Sending money fast? Here’s what to look out for

There are a few main indicators of an efficient, and quick international money transfer service

money transfer

Sending money fast? Here’s what to look out for. Source: pexels.com

There are many reasons to send money abroad. You may be running a business overseas and need to dispatch funds regularly to your staff there. On the other hand, you might just want to fund the education of your child studying abroad. While sending funds abroad has become more convenient these days, it makes sense to carry out some research, using trusted comparison sites, to find out the fastest way of sending money abroad.

The digitization of international payments has brought in a large number of players who compete with each other in providing the most efficient ways of sending money abroad. Considering the importance of choosing the fastest way of investment money abroad, it would do well to know what the options available are. There are a few main indicators of an efficient, and quick international money transfer service, that could help you choose the right service.

Estimated transfer time

This is of critical importance to an overseas investor, who often needs to send across large sums of money abroad at very short notice. Money transfer services, for instance, are known to reach money from one location to another faster than a bank would. Even a traditional money transfer service like Western Union, with 4000 locations around the world is excellent at speedy transfers of money to any corner of the world. They usually take a business day to transfer money at a destination of your choice. They are also great at reaching cash anywhere in an emergency situation. The other quick way of transferring money abroad using money transfer is Moneygram, who will usually make an international transfer within a single day.

Global domestic money transfer

Check the estimated transfer time. Source: shutterstock.com

However, more and more people are turning to digital international money transfer services these days on account of how easy, convenient, and quick they have made international money transfers. For instance, Transferwise ensures that money reaches the hands of the recipients in about two to three days, while offering reasonable rates at the same time. Similarly, CurrencyFair makes international money transfers faster than any bank would, at much better rates than what the former would charge for its services.

Method of disbursal

Businesses sometimes run operations in remote parts of the world where the method of disbursing money to the recipient quickly is a challenge. This is especially true in places with poor banking infrastructure and with the coronavirus impacting international money transfers. International money transfer services that offer diverse methods of transferring money abroad like via phone apps, mobile wallets, and a network of agents who offer cash pickups are the ones that come in handy in reaching money to inaccessible locations.

Possibility of instantaneous international money transfers

Very often in business, your ability to send large sums of money abroad at a short notice decides the success or failure of their overseas ventures. The ability of international money transfer services like TransferWise to enable instantaneous transfers through the use of debit and credit cards can be a godsend to such businesses. Xoom is another international money transfer service that business people can use to transfer money instantly.

Amount of money allowed to be transferred

direct debits

Find out what amount of money allowed to be transferred. Source: shutterstock.com

It is all very well to offer to transfer money internationally very quickly, but if there is a cap on the amount of money that one can transfer, it would not serve the purpose in the case of a business seeking to invest money abroad. Most such businesses require to transfer fairly large sums of money on a regular basis. In these scenarios bank to bank transfers, wire transfers and automated clearing house transactions are ideal as they allow large sums of money to be transferred in a safe and timely manner, making them quite popular with businesses looking to transfer money abroad for investing.

Closing remarks

We live in globally connected times where international trade and commerce have made the world a much more integrated and interconnected world than it was not all that long ago. With an abundance of options available to those wanting to transfer money abroad, it is not that difficult to zero in on a service provider who offers both speed and reasonable terms for carrying out such transactions.

That being stated, one should take some time looking into the options being offered as the stakes involved are high, especially with coronavirus impacting the payments industry. A delay in reaching payments abroad could prove very costly indeed, as would the possibility of being the victim of a fraudulent transaction on account of choosing a service provider whose security measures are not fool proof. It would be a good idea to select a service that is highly recommended. Client reviews and testimonials are a great way of finding out about the reputation of a particular service provider.

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