The global economy has long become a seamless and integrated one. Even a world grappling with the COVID-19 pandemic continues to trade and carry on business across borders.
If nothing, the concept of working from home has meant that businesses continue to engage with their customers around the world and the global supply chain continues to function albeit not as intensely as before. Among the most important aspects of global trade and business is cross border payments and sending money abroad.
Every business with a global footprint wants to know as to which are the best ways of transferring money abroad. Let’s look into the different options as revealed by MoneyTransfers.com.
Banks
Banks have traditionally been the preferred way of sending money abroad for businesses. While most banks offer wire transfer services to businesses planning to transfer money, their attractiveness lies in the fact that they are perceived as very secure and are happy to facilitate the transfer of very large sums of money. However, they are in fact more expensive in terms of their charges when compared with digital international transfer companies, yet still many businesses only make international transfers via banks.
TransferWise
The great thing about transferring money online via TransferWise is that they don’t charge a markup on their international money transfers. All you need to do is pay a transfer fee and the money reaches its destination within a couple of days. Ease and low cost are the main selling features of this method of sending money abroad.
XE Money Transfer
The reason many businesses like using the services of XE Money Transfer to send money online is the fact that they enable online transfers to more than 200 countries. Importantly, they let them transfer up to $500,000. Not just that, they offer favourable exchange rates which are often better than those provided by banks. When it comes to ease, convenience and reasonable costs, this is the online transfer service to use.
Foreign Exchange Broker
The advantage of using a foreign exchange broker to transfer money abroad is the fact that the fees charged are quite low. In fact, there won’t be any charge till a certain amount (£3,000) is transferred. That apart, the fact that foreign exchange brokers are specialists in the field, enables them to offer better exchange rates than either banks or money transfers firms.
They are also able to reach the money to the recipient the same day or the day after. Although, opening an account with them can take time and they charge a higher rate for smaller transfers.
Western Union Money Transfer
This is one of the traditionally used methods of sending money abroad that continues to be popular to this day. Its popularity among businesses as an attractive means of transferring money abroad is on account of a number of reasons. Their most appealing feature is their credibility and reliability as a trustworthy enabler of international money transfers.
Moreover, they enable it so that you can pick up your money with ease and speed, which works out favourably for the recipient. The ability of the receipt to collect the money minutes after it has been wired is of great use to a business. Also, they have thousands of branches across the globe, which makes Western Union one of the most viable methods of sending money abroad for businesses.
Conclusion
International money transfers are an integral part of many businesses around the world. It is therefore important that they carry out some research about the international money transfer service that is just right for them. Using platforms like MoneyTransfers.com can help with this process and ensure you get the best rate when sending money abroad.