International money transfer systems guarantee fast transfer of funds all over the world. Moreover, not only banking services – Western Union, MoneyGram, SWIFT – but also p2p transfer systems such as PayPal can cope with this task. Today there are many options for organizing such transfers. Let’s take a closer look at everything together with PaySaxas.
Is Making Payment Abroad Complicated?
The answer to this question worries many. Today, making such a transaction is much easier than it was 10 years ago. Today, there are many tools and organizations that are ready to help with this. It all depends on the capabilities of the sender and the needs of the recipient.
Nowadays, you can make such transfers simply from your phone. You don’t have to go anywhere or negotiate with anyone. It is enough to download the application of the payment provider and replenish the account. These are the funds that you will transfer. The most popular services today are:
- Wise;
- Paysend;
- Revolut;
- Paypal;
- N26, etc.
The sender needs to understand where and how much money they need to transfer. This will determine the choice of platform through which this task should be accomplished. But it is a pleasant hassle, as such transactions are very fast and reliable. This is what every money lover is looking for.
What Are The Ways to Transfer Money Abroad?
In the age of technology, there are so many ways to pay overseas. They are tailored to individual regions as well as people. But rest assured, everyone is guaranteed to find the best option for them. Let’s familiarize ourselves with some of them.
DEBIT / CREDIT CARDS
Card-to-card transfers are very common in the modern world, and it is easy to understand their popularity: users do not need any extra movements, and the transfer can be sent via a mobile application and a bank or using Google and Apple Pay immediately from a bank account. When transferring money from card to card abroad, your options will be more limited. You should remember this.
SEPA
The SEPA money transfer system is convenient for those who pay in Euro currency and live within the Eurozone. Such transfers generally take about 24 hours. And sometimes the money arrives to the recipient even 3-5 days later. It depends on which bank is used by the recipient and the sender. The systems are different everywhere. SEPA transfers are cheaper compared to other options.
SWIFT
It is an international interbank system for transferring information and making payments. The network today has more than 10,000 organizations worldwide. These include banking institutions and other financial organizations such as stock exchanges or clearing houses. SWIFT has been around for 50 years and has become the standard way to transfer money between banks anywhere in the world.
CRYPTOCURRENCY
It is believed that there are no transfer limits in the crypto world, however, this is only true if a person already has cryptocurrency. Paying for goods and services with cryptocurrency, which is not controlled by the existing banking system and is not taxed, has numerous advantages:
- funds are credited to the beneficiary’s account as quickly as possible;
- complete confidentiality is preserved, as transactions are made anonymously;
- thanks to the decentralization of cryptocurrencies, international settlements are simplified, as there is no tie to the currency policies of individual states;
- cryptocurrency transactions are done online and can be done anytime and anywhere there is a network.
That’s why it is one of the most popular payment and transfer methods in the world today.
Is Making Payment Abroad Safe?
The virtual world today has brought many benefits. People worry less about many aspects of life, as this can be done remotely, even send their own money far abroad. But such actions can entail risks. After the advent of the Internet, scammers began to come up with different options for getting people’s honestly earned money.
So remember that banks are ready to maximize the security of money transactions. Here everything will also depend on the competence of people, as well as the fact that account holders are careful with money. When you transfer money through any chosen route, you should make sure that the recipient’s number is correct as well as the amount.
Don’t forget that it is better to put some information in the reference column. In this way, the banking institutions and not only will not have a question that the client does not understand why he is transferring money. Be careful, the result of a successful operation largely depends on the executor himself.
Here are also some helpful tips from PaySaxas:
- Check carefully recipient details. This guarantees you that you will send money to the right person/organization.
- Check how you transfer money: SEPA, SWIFT, or you were provided with a cryptocurrency wallet address.
- Before sending money, make sure your payment details are up-to-date. For example, copy the IBAN and check its status. There are many free online tools that will do this for you.
- Please check that the sending currency matches the billing information. You may be given data, for example, to receive a payment in pounds, but you will send euros, and you need an IBAN.
Today there is a real opportunity to send money abroad. There is a chance to start your own business, or just help your family financially. The states are concerned about this issue, therefore, in every possible way they contribute to the development of payment system providers. Be careful what you use to transfer money, and where exactly you send the currency. Caution guarantees the highest quality result.
