D
o you want to send money to or receive money from overseas? Here are three reasons why you might choose international money transfer services over traditional banks.
No Daily Limits
International money transfer services provide a solution to some of the limitations of banks. Sending money using banks can be time-consuming and frustrating, and some banks have money transfer limits. By setting these limits, banks determine the amount that the account holder can transact in a day. For instance, a bank may set a limit of £ 5,000 per day. This may make it difficult for an individual who needs to send £10,000 to another country. For such an individual, international money transfer services are a viable solution.
Urgent Transfers
Some local banks do not process global money transfers. Moreover, international banks generally take several days to transfer money overseas. On the other hand, many international money transfer services offer almost- instant service. This is because these services are not subject to the same bureaucratic processes as banks. However, the transfer approval process can take up to three working days. The only verification needed is the approval of the sending source and money is immediately moved to the account of the receiver. Therefore, these services are convenient for urgent money transfer needs.
Lower Costs
One key factor to consider when sending money is the transaction cost. International money transfer services often have lower fees for money transfers than banks do. Fees are charged at a percentage: between 1% and 4% of the amount sent or received. Therefore, these services can be useful for online buying and selling of goods and services.
