Transferring Money abroad has become easier with multiple online solutions. However, they also come with specific and hidden charges. Moreover, the fear of losing large monetary denominations always remains, especially while making first-time transfers.
Moreover, sending large monetary sums online to friends, family members, relatives, etc., becomes a risker without verifying sources. Additionally, the worry increases with the ongoing frauds going over the internet.
Additionally, the restrictions laid during the ongoing pandemic scenario make it challenging to send money through traditional modes. However, there are a few safe ways of sending money to an international account without hassle or worry.
5 Effective Ways of Transferring Large Monetary Sums Abroad
● Availing Money Transfer Services
Money transfer services have been functional for the past few decades. Some of the most prominent service providers include Currencies Direct, TorFx, OFC, etc. Moreover, these have much lower charges compared to many banks.
Besides, these service providers offer facilities like online tracking, verification, signing up, and payment selection method. Additionally, the guidelines of these organizations fall under the purview of the Financial Conduct Authority (FCA).
Additionally, these and many other reputed service providers either transfer the amount on the same day or within three days. Additionally, you can always explore the credibility of different organizations registered under the FCA before opting for them.
● Bank-to-Bank Transfer
The easiest method of international money transfer is by using the services of a local bank branch. Unfortunately, banks have a high transfer and require you to cover charges for overseas delivery.
However, banks provide three options for transferring money internationally. You can conduct the transaction over the phone, online, or even in person. The primary reason for opting for a bank as a transfer mode is because it offers trustworthiness, security and is a usual method.
It is for the same reasons that banks take potentially longer to transfer funds internationally. But before proceeding with a single bank option, it is best to compare the charges and rates of other banks.
● Peer-to-Peer (P2P) Platforms
P2P platforms offer service charges that are lower than banks. The reasons for the low cost include the real-time mid-market exchange rate. According to a source, the exchange rates of the platforms were four per cent lower than banks in 2019.
Moreover, P2P platforms often help you find a match for transferring the required sum. However, the platform would provide the real market currency exchange rate through interbank markets if there isn’t a match.
Unfortunately, the interbank markets would provide high exchange rates compared to P2P platforms. The most common exchanges include currencies like euros, dollars, pounds, and yen.
But it can’t find the correct source of sending the amount; it is best to avail small loans for the unemployed UK. The lender would ask for the details for transferring the funds after checking the credit report.
● Cash Remitters
Over the past decades, massive amounts of international remittances have occurred. Moreover, the increased competition between remitters has diminished the transferring costs. Therefore, they have become a great source of transferring small denominations up to £2,000.
Additionally, cash remitters are also considered a good source for regular cash pick-up. A few reputable service providers include Remitly and WorldRemit. There are two significant reasons for the cheaper costs of cash remitters.
Cash remitters offer better exchange rates for small denominations and have a better fee structure. As a result, they have a flourishing market in South America, Asia, and Africa. Besides, the most prominent companies offer a maximum limit but rarely have a minimal sum.
Transferring money abroad through bitcoin can become complicated if the user is not familiar with the concept of digital currency. Moreover, the process would incorporate setting up an online wallet with a reputed company.
The process would require converting the wallet amount into bitcoins. After that, you can transfer the bitcoins abroad. However, the person receiving the funds must have a bitcoin wallet. Only after that, the receiver can convert tha bitcoin money into local denominations.
The primary reasons for using bitcoin are faster transfer and cheaper costs compared to other options. However, the sender and recipient must have familiarity with bitcoins and the concept of digital currency.
Unfortunately, bitcoins offer far more risk compared to other international money transfer solutions. Moreover, currency market volatility makes bitcoin a less preferable choice compared to other solutions. It means currency pairing continuously rises and falls.
Therefore, businesses and individuals often suffer problems while maintaining profits and balance sheets through bitcoins.
Prepaid debit cards offered by a few service providers act as an alternate solution for transferring money abroad. The sender loads the sum in the prepaid debit card, and the receiver withdraws them using the card.
Additionally, many service providers also offer the privilege of conducting card transactions. But, the service provider could incur an activation or a monthly fee. Another common method is cash-to-cash transfer.
Cash-to-cash transfer involves walking into a centre with the amount, and the receiver can walk into an alternate centre to receive the cash. Some of the most prominent cash-to-cash transfer service providers include Western Union, Ria, and MoneyGram.
The cash-to-cash transfer method helps the receiver obtain the money in the local currency and avoids taking any further steps. Therefore, if you are in the US and transferred the amount to the UK, the receiver would obtain euros.
In addition to these transfer methods, you can even use the facilities of the money transfer app. PayPal, OFX, Venmo, and TransferWise are a few of the most popular apps that provide this service.
Additionally, you can even visit a local agent at a financial institution or in the nearby market. Finally, you can determine credibility by reading online reviews, asking from friends, or family members, etc.
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