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What's the Best Way to Transfer Large Sums of Money Internationally?

13 август 2019 10:39, Станимир Петков (Клуб на инвалидите - Сливен)
Излъчване: Туида Нюз преди около 1 година, брой четения: 138
Payment

Sending large amounts of money across the border can be a bit of a headache due to a lot of things, such as service charges or fees. But, because of the variety of financial systems that are sprouting everywhere, especially on the internet, finding the best way to transfer your money can be a bit challenging.

You must consider the time it takes for your money to be acquired by the receiver. Additionally, how trusted the system or institution is. Nonetheless, wherever you are in the world, you need to know the best way to transfer money internationally.

Here are some of the most recommended ways to send money to your loved ones, pay fees, or purchase items online:

 

1. Bank to Bank Transfers

Sending money internationally through banks has become easier nowadays. Especially when it comes to sending large amounts, you don't need to worry about it anymore.

When sending money through banks, you can either do the following:

In-branch bank transfers - this is somewhat a traditional way of sending money by personally going into a physical bank to send the money. Bank transfer is probably one of the safest ways to send money worldwide, even when it seems tedious. It's because you hand over your cash to the bank teller.

All you need for such a transaction is the receiver's bank account number and SWIFT code. The Bank Identifier Code (BIC) or SWIFT code pertains to the account's branch, bank, and the country it’s registered.

Telephone Transfers - some banks use an automated recording to guide you, but other banks have their customer representatives. All you need to do is call them, and they’ll do the work for you.

Online bank transfers - nowadays, banks have their online system wherein you can send money through their website or their application. Some banks offer online registration for online banking, while others can assist you online.

Typically, recipients through online banking can receive the money sent within 24 hours and some for 3-5 working days.

It may be convenient, especially with banks having online banking, but bank transfers have lower exchange rates and higher fees.

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