People from all over the world send and receive money on a regular basis. There are numerous ways of transferring money. Of them, online money transferis considered as one of the best ways to remit money overseas.
Other modes also include bank and wire transfers but we will see why people opt for online transfers. Banks are not the greatest when it comes to currency exchange. The charges are often high in addition to the process being slow.
Meanwhile, an online money transfer is a smart way to remit money online. It offers many advantages, which are:
- A very good exchange rate: This is the number one criteria why bank transfers are not as enthusiastically done. Online money transfers use real time exchange rates for tapping the best ones. They look at a higher turnover as opposed to banks which look at a better profit. The monitoring tools specify the least and the highest exchange rates thus saving you from fluctuations.
Also, at times, the banks’ currency exchange is outdated or they may set their own exchanges. This way the banks make more money.
- Flat fees: Almost all banks charge a fee for the services rendered. This can be anywhere between 3% – 5% and is termed as processing fee for the transfer of money. Although it looks negligible, the money might run into thousands in the long run.
On the other hand, online money transfers charge a flat fee on one transaction. This saves a lot of money. They do not have any other hidden charges or commission.
- Quick transfers: Online transfers are way faster than the traditional methods. The money that is transferred reflects on the same day or at the most, in 1 or 2 working days. Both ways, it is beneficial to you. If you are waiting, you can get a higher exchange rate.
- You have something to fall back on: In case of any economic instability, online services remain unaffected. When a currency suddenly gets devalued, you will have some funds to ride through.
Bank accounts can be targeted by hackers. But when you use an online service, you can use that to transfer money internationally.
- Uninterrupted availability: Online services are available 24×7. You can transfer the money at any time of the day or night.
- Easy to track: An online transfer is convenient to track. Every transaction step, including the previous ones, the current ones and the forthcoming ones, is clearly shown. You can manage your account any time, any day.
Opting for a money transfer service to send money online, you can send funds to any part of the world, provided you have a reliable internet connection. You need not spend your precious time in visiting a foreign bank. Prior to choosing the ideal service, ensure that it serves the country where the money needs to get transferred.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”