Whether you’re sending money abroad or receiving some, you can opt from a wide range of traditional and modern money transfer services. Each differs in terms of cost, support, convenience, and speed. Therefore, it’s advisable to figure out what you want and select the one that suits your needs. To make your job easier, we’ll provide you with the three most popular options in this article.
Bank Wire Transfer
Wiring money via banks is one of the most (if not the most) popular ways to send money abroad. Why? Because security is a top priority in all monetary transactions, and that’s precisely what banks provide. They’re heavily regulated organizations with strict safety protocols within the vast international banking system.
Despite all of this, their exorbitant fees have driven many off toward other options. For example, some of them charge a £40 fee per transfer plus an exchange rate markup. That’s why economically, it just doesn’t make sense for many businesses, international students, etc., to incur such high costs. In addition, with the extensive amount of paperwork, banks may take as long as a week to wire the funds and complete the transfer.
Digital Wallets
In the last decade, digital wallets like PayPal or Skrill have taken the remittance market (especially in the U.S) by storm. With their easy-to-use platform, all users have to do is enter the recipient’s email address, type the amount, and hit send. If the transaction proceeds, the funds arrive at the destination in a matter of minutes.
Despite the broad appeal and even love for these hassle-free, instant transfers, many avoid them because of strict limits and hefty fees. For instance, PayPal imposes strict limits on the frequency and volume of transfers, and it supports only a handful of countries around the world.
Plus, it charges a 4% fee for both the remitter and the receiver. Moreover, as the transfer volume exceeds a particular level, additional fees are added. Hence, digital wallets may not be the optimal option for international transfers.
Money Transfer Services
Last but not least, there are online money transfer services that are capturing a more sizable share of the remittance market each and every year. Thanks to their balanced approach, many online money transfer services can match the security of wire transfers but don’t take nearly as long to complete the transfer.
In addition, many online remittance providers cover far more countries than the likes of PayPal. As for fees, they charge considerably less than the two above-alluded to options. For instance, many reliable providers only charge fixed fees (£3 is the norm) or percentage fees (like 1%) for every transfer. All of this, combined with reasonable exchange rates, is probably why they’ve grown in popularity so much.
Bottom Line
With the vast number of options available, selecting the most affordable and secure option can be confusing. That’s why we compared the above methods in as far as cost, speed, and range of support. The optimal choice depends on the individual, but online money transfer services are pretty much the most sensible way to go. However, it’s essential to choose one that charges minimum, transparent fees, supports many popular and exotic countries worldwide, and offers premium security. All of this points to one direction: Lycaremit. With Lycaremit, you can easily send money to +50 countries worldwide on various platforms while paying minuscule fees and receiving the most competitive exchange rates on the market. Contact us and see what we have to offer!
