The world is truly a global village today with people freely exchanging ideas and information as well as trading seamlessly around the world. Nothing exemplifies this more than the ability to transfer money almost anywhere in the world. The fastest way to send money globally is through the slew of new age money transfer companies that make global money transfers a breeze.
Let us take a look at the factors that impact the speed of an overseas money transfer-
The Countries Involved
The speed of transfer of money is impacted by the standing of the countries that form the beginning and end points of an international money transfer. A transfer between the U.K. and the U.S.A for example will be way faster than a transfer between a Middle Eastern nation and a sub-Saharan African nation.
The Money Transfer Company Used By You
Your choice of money transfer company has a critical bearing on the speed of your international money transfer. Every money transfer company has its own procedures for receiving, exchanging and depositing money. It can be a bit of a bother trying to zero in on a company that has the most efficient systems in place.
The way out of this is to refer to an international money transfer service comparison site Money Transfers.com that can help you make the right choice in no time.
Beneficiary’s Choice of Mode of Payment
The speed of an international money transfer quite often depends upon the mode of payment that a beneficiary is comfortable with.If you make a transfer via a bank, the bank in which the beneficiary has an account will have an impact on its speed. If you don’t want to go through the banking system, transfers can be made with the help of money transfer companies like WAzimo, Xoom, Moneygram, WorldRemit or Western Union who arrange to pick up the money as cash. Some money transfer companies will even facilitate a cash payment to the recipient, though that would typically take longer than a regular transfer.
Having a Preexisting Account With an International Money Transfer Company
Setting up an account with an international money transfer company requires you to undergo some procedures which can delay the international money transfer that you are making. Having a preexisting international money transfer account means that you can hit the block running and make a quick transfer of the funds to its desired destination.
The Way You Fund Your Money Transfer
There are several ways of funding your international money transfer, each with their own timelines with regard to the speed of the transaction. The principal ways of funding an international money transfer are-
• Debit or credit cards.
• Bank draft or bank transfer.
• Giving cash to a local agent.
How fast the recipient will get the money transferred by you will be determined by the timeline of the method you use to fund it. Debit or credit cards for example are faster than bank transfers.
The Amount That You Are Transferring
The size of the amount of money you are transferring may also impact the speed with which it gets transferred. Some international money transfer companies take longer to process and transfer large amounts of money.
Time of Initiating a Transfer
When you initiate an international money transfer may have a bearing on its speed. Things like time differences, public holidays and intervening weekends can definitely have an impact upon the speed of your international money transfer. It would make sense to factor these in before initiating a transfer to avoid inordinate delays.
Security Procedures
Given that every transfer of money has to be a safe and secure one, your international money transfer may get delayed on account of following the security protocol put in place by the money transfer company you use. While this may be a little inconvenient, it is unavoidable, as it is the safety of your money which is at stake here.
Conclusion
The ability to easily transfer money to anywhere in the world, thanks to the services provided by both traditional financial institutions like banks and the nifty new age money transfer companies is a great gift of these times. It has made international trade and travel accessible to millions around the world. With a plethora of international money transfer options available, one can choose the one that best suits one’s purpose.
The major factors in making this choice are speed, convenience, economy and safety. Being able to identify the international money transfer service just right for you is something that you should do on a priority basis, so as to avoid any hassles later. While one can take time out and research the various options available to select the best one, you can instead refer to Money Transfers.com. They will have carried out the required research on your part, enabling you to make your choice quickly.
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