Options for Money Transfers

Growing international trade and advancement in technology has made international trading and transactions easy yet speedy. It has also facilitated the need to transfer money. Whether you import or export the commodities, send money to your family settled abroad or buy a property in a foreign country a money transfer comes very handy. Due to this ever growing need of international money transfer services, there have been many mediums introduced which offer quick and cost effective services. Some of them are:-

1) Wire transfer: Wire transfer services are basically an electronic money transfer service with which you can transfer money from your bank account to another bank account. All that is required is the details of recipient bank account and the wire transfer code to transfer money. It can take up to 2 days to perform the complete transfer. Though the foreign currency exchange rate may be high, bank-to-bank wire transfer is considered the safest international money transfer method.

2) Online Money Transfer: Online money transfer has been very popular for performing small amount of money transfer. It is quick and a convenient mode to transfer the amount to a recipient at any global location. All you need to have is an email account and a valid registration with the online portal you choose for your money transfer needs. There are many providers for online money transfer services. The charges for transfer depend a lot on the amount to be transferred. If we talk about the safety measures, proper identity verification is done by the online money transfer agencies to avoid any fraud.

3) Bank Draft: Bank Draft is a medium to transfer money to a foreign company. Mostly, large transactions by companies and banks are done through bank drafts. It is secure and requires the sender’s declaration and verification to perform the transfer. It’s an effective way to perform international money transfer, but it costs more in comparison to other services and hence not a popular mode of transfer for individual money transfer needs.

4) Money transfer Agencies: There are various companies providing money transfer services as a primary service. Whenever one needs to transfer certain amount to an individual in a foreign country, he/she has to visit the agency’s local office, deposit money and take a transfer code. The recipient can use the same transfer code to withdraw the money. It is quick and charges depend upon the transaction amount. There are substantial charges on the foreign exchange rates. It is advisable to use this service when the money transfer is required occasionally.

4 Responses to Options for Money Transfers

  1. Mary Swift says:

    It is rather interesting for me to read the blog. Thank you for it. I like such topics and everything connected to this matter. I would like to read a bit more on that site soon.

  2. Natasha Watcerson says:

    It was rather interesting for me to read that post. Thanks for it. I like such themes and everything connected to them. I would like to read more on this site soon.

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