Relocating overseas is a big choice, and one of the most common concerns we regularly get after moving abroad is how to manage money transfers. Choosing money transfer services is a major source of uncertainty and stress. Anything involving money implies second thoughts, which means being uninformed of the available finance providers or transferring money in the event of an emergency. When it comes to money transfers, however, there is nothing to be concerned about when selecting the right provider. There are different ways to send money across countries.
Presently, our financial world has evolved, making financial services way easier than ever before. This evolution has led to new developments that engage and connect customers anywhere in the world, even from their homes.
This also includes the evolution of sending money abroad, meaning helping expats, students, and foreign settlers transfer money to their loved ones easily and securely through different methods. Some of these methods you can choose from are:
Bank transfers: Bank transfers are probably your first thought when thinking about money transfers. As we know, banks are the traditional means of transferring money abroad. It is still regarded as a secure medium. Nowadays, banks have also developed internet banking for money transfers. Yet, certain discomforts do surround bank transfers regarding processing transactions, which take up to four to seven days. Also, exchange rates are comparatively unfavourable and transfer fees are considerably higher compared to other transfer services.
Private finance providers: What if you don’t have a bank account? This is when private finance providers come to your rescue. Other than bank transfers, there is an increase in the number of private financial providers who transfer your money to your loved ones in different ways according to your convenience, like cash pick-up, door delivery, email, phone call, etc. They offer lower transfer fees or no transfer fees for your money transfers. This also includes better exchange rates. There are many private financial providers you can choose from by comparing which financial institution offers better rates and prices. All you have to do is approach their office with your details , and they will assist you with the further process. Since they are more customer-oriented, they make sure to give you the best service.
Digital remittance: Digital remittances are the new trend of transferring money much faster than ever before, ideally in just one day. Digital remittances are provided both by banks and private finance providers. Digital remittance means sending money through the internet, such as mobile phones, mobile applications, and websites. Compared to banks, private fintech provides user-friendly versions and transparent charges. It enables direct peer-to-peer transfer without mediators such as banks or exchange brokers. You can send it with just a few clicks and some uploads of your information and the recipients’ information on the provider’s website. Online transactions are used as the cheapest way to transfer money.
Money orders and postal orders: Money orders and postal orders are also traditional ways of transferring money. Money orders are certified papers like bank cheque. You purchase the paper of your desired amount and enter your receipts’ details. Later, your money order paper is transferred to your receiver. In order to send a huge amount, you have to purchase many papers that add up to the amount that you want to send. Similarly, postal orders are the same. The only difference is that you have to purchase a postal order from the post office, whereas a money order can be purchased from retail shops and financial providers. They are your best option when you don’t have a bank account.
So, you have plenty of options from which you can choose the right financial provider. It is important to check the basics like transfer fees, limits, exchange rates and how fast your money can be reached in case of an emergency. Be prescient about comparing your services and charges, especially concerning security. Check for reviews, websites, and remember, don’t hand over money to anyone who says they will transfer it.
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