Money-sending tools and services are nothing new to the thousands of people transferring money all over the globe. But when it comes to getting the best deal, achieving the quickest transfers, and completing the process effortlessly, money transfer services are your number one choice. Rapidly overtaking banks as the ideal way to send money online, whether it’s sending money abroad or domestically, online money transfer is here to stay.
Want to know more about money transfer services? If you want to know the cheapest way to send money abroad or you’d like to know more about what online money transfer services are, we’ve got all you need to know. Read on to learn all about money transfer, from what it is to where you can get the best deal:
As the name suggests, money transfer services offer a way to send your money to a different account, debit card, or cash service. Frequently used to send money internationally for foreign workers and standard banking services, money transfer is only gaining in popularity. There are now many options on the market to choose from, from browser-based simple transfer services to account-based, smartphone-only accounts.
From a straightforward five-minute process to a full-on digital bank account, there’s a wide variety in what’s on offer. But the one thing that stays the same is that these services are explicitly designed to provide a fast, convenient, and affordable service. Especially in comparison to the high cost of transfer through banks, that can often be prohibitive to their customers. If you want to transfer money online easily, quickly, and affordably, then money transfer services are the way to go.
There are many reasons why you might want to use a money transfer service. Perhaps you want to make a significant, one-off payment, but the bank’s price is too high. Maybe you want a convenient, practical online location to send money abroad regularly. Or you might want something that works directly through your smartphone. Money transfer services are a versatile solution in many circumstances, especially with the variety of services available – from full bank accounts to simple transfer websites.
Where you can send money abroad with a money transfer service will depend entirely on your choice of provider. If you’d like to send money to India, send money to Nigeria, or send money to the Philippines, these options are widely included in many different money transfer services as stock options. However, if you’re looking to send money to any other country, or somewhere like the UK, US, or Canada, you may have to search for a specific service that offers this.
Most online money transfer services will attempt to accommodate wherever you’d like to send money to. Whether it’s directly to a debit card, a simple bank transfer, or to a third-party service, money transfer services will make it clear on their site or app which options they offer. If you’re sending cash to a common location, such as Africa or parts of Asia, it’s highly likely that most platforms will have an option for you.
As with any financial service, certain money transfer services will only be available for people in specific locations. In part, this is due to financial regulations and requirements within the company’s country of operation. Many money transfer platforms will allow you to make payments to a far more extensive range of countries compared to how many countries you can create an account in.
If you’d like to send money using a money transfer service, there is a wide range of options to suit just about any individual. One of the best things about money transfer services is the versatility that they offer compared to utilizing a standard banking service.
Just some of the ways you can send money with a money transfer service include:
Using this method, you create an account with your money transfer service of choice. Once your account has been approved, you can deposit money into your online account using the deposit methods provided. Once this has cleared, you can then send the money through a range of different available payment methods.
These money transfers work similarly to online payment in e-commerce, where you provide your card details, and they are used to ‘pay’ the person or company on the other end. Your money transfer service facilitates this process but doesn’t necessarily require you to deposit that money into an account or wait before transfer when you send money online with a credit card.
Much like the method above, this option involves you providing payment details via your bank account. This money is then sent to the other account, card, or service instantly, or with a small holding period depending on your money transfer service of choice.
In some cases, you may transfer from your money transfer account to a different money transfer account. While this is a form of money transfer, this method is done entirely within the service framework instead of being sent to an external location. This option would require the other person to have an account with the same provider.
If you need to send cash abroad, money transfer services are the best way to send money abroad. They provide better rates than banks, and often the money can get there faster. You’re also equipped with a broader range of options for making payments. Anything from transfer to a bank, to a debit card or even through a third-party cash pickup service is possible, depending on your service choice.
If you’re ready to set up a money transfer account and begin sending payments, picking the right service is a must. Here a selection of the highly-rated options for money transfer to get you started:
Affordable, fast, and innovative in its payment approach, CurrencyFair may have a smaller pool of countries, but it makes up for it with crystal clear rates and effective payment processes. Read our full CurrencyFair review here.
Whether you’re planning to transfer money just once or you need a regular service that meets your specific requirements, a money transfer service ticks all the boxes. Competitive costs, higher accessibility, and with plenty of different options to suit individual needs. From payment methods to broad country and currency availability. If you need to transfer money, an online money transfer service is exactly what you need.