Whether you are sending money home to family, making a payment overseas or needing to send emergency funds to a child, there is now a bewildering multitude of methods available to you.

You can do it by; bank wires, moneygrams, checks, preloaded debit cards or credit cards, specialist money transfer companies with offices around the world, PayPal, foreign exchange brokers or now by the use of a virtual account backed by the big custodial banks.

Benefits of a virtual account are:

Accounts are free to open, needing only ID in the form of one photo ID plus one ID with an address to conform with international banking and anti-terrorist requirements. To open an account is simple and can be done quickly online

Extremely competitive exchange rates where because you can change your local currency within your own account to the currency you want to send, you can see how much it will cost you before you send it

No currency exchange fees, although If the currency you need to send is not on the list of currencies available, then there will probably be a small fee charged by the recipient’s local bank to change the currency.

Instant transfer to other virtual account holders, so great for emergencies.

Very cheap money transfer fees with an average fee of about $3 – $4 regardless of how much you need to transfer. Available to anyone over the age of 16 without a credit check.

Money can be distributed from one virtual account to another as well as to debit cards, credit cards or conventional bank accounts.

Today you can choose Remitly, an app where you can make transfers to anywhere in the world

About Remitly:

We’re inspired by the sacrifice and courage of our customers

We’re here to help the millions of immigrants around the world who make the huge sacrifice of leaving their families behind to live and work in another country. These unsung heroes deliver on their promises to take care of those they love and provide them with upward mobility, improving their quality of life. We work hard to help their hard-earned money stretch farther so more make it to their loved ones safely. Here are their stories.