The world is a very, very different place to what it was as little as thirty years ago and there are two interconnected reasons at the core of all of this, globalisation and the internet. These two individual phenomena have both created the need and provided the solution for the ever increasing need to transfer money internationally. As the central hub of international money transfer providers, 80% of money transfer companies are UK based, however, they do of course allow you to send and receive money from all over the world. Furthermore, the usage of these UK based money transfer providers is not limited to UK residents and are used by millions of people from every corner of the world on a daily basis.
So, why exactly are so many people turning to money transfer companies? Well, when it comes to both individual and business clients, the most important aspect is that it saves them money. People move from place to place more often today than they have at any other time in history. Whether moving abroad yourself, travelling or simply sending money to a friend, there has never been a higher demand for an efficient international money transfer solution.
For those of you who are still unfamiliar with money transfer providers, your first reaction may be to simply transfer the money directly via your bank, just like you always have. However, if you stop and think why so many people are not doing this, then it may make you think again. Simply put, traditional banks often have high transfer fees and even higher exchange rates. So, let’s dig a little deeper into why money transfer companies are becoming more and more popular.
Lower Transfer Fees
At first, many people are surprised to learn that international money transfer providers offer lower transfer fees than traditional banks but when you really think about it, it makes a lot of sense. While a traditional bank offers a multitude of services, money transfer companies are dedicated to one thing and one thing only, transferring money Internationally.
And don’t worry about being stuck for choice, there are now more than enough transfer providers to meet your exact needs. Some charge a fee per transaction while others base the fee on how much you are sending. The good news is that whatever your needs and however much you want to send, you will be able to find a provider that works for you.
Optimal Exchange Rates
Another benefit of money transfer providers is that you are likely to get a better deal than you would if you went through a traditional bank. Always be aware that exchange rates do change and that even amongst money transfer companies, they will offer you different rates. The advice here is to look around for the best deal before committing to a provider.
Transfer Speed
What used to be referred to as a New York minute is now the method of time keeping for the entire world. As globalisation has proliferated throughout around the globe, the ability to remove borders has become a requirement for the modern human. For many individuals, the issue with transferring money internationally is that by the time it takes a traditional bank to process your transfer, the need for the money has passed. It is well known that when transferring money via a bank, you will have to wait several working days for the request to be processed.
Thankfully, International money transfer providers offer the ideal solution to this predicament. At maximum, you will have to wait a day or two, however, it is often possible to transfer money instantaneously.
Customer Reviews
On top of the transparent fees, great exchange rates and speed of transfer, there is another aspect of international money providers that has people more than happy to use their services. No matter how technologically advanced we get, people still want to know how others actually feel about using a service.
When it comes to specific service providers, Wise, formerly called TransferWise, is super popular online and a quick search will allow you to find and read an impressive catalogue of customer reviews.
Masters of One
The downfall of a large proportion of businesses is that they try to do too much and end with a number of mediocre products or services instead of excelling at one. Well, this is not advice you need to give to a number of international money transfer providers, including the aforementioned Wise, Azimo and CurrencyFair.
These are just a few examples of providers who have concentrated on being the best at one thing, cheap online money transfers. This is a tactic that has more than paid off and is testament to their business model.
The same can be said, but for a slightly different reason, when it comes to Currencies Direct, TorFX and Global Reach Group. These are examples of money transfer companies who have focused on providing the ideal service for businesses, including micro businesses and online sellers. Each business will of course have their own unique needs but you can rest assured to be able to find the ideal provider for you with some research.
So whether you need to improve your import and export operations, pay employees salaries overseas, automatically perform payments for outsourced services or purchase a company or land in a foreign country, there are a number of International money transfer companies that have designed their services to meet your exact needs.
The Cherry on Top
If you are new to the world of International online money transfers, you may be hesitant to begin using such a service as a result of feeling that online providers will not offer the kind of customer support you need. This is a fair concern as many online industries tend to neglect this side of their business, however, when it comes to money transfer providers, you can rest assured that they take customer support seriously.
When a business is dealing primarily with money, they are highly aware that if they want to succeed, they need their clients to feel that their services are secure. A big element of this is being reachable via several mediums and responding in a prompt and helpful manner.
Our advice here is to double check that the service provider you are considering using offers the kind of customer service, whether it be via email, instant message or phone, that you are comfortable with. In addition to this, when reading reviews, keep an eye out for how users describe their experience of dealing with the providers’ customer support team.
The Bottom Line
It is common knowledge that people tend to like sticking to what they know, so the fact that an ever increasing number of people are turning to International money transfer companies just goes to show how good of a service they are providing. It is one industry that has focused on the actual wants and needs of individuals and businesses in the modern age and, as a result, service providers are reaping the rewards!
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