Wednesday, 12 April 2017

Safest Way to Send Money Abroad

The money-transfer service can be hard to choose since remittance services are now readily available everywhere. While banks and online companies offer safe and secure ways of money transfer, there are countless other options too. Which money-transfer service you should choose will therefore depend on the fees charged and the exchange rates offered, especially when you want to send money abroad. Of course, the most important factor that should never be overlooked is safety. Thankfully, there are quite a few safe ways of sending money.

Cash to cash transfers - These transactions are relatively simple, since the amount to be sent is deposited in cash which is then converted to the currency of the country you are sending it to. Although it’s the safest way to send money abroad, it lacks the convenience of online transfers.

Debit and credit cards - This method typically reduces the transaction time and is quite dependable for fast transfers. The downside however is that it costs a little more and you may have to bear an additional credit card fee.

Bank accounts - Transfers via bank accounts are safe, fast and reliable and all you need to do is provide the account details and routing numbers of both the banks - the one that sends and the one that receives. Of course, you should be aware of the money exchange rates UK or for that matter the exchange rates of any other country of the recipient before sending money.

Smartphones - New technologies and a multitude of apps have made money transfers via smartphones easy and convenient. There are mobile money transfer programs too that allow you to transfer money directly to cellphone wallets of recipients.

No matter which method you choose, do compare the fees charged by the service providers since they differ considerably. As always, a little diligence is advisable when sending money for the first time.

Read : Important Information Required for Money Transfer to India

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