There comes a time when you need to transfer money from one country to another. Let’s say you’re working overseas and you need to send any money or gifts you’ve purchased back home or you had just returned to your home country and would like to bring your earnings with you. Or you’re moving money between international accounts or you’re paying some overseas bills, services, or goods. This is where money transfer methods come in, one of the safest ways to send your hard-earned cash wherever you want to. Find out below how it works exactly and what you need to do to start your transfer process.
How does it Work?
Depending on which provider or service you decided to use, you will need to first register an account with said provider. You will then be informed of the transfer fees, the exchange rates, how long it takes, and any other information that can be useful in your transfer process. When making the transaction, you obviously need to provide information on where you’ll be sending your money. Typically, transferring money takes around a day or two no matter which service you’ve chosen.
Ways to Transfer Money
There is more than one option to move around your money from one place to another; however, you need to be able to make sure it’s safe, cost-effective, and fast.Bank Transfer
Bank-to-bank transfer is considered an easy way, albeit a costly one. You can transfer your money if you have two different accounts at the same bank, but in different countries through online banking or by using an ATM. However, many people fall under the false notion that banks are the only way to transfer money. It might seem simple, but what you probably didn’t know is that money transferring through bank accounts may leave a hefty fee that includes the exchange rate, otherwise called the ‘spread’ as well as the bank fees. Although this might be useful for emergencies, it won’t be efficient in the long run or with big cash transfers.Money Transfer Services
These companies have provided a simpler and faster way to transfer money globally without a hefty fee attached to your transfer. Because of their accessible locations around the world, they can easily transfer money anywhere, whether with the help of your bank account or not. According to Ria Money Transfer, transfer companies are able to bridge the distances by providing vast and numerous locations around the world that can handle larger quantities of money with competitive exchange rates. They’re also capable of handling your bill payments or other services like prepaid debit cards. They’re cheaper and faster than any transfer method and safe if you make sure you’re dealing with an experienced and trusted company.Wire Transfer
This is a form of electronic transfer from one bank to a credit union or other network that uses SWIFT accounts. It’s a form of a messaging system that enables secure transactions with a SWIFT code that sends out payment orders between institutions. They can take about a day to transfer and fees can reach up to $40 per transfer.Apps and P2P Payment Tools
There are several popular apps and P2P (peer-to-peer) payment tools that allow easy transfer methods. They tap into your bank account directly and complete the electronic transfers for you. They’re typically inexpensive tools that are safe to use; however, it’s advised you check which ones are more efficient and safer than the others as well as which is available in the country you’re sending money to.Send Away
Transferring money has been often a tricky task to do, but often necessary. Do your research well on all the providers and determine which one you’re comfortable with. Try to avoid extra fees and make sure you’re using one that is safe, efficient, and fast.