Whether you call it a money transfer, wire transfer or remittance, you’re likely looking for a way to send money from your local currency to a different country / currency via the fastest and most cost-effective way. Lucky for us, pioneers like Western Union and PayPal have forever changed the way money moves within and across borders.
Today, there are numerous hassle-free ways to wire money abroad, but the preferred method among many is to utilise global money transfer platforms. Here are some things you need to know about cross-border money transfers:
You don’t have to stick to traditional banking hours
While supporting over 180+ countries and 150+ currencies, money transfer services have pretty much shattered “traditional banking hours”. They’re available round-the-clock as transactions are done 100% online, via safe and reliable platforms. All you need is a secure internet connection and you’ll be able to transact with any recipient across the globe at any given time.
Technology advancements and regulatory surveillance have made it easier for money transfer companies to counter fraudulent activities, deploying precautions such as fraud management tools, regular audits, as well as rigorous data management systems and processes, so your money stays safe.
More money in your pocket
If you’ve ever sent money abroad, you’ll know the process can be expensive and not so transparent via your bank, which means you’re never sure of your final costs nor of the amount your recipient will receive. On the other hand, online money transfer providers are able to cut costs by using the latest technology, offering you cheaper FX rates and lower costs than banks.
The size of the transfer matters
Consider transferring larger quantities of money at any one time. Due to their nature, money transfer providers will offer a more competitive deal if you transfer large sums instead of regular and smaller amounts. They were designed to handle larger business transactions and overseas transfers for SMEs conducting business with international suppliers.
Broaden your business horizons
Whether you’re regularly paying overseas suppliers; recruiting talent or sourcing skills from across the globe, you’ll need to factor in transaction fees, commission costs, receiving fees, and fluctuating exchange rates. And these costs can add up if you’re a business conducting regular international transfers. Money transfer providers tend to be more transparent with their charges, with some even touting zero hidden fees. This offers businesses the freedom to transact globally at the cheapest rates, while guaranteeing the same level of security and reliability as banks.
Technology has improved exponentially over the last decade. And these days it is faster, cheaper, and more convenient to send money across borders. Your business can be based in Singapore, with suppliers in Bangladesh and Ukraine, and you’ll still be able to transact seamlessly via international transfer platforms. All you’ll need is a bit of time, energy, and most importantly, trust that your funds will eventually reach your intended recipient.
We are Asia’s first community-driven digital business account for startups and SMEs, offering a truly user-friendly suite of exceptional business experiences comprising finance and much more. At INFT, we enable digital entrepreneurship.