International fund transfer has become way more accessible than it used to be years before. Now you can easily send money to a friend in need in your country or pay the house rent for your spouse staying back in the native country. A single transaction can take care of all your financial obligations back home. However, the mode of transaction that you choose will impact the total cost of the transaction. The method of the transaction might also affect the final amount that your loved ones receive back home.
By mode of transaction, we mean the services you avail of international fund transfer. Banks have traditionally been the most preferred option to send money across borders due to their reliability and stability. However, the financial sector has gone through a paradigm shift in recent years, and so has the entire scenario of sending money internationally. Today, people are more comfortable using money transfer services being offered by money transfer companies rather than going for a bank transfer. There are many reasons for this preference change, and we will discuss all of them in this article.
Benefits of Using Money Transfer Services for International Fund Transfer
1. Low Transfer Fees
Sending money from one part of the world to another has always been a costly affair. Banks charge hefty fees for every single transaction. A dedicated money transfer company has the entire infrastructure optimized only for international or domestic money transfer. Hence, the cost of sending money through these money transfer services is much lower than sending it through banks. This low price for service has led to the wide popularity of these money transfer services.
The low fee of transfer means that you can send more money t your loved ones at the same price. This has increased the volume of transactions too.
2. Better exchange rates
The exchange rate determines how much the currency you own gets converted into the currency of your native country. Exchange rates are not applicable in domestic money transfers. However, in international fund transfers, exchange rates play a huge role. A better exchange rate means that you can send more money to your loved ones while owning the same amount of money. This is why the broader acceptance of money transfer services can provide better exchange rates across the globe. These companies specialize in currency exchange and can provide the best exchange rates that are not available with the banks.
3. Cash available anywhere
Money transfer companies have physical locations across the globe as they are primarily in international and domestic money transfers. These locations can be utilized to deposit physical cash and send it throughout the world or collect some money sent for you from anywhere worldwide. Hence, this becomes an excellent delivery system where he can manage the money that you sent for a person from the money transfer company’s location from anywhere in the world.
Hence, money transfer services are a much better option to send your hard-earned money to your loved ones back home efficiently.