Each year, international online money transfer weighs nearly 460 billion euros. Expatriates, cross-border workers, travelers, entrepreneurs… all over the world, carry out this type of transaction regularly.
Moreover, these financial transactions incur foreign exchange commissions and fees, making it a very successful business. That’s why it appeals to many players, such as the large traditional banks and institutions specializing in sending international funds, including Western Union and MoneyGram. Not to mention the financial startups which favor online tools for a more convenient and faster service. Thus, the solutions for transferring money abroad are legion. We help you find out the best online money transfer platform by showing you the options.
So, if you have to transfer your funds and need to find a suitable option, reconsider the possibilities. Your choice depends on your location, the amount you are sending, and the objective which can be personal or business-related.
How to transfer money to another bank
Wire transfer implies transferring money from one bank account to another. For those who do not yet know, there are several types of wire transfer today.
First, there is the internal transfer, which takes place between two accounts at the same branch, and the external transfer, between two separate banks.
Then there is the domestic transfer, which, as its name suggests, refers to the transfer to an account domiciled in the same country.
International money transfers
International money transfers are related to any transfer of money to a third country or outside the issuing currency area.
There is also the so-called transfer to a member country of the euro area. Since 2008, the SEPA transfer (EU area) has the same status as the domestic transfer.
Or if the issuing country is the US, the transfer is only said to be international if the recipient’s bank is located outside the US. The transfer takes place electronically between the ordering party’s account and the beneficiary’s account.
To do so, the issuing bank must use the beneficiary’s international bank account number (IBAN), and the beneficiary’s bank identification code (BIC).
These bank details are visible in the RIB (bank identity statement).
Money transfer through agencies
The transfer abroad (outside the EU) can also be made in cash. It can, therefore, be done without the need for a bank account.
The biggest advantage of this category of online money transfer is that it happens instantly. In the case of Western Union or MoneyGram, for example, the recipient can withdraw their money from the agency almost immediately after issuance while it takes 3 business days for the traditional transfer.
The transfer of funds via an agency is thus faster while being cheaper in general. It is convenient for person-to-person transfers where no tax traceability is required.
IBANBit fintech platform for quick and reliable money transfers
New extraordinary financial startups are emerging in the very prolific international money transfer market today, including IBANBit. This e-banking platform is dedicated to providing individuals and businesses with suitable solutions for their money transfer abroad.
Easy to use, transparent, secure, and fast, IBANBit money transfer supports you in your international growth by:
- Taking ultimate care of your payments abroad.
- Instant money transfer.
- Mitigating currency risk to secure your trading margins better.
- Allowing you to benefit from tailor-made international payment solutions that meet the specific needs of your activity.
- They are providing advanced solutions to resolve currency exchange issues effectively.
IBANBit gives you the benefit of international transfer of funds with complete transparency. Thanks to a fair and transparent price, IBANBit gives you the possibility of making additional savings to take your business to the highest level.
Things to pay attention when sending money abroad
- Reliability – Safety, and security of your funds are sacred. Putting your money at risk is not an option. Go for a well-grounded operator. You check their service by a trial transaction just to make sure they are reliable.
- Transaction fees – Given constant growth in the remittance market, transaction fees tend to stay pretty high. More intermediaries involved, the cost gets higher. Look for the service without unpleasant surprises such as hidden fees.
- Customer support – You need proactive support that can tackle your issues and answer the questions in no time and not a slacker that will make you bite your nails while waiting for their response.
- Speed – Sometimes, the speed of transaction can be a matter of life and death, without exaggeration. People need money in different kinds of urgencies: for medical purposes, to finalize financial deals, to pay debts in the last moment. Every serious remittance service must fulfill this requirement.
Finding the best way to transfer money can be challenging, especially with so many agencies and fintech platforms out there. Currency fluctuations and myriad of regulations are something that one cannot track on its own. But, you can make your choice based on cost-effective, secure, prompt, service for domestic or overseas money transfers.