People often find themselves in a situation where they have to transfer money to another country. These can be migrant workers, foreign students, tourists, or even people who want to transfer money or gifts to their families overseas. We live in a technological era that allows us to perform these operations relatively easily, through a process called remittance, which is basically a way to make a wire transfer online. What is this process and what is the safest and easiest way to perform it? Here are all the details that matter:
The basics of wiring money overseas
Let’s start with a simple explanation: a wire transfer is a transfer of funds done online across a network of banks or transfer agencies/services spread globally. Each bank and/or financial service has different codes and conventions when it comes to a customer’s wish to make a wire transfer online. By using a wire transfer, people in different geographic locations can safely transfer money to individuals and financial institutions around the globe.
Wiring money overseas can be made through a bank account. Note, however, that this method might have you facing several challenges such as long queues, high commissions, and more. But the biggest problem often arises with migrant workers or foreign students, who, at least at the beginning of their stay in a foreign country, may find it difficult to open a bank account as European banks have a list of requirements that foreigners usually find hard to meet. To open a bank account with a European bank, one must present the following paperwork:
- A long-term lease
- Local credit history
The best solution for migrant workers and people in similar situations is usually virtual banking services or remittance services that enable customers to wire transfer online.
Wire transfer companies can save you money
The fee for money transfers made through virtual services may depend on the provider, amount sent destination, delivery, and payment options. Generally, you’ll get a better exchange rate than you would at a bank. Plus, the significant advantage is that, in some cases, the money arrives instantly, while in other cases, it arrives within one business day, depending on the chosen money transfer method.
Once you open an account with an online money transfer provider, you can simply send money online to a bank account, cash pick-up, or a digital/mobile wallet, depending on the available options in the region you wish to send money to.
Wire transfer online and the amounts that matter
The fees you pay for remittances often depend on the amount you wish to send. If you are only transferring small amounts of money, many companies can help you and the fees will not be that significant as, usually, the fees are correlated with the amount transferred and represent a certain percentage of it. However, if you are looking to transfer large sums of money at once, choose a company that has a flat fee policy and will not charge a certain percentage of your money transfer order.
Sending money overseas can be as easy as a screen tap. All you really have to do is input the beneficiary’s details and the amount you wish to send. That’s it! The money transfer company does all the hard work for you, making wiring money overseas cheaper, easier, and, just as importantly – accessible to everyone.