In a world of advanced technology, we now have better means to send money abroad in a few seconds or hours without problems. Well, you may have heard of platforms like CurrencyFair known for their cheap, fast and secure transfers but how do you think all of this is possible while you sit in your home. In this article, you are about to find out ways on how to transfer and the steps taken to make sure it is successful.
Ways to Transfer Money Abroad
Different people have different reasons why they transfer money to people abroad; however, there are five (5) major ways to do that;
Bank: Some banks in the U.K. and U.S. can help you transfer your funds to any country in the world without problems. These banks are often used in emergency cases and they make use of a chain of the network between the bank and worldwide banking system. The only limitation to the use of this method is the outrageous fees and exchange rate problems.
Online Money: This is where companies like CurrencyFair belong and they offer cheaper transfer rates even better than banks. This means you can track your transaction from the comfort of your home until it gets to the targeted recipient. The charge or fees you are asked to pay are accepted either with a credit or a debit card depending on what is comfortable.
Cash Pickup Providers: These cash pickup providers are where MoneyGram and Western Union fall into. They are the fastest method of sending money abroad because your recipient receives the money in less than no time. Payment for charges are done online and it costs a little higher than online money transfers but not up to bank transfers.
PayPal: This is the simplest mode of transfer because it allows you to send money to over 100 countries without problems. It doesn’t take time too and the exchange rates are considerably good, unlike the bank transfers. The transfer fee is calculated based on the amount you are about to send and is deducted automatically before it reaches the recipient.
Money Orders and Checks: Finally, the slowest but good enough mode of transferring money abroad is the use of international checks. Here, you send an international check to the country of interest, so it could be obtained by and from the local bank in that area. However, this check costs a lot because the check has to be purchased; the recipient pays the service charge during cash-out.
Steps to Send Money Through Online Transfer (CurrencyFair)
Below are the steps to take to successfully transfer money through an online expert.
Register your account: Here, you provide all your basic information and proof of Identification
- Provide details: The next thing to do is provide recipient details such as their names, bank name, SWIFT code, account number, and contact.
- Indicate money details: The most important thing to do is fill in the amount you want to send across.
- Review the details: Go through what you have provided before you submit for transfer.
- Pay charges: Pay the fees calculated out with a debit or credit card.
- Track transaction: Monitor the transaction until it reaches the recipient.
In conclusion, sending money abroad is not a big deal as long as you have set all things right and paid the required fees.