money transfers via .... ???

???? reply

many apps that do money transfer

I’ll reserve soiling my pants until its a done deal

Western Union and Moneygram

if that would be true we get another boost

This is a common question and the answer is not widely disseminated

Thanks to rapid strides in technology, money transfer from overseas is now just a click away and you can transfer money internationally in minutes.

Online money transfer is probably the best option for smooth and fast transfer of funds across countries.

When making International transfers you must cross check the exchange rates as the rates tend to fluctuate very often. This is especially important when you are transferring large sums of money.

It is always preferable that you check the present exchange rates with multiple money transfer agents to get hold of the best deals. Some companies will also offer you the convenience of booking an exchange rate in advance.

When making online money transfers, it is important to ensure that the transfer is secure and is made through a secure network and there is a multiple layer authentication to ensure better security.

Time taken to transfer the funds

Before you choose a particular money transfer service, it is important to ensure that besides being secure and safe, the service is quick as there may be times when you need to transfer funds for emergency purposes.

International currency exchange can sometimes seem like a daunting place so here are some fun images that help explain international money transfers.

Paying a mortgage back home when you live in another country.

Paying overseas staff or overseas suppliers.

Pay a bill in another country (like the rent on a summer holiday home).

Paying your foreign university tuition bill.

Buying an overseas property.

Sending or receiving payment for work done as freelance worker.

Receiving a monthly payment such as a pension payment from your home country.

As we described in this post on how to wire money abroad, the old way to do an international funds transfer was to head down to the bank branch during your lunch break only to discover that there’s a long queue and you’ll be standing there for 20 minutes before you even get to speak to someone.

When you finally get to the counter you get served by a very bored bank teller who doesn’t actually know how to do an international money transfer. So he asks his colleagues who are equally as bored and they don’t know either. One of them phones Head Office and after about 15 more minutes of wasted time, they finally get your transfer started.

When it is finally completed, you are informed that you have sent less money than you planned to because they charged you a large upfront sender’s fee. They also used an unfair exchange rate that took 5% of your money away.

Other people avoid banks by going online and use the expensive PayPal with its nasty exchange rate to transfer money to another country. Unfortunately, some people still believe that Paypal is free for currency exchange. No, it’s not – it’s actually very expensive.