3 International Money Transfer Services (Better Than Your Bank)
When you are travelling abroad, you have to expect some emergency situations when you are in a serious need of money. It is better to choose a trusted person who will be ready to help you out as soon as possible.
But more important than that is to know the easiest and safest ways to transfer money from one country to another beforehand.
Luckily, because of the great demand on international money transfers, the fees are dropping down and the service is getting better and better.
Let’s delve into the money transfer options that you need to know about before travelling.
Are Banks Your Best Option?
Money transfers from one country to another using your bank might be costly and slow. Most probably you won’t be able to wait this long to get your money moving.
But, if it is your only option, you need to have a background about the most common network used between banks: Society for Worldwide Interbank Financial Transactions (SWIFT)
SWIFT is basically a bank-to-bank messaging system used by banks to communicate money transfers. It is most used in sending money from one country to another.
You have to consider the following points before using SWIFT:
It might take from 1 to 5 business days to receive your money
You will be charged huge fees
- Exchange rate will be high
Fortunately, you have other options that you need to be aware of; and will be of great help in your time of need.
Alternative Money Transfer Services
In a highly competitive industry, there are many alternatives that can be more convenient to you.
Services such as Western Union, PayPal, and Abu Sheikha Exchange, can provide you with better exchange rates, less fees, and faster transfer.
It was founded in 1998 and it is most popular in online money transactions.
It provides an easy and fast way to send and receive money online using PayPal accounts. You will have to create a PayPal account and connect it to your credit card or bank account to be able to use it.
If you are the sender, the money will be sent to the recipient’s account, deducting the amount from your PayPal credit.
In case you are the recipient, anyone can send you money using your email address that is connected to your PayPal account (which is by proxy connected to your credit card.)
A notification will pop up on your email whenever the transaction is successfully completed.
Before using PayPal, you need to understand the kind of services available in your country and the other party’s country.
Western Union Services
It was established in 1851, with a long history of experience, Western Union succeeded in understanding its users and their needs.
Western Union operates in more than 200 countries and works with almost all kinds of currencies. The fees vary depending on many factors, such as the country you will send the money to, the amount of money to be sent, etc.
To use Western Union as a sender, you need to go to the nearest site or agent with your ID number.
You will have to provide the employee with the recipient’s information, your ID number and the money to be sent. After revising your information, the employee will proceed with the rest of the transaction process.
Finally, you will be given a tracking code that should be passed to the recipient to receive the money. Within minutes, the recipient can go to a Western Union branch or agent with the tracking code and their ID. Once the employee checks the information and makes sure it matches, the recipient will be able to collect the money.
Abu Sheikha Exchange Services
If you are searching for a one-stop shop where you can get your money duties done within few minutes, Abu Sheikha Exchange is here to help.
Operating in 17 different branches across Jordan, we are a leading company in the financial industry. We provide a wide range of money services, such as Western Union, currency exchange, money transfer and more.
We promise to provide you with the best exchange rates and the least money transfer fees that you’ve been searching for.
Abu Sheikha Exchange is your trusted partner wherever you go.