropriate.
- For bank transactions, you'll need the recipient's name, address, bank account number, international banking number, and routing number.^{[3]
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- For PayPal, you'll need the recipient's email address in order to send money.^{[4]
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- For Money Gram and Western Union, you'll need the recipient's legal name. You'll also be given the option of asking a security question. The recipient can collect the money within minutes so long as he can provide identification and, if required, answer the security question.
4
Make the international payment and notify the recipient that he will receive it within the specified time frame.

Community Q&A

Question

Can we make a payment using an international credit card?

Donagan

Top Answerer

Yes. All major credit cards are international. Using one is an easy way to make payments across national borders.
Question

Can I use a prepaid debit card for international online purchases?

Community Answer

It depends on the card. Many state that they are only valid in the US. Contact the company you wish to buy from.
Question

Can I make payments with an international debit card?

Samreen

Community Answer

Yes, you can easily pay for an international transaction by your debit card. But it is necessary you must have the international debit card of a particular bank.