Why Choose a Wire Transfer Instead of Bank Transfer?
Even after the ease of money transfers, some people continue to exchange their paychecks and money from home from their banks or other financial brokers. Rather than using a money transfer online, they meet with a banking representative and agree to expensive commissions and fees. And many of the time, they prefer this method just because it is more familiar. As they’ve always trusted their bank and have used it for years, so why not?
In reality, the banks are not the experts in providing international currency transfer services, but they still charge clients more than they can afford.
So, here are some benefits of using online international money transfer services, such as USI Money:
1. You Get the Best Exchange Rate for Your Money
If you are telecommuting or making money from your investment in the property, then your employer and residents will possibly pay you in your home currency, which you later transfer into your current bank. All this can help or damage your income levels depending on the exchange rates, and also depending on the money transfer service you are using. Moreover, if you are waiting to receive a specific amount each month, then you can see a drop in your income.
If you are exchanging money from your bank, then you might not be getting the best deal on exchange rates as you would by using a particular money transfer service. Most banks provide various products and services, so it may not be as focused on international money exchange rates as you would like.
Not to mention, your bank’s money exchange may be outdated, or they can settle their own buy and sell offers around them. Most banks follow the Interbank rate and then base their own money exchanges around it. You might see a difference of up to 5% that the bank is pocketing.
Whereas, money transfer services work to obtain the best exchange rates possible. Therefore, instead of counting on your bank because you have always gone to them for money-related issues, try out the exchange rates at USI Money.
2. You Pay a Flat Fee Instead of a Percent of Total
Most banks charge clients a particular percentage of the international money transfer as a fee for providing their services. And they can charge up to 3-5% and term it a ‘processing fee or charge’ for exchanging and transferring money.
This small amount as a fee may not seem like much, but they certainly add up. For instance, every month, if you have to take an extra 5% out of your payment, you could be losing around thousands annually. And this is mainly important for those people who are travelling and living off their retirement or student loans. As you already have to extend your funds, so it doesn’t make sense for you to give so much to your bank.
Rather, find a good international money transfer service that only charges flat fees on your transaction. Because they will help you budget your expenses for the month (year), and they will also save you significantly.
3. You Can Keep a Safety Net Back Home
Even, most money transfer services remain open during turbulence, where the most stable currencies can also take an overturn during political and economic instability. Though the fall of the stock market wasn’t as bad as it could have been, many evacuees living around the globe haven’t been as lucky. So, if you ever find yourself in a region where your currency suddenly depreciates, it certainly helps to have a safety net of funds back home to get by on.
Additionally, this safety net also helps in situations, where your bank account falls prey to scammers and hackers. Even the most intelligent travelers can get deprived or tricked into parting with their money, so it is great to know you have an alternate source that you can use to transfer money internationally. And even if you don’t fall prey to terrible economic times or a scammer, still keeping a safety net makes it secure to travel around the world if you want a change of scenery. Hence, instead of dealing with two banks in various countries, you can simply send money out of your international bank account, close it, and start fresh somewhere new.
All You Need is An Internet Connection
By using an online money transfer service, you can exchange money from wherever you want. All you require is a secure Internet connection, whether you’re meditating with monks in Thailand or diving in Cape Town. You won’t have to drop everything, just to spend your whole day in a foreign bank; first, move your money and only then move on to other interesting activities.
Related Readings: Spay India: All the Facts Explained for money transfer
If you are hanging between your home country and your current adventure, don’t lose your money in between. And there are various organisations looking to take fees and commissions off the top, so opt for a reliable and good money transfer service, such as USI Money instead.