If you have recently had need of sending an international money transfer, you have probably discovered that things aren’t quite as straightforward as you might have thought.Most popular International Money Transfers and all about how to use them to your advantage.Learn all about the International Money Transfers.
After all, it’s only a bank payment from one account to another, what’s the big deal? Well, this is where things start to get a little complex. When transferring cash overseas, we have a few things to consider. Changing your cash from currency to another, for example, is going to incur charges on behalf of your exchange supplier (they don’t work hard to process accurate currency-to-currency exchanges for free). That’s hopefully started you thinking about the systems and regulations in place that all require fees and charges to help pay to move things along. So, what are your options? What are the best ways to transfer money overseas? In the simplest terms, you have two options – we’re going to look at both to help give a better idea of what to do the next time you require an international money transfer service.
Banks – familiar to you and convenient
Banks are usually the first place most people turn to for advice and services when attempting to carry out an international bank transfer for the first time. Banks are familiar and safe, and unless you happen to live in a remote village at the top of a mountain, a physical high street branch is never too far away – meaning you can get face to face advice if you prefer. The only issue is that banks normally present the ‘higher fee’ option in comparison to money transfer companies. They are also renowned for requiring longer periods of time to set up your international account and process your transfer request.
Money transfer companies – less familiar, but a better option?
Money transfer companies deal in reference numbers, not accounts. The registration process is not too tricky, and you should benefit from expedited payment processing services. These companies usually offer great personal service, and are generally sought out by customers looking to make regular payments over a long period of time.
We’ll keep this brief. Banks, as you can see, provide a very reasonable service with all the expected fees and charges on top – this makes banks a great option for small one-off payments.
Money transfer companies offer a competitive service (including competitive conversion rates) and are set up for the sole purpose of processing overseas money transfers. This makes them the perfect option for people looking to make large/regular payments.