When we think of money wiring solutions, the first notion that comes to mind is that of people sending money overseas, from one country to the next and most likely transatlantically. In reality, however, people are investigating how to transfer money between locals all the time and for various reasons.
Recent COVID-19 events make the need for local money transfer services more evident than ever, as we are forced to keep our distance from locals and foreigners alike. But even during normal times (which we greatly miss), the transition to online payments makes local virtual transactions necessary. We’ve grown accustomed to collecting payments and managing our bills online, and the idea of going back in time to traditional methods no longer makes any sense.
Here are some of the key elements to a great local money transfer solution:
- Speed: Since local money wiring activities take place over a much shorter time frame, the financial services we choose should be efficient and fast, but without compromising on the level of security, transparency, and accuracy.
- Install requirements: There’s no reason for each person to have multiple banking apps (according to Google, the average user has 2.5 finance apps installed) and a number of user accounts, simply because we want our payment apps to communicate with one another. A great app does not force its existence on users but instead earns a mobile spot by proving to be better.
- Low (or no) fees: Local money transfers are an everyday activity, and we cannot bear the thought of paying high fees to banking solutions for every routine payment. Since these transactions are relatively easy to navigate, we also expect local services to take a much smaller cut, if any. The competitive nature of the FinTech industry means that money wiring services that overcharge will be left out of the picture.
Learn How to Transfer Money Locally
Local money transfer services, such as the one offered by Rewire across Europe for free, allow users to send money using their online account to any European country and from the comfort of their own home. On the other end of this transfer, the recipient may not even need their own account for the transfer to be successfully completed, which makes things that much easier and faster. In some cases, the same account you use to transfer money locally can also be used for any overseas services.
The transfer itself can be faster thanks to services that offer daily availability and is normally completed within a single business day.
If you want to see how it’s done, check out this short “How-to transfer money within Europe” guide:
If you still have questions on how to transfer money within Europe or anything finance-related, feel free to contact us. We love transferring knowledge as well 🙂