Whether it’s transferring funds for business transactions, buying a rare gift, or wiring extra money abroad to your kids in college, money transfer can sometimes be a hassle. Sometimes it’s an emergency, but the bank takes forever to transfer the money. On top of that, the bank might charge a fortune for a simple transfer.
Some agencies claim they charge little to zero fees for transactions, but they make up for it by adjusting the exchange rate. Others offer reasonable exchange rates, but they charge additional fees or support limited countries and currency pairs. That’s why in this article, we’ll look at the vital requirements of an affordable money transfer service.
The ideal scenario is this: Pay minimum-to-zero fees, get the most competitive exchange rate, and remain confident of the transfer speed and security, and send the money to virtually anywhere in the world. We’ll address each of them below separately.
The type of transfer, the destination country, the currency pair, and other factors affect how long it takes for your money to get there. Some services like Wise and Azimo take up to three days for a transfer, but with Lyca Remit, it only takes two working days at most. If you remit funds via bank transfer, it takes even less. Transfer efficiency and hitch-free e-transfers are the trademarks of Lyca Remit.
Fees & Exchange Rates
If you’re a business owner, you’re probably making at least tens or hundreds of transactions per day, so it’s essential to spend as little as possible on fees and exchange rates. If you’re sending a large sum of money abroad, it’s vital to get the most competitive exchange rate and pay the minimum fee because they make a huge difference in large transactions.
Companies like TransferGo, Wise or WorldRemit charge about £3.50-£5/transaction. However, LycaRemit can charge as little as £2.50. Also, you can get £5 Lycamobile credit for money transfers above £300.
Global transfer services must cover many countries and currency pairs. Most companies cover the major countries and currency pairs, but they are limited in supporting destinations and currencies that are not as popular. Consequently, many customers are left to find a reliable transfer service for more exotic locations. With LycaRemit, you can send money to countries like India, Bangladesh, Cyprus, Ghana, as well as all other more common destinations.
The biggest concern in wiring money, especially to foreign countries, is transaction security. Companies need to protect the sensitive financial information of both parties. Thanks to LycaRemit’s RSA 256-bit encryption, you can rest assured that your financial information is safe and well-protected.
You have access to a vast number of global money wiring services, each having unique advantages. Some offer affordable rates and are easy to use, but they might lack transparency. Services like PayPal are very common for sums under £500, but they become increasingly expensive as the transaction amount ratchets up.
LycaRemit is among the most reliable options for large and small transfers. It offers competitive rates and fees, is easy to use, and covers a wide range of exotic and major countries and currency pairs.