The growing international trades and advancement of technology have made the international trading and transactions easy and speedy. There can be numerous reasons for performing a money transfer to a foreign country. Whether you do import – export of the commodities, sending money to your family settled abroad, buying a property in a foreign country or any occasional international trip; you have to perform a money transfer or foreign currency exchange transaction. Due to this ever growing need of international money transfer services, there have been many mediums introduced which offer quick and cost effective services. Let me put light of types of international Money Transfer Services :
1) Wire transfer : Wire transfer services are basically an electronic money transfer services. You can transfer money from your bank account to another bank account. All required is the details of receipt bank account and wire transfer code to transfer money. It can take up to 2 days time to perform complete transfer. The foreign currency exchange rate may be charge high but Bank-to-bank wire transfer is considered the safest international money transfer method.
2) Online Money Transfer : Online money transfer has been very popular for performing small amount of money transfer. It is very quick, takes few minutes in transferring amount to a recipient bank account at any global location. All you need to have is an email account. There are many providers for online money transfer services. The charges for transfer depend completely on the amount of transfer. When there is international transaction the online service is quite criticized in terms of providing poor foreign currency exchange rates. If we talk about the safety measures proper identity verification is done by the online money transfer agencies to avoid any fraud.
3) Bank Draft : Bank Draft is a medium to transfer money to a foreign company. Mostly large transactions by companies and banks are done through bank draft. It very secure and requires senders permission and verification to perform the transfer. It’s a secure and effective way to perform international money transfer, yet it costs more in comparison to other services.
4) Money transfer Agencies : Nowadays there are various companies providing money transfer services as a primary service. There are some companies like Western Union Money Transfer, Money Gram, etc. have gain fame in providing money transfer services. Whenever one need to transfer certain amount to an individual in a foreign country, they have to visit agency local office, deposit money and take a transfer code. The recipient can use the same transfer code to withdraw the money. It is very quick and charges depend upon amount of transaction. The foreign exchange rates are charged liberally. It is advisable to use this service when the money transfer is required occasionally.
5) Foreign Exchange Services : Money transfer facility is also provided by companies into Foreign exchange services. The most primary benefit of using foreign exchange services is that the currency exchange rate charged is lowest than the other service provider. Moreover the expert guidance is available at no extra fees. If you require performing frequent transfers they also allow various plans where you can book a foreign currency rate which will be applicable on every transfer you do, even if you don’t send money your currency rate is fixed for 18 months. As Foreign exchange services providers are specialist in international foreign currency exchange they are well equipped with knowledge and various specialized plans to give you utmost benefits while performing international money transfer.
Stockton Mack specializes in money transfer services segment, currently working with well known foreign exchange services company.