These include traditional methods such as bank transfers and international checks, as well as the speedy and secure method of online money transfer services. In this article, we consider the best ways to send money, both locally and abroad.
1. Online money transfer services
There is often a long wait for services at a brick and mortar banking institution. Almost all transactions, such as sending money or obtaining a loan, fall under this category.
Wait times are non-existent while banking online. All of your provider’s services are accessible online as long as you have a steady internet connection.
You don’t even have to leave your house to use these services. An online money transfer may be started immediately, unlike cheques, which can take up to a week to arrive and be processed.
You can use an online money transfer service 24 hours a day, seven days a week. You don’t have to wait around for bankers’ regular business hours.
This is a huge advantage which brick and mortar enterprises don’t have when it comes to dealing with urgent situations.
Some companies additionally offer round-the-clock phone support for customers. This is a great option if you have limited internet connectivity or other transactional concerns that require assistance from a human.
Other than contacting customer service, most providers feature chat boxes where you can submit any service-related questions.
2. Bank transfers
A bank can help with a wide range of transactions. Free money transfers can be done at your bank if you’re merely moving money from one account to another within the same financial institution.
Withdrawing funds from one account and depositing them into another can be done in person at a bank or online.
3. SWIFT
As a result of using SWIFT to fund your transfer, your bank will likely charge you a fee for the transaction. Remember that you may also be charged fees by other correspondent banks in the process. Those charges should be clarified by your bank.
4. Credit or debit card
Using a debit card to pay for your transfer is simple and fast. It’s also less expensive than using a credit card because credit card transactions are more expensive.
With a credit card, you may pay for your transfer quickly and easily. Visa, Mastercard, and Maestro cards are widely accepted by most businesses.
5. Online bill pay
There are normally no fees if you use your bank’s online bill payment service to pay your bills. You just need to enter the recipient’s name and address once. You don’t have to pay for postage because the provider sends your money online or prints out a paper check and mails it.
However, this is only free if you are able to avoid monthly fees for your checking account and if your bank actually sends those payments at no cost.
Post published in: Business