Almost every expat lives with the need to send or receive money from home. Whether you need to transfer money to your loved ones, pay utility bills, or invest in any business – the needs can differ from expat to expat. But knowing the best means is essential for a safe and secure transfer.
Since there are a number of options you can explore, you need to be aware of the most suitable one for yourself. So, if you’re wondering how to meet money transfer needs and what method can be secure for the transfer, don’t look further.
This blog has everything that you will need to know about the money transfer options to help you choose the best one!
Bank Transfers
A traditional bank transfer is one of the popular options among expats for a number of reasons. The international money transfer services by banks are also helpful for money transfers if you have an account with them.
Bank transfers are known as the most reliable and fastest way to send money internationally. However, these are costly and come with unfavourable exchange rates. In most cases, the banks have a fixed fee for making the transfer.
Online Money Transfer Services
Unlike bank transfers, online money transfer services are changing the landscape of international money transfers to meet the financial needs of expats. These platforms put power in your hands and allow you to manage your finances with ease.
Moreover, some platforms offer favourable exchange rates to expats, allowing them to make the most of their money. For example, if you want to get INR to CAD exchanged, you can check the competitive rates and explore options to send money with your favourable rate and with no additional fees.
Remittance Services
Remittance service is another feasible means of sending money abroad. There are several remittance firms that provide an international platform, and their services are often cash pick-up and bank transfer.
Despite all of this, these services are pretty convenient for the recipient when they don’t have a bank account. However, the fee applicable is relatively high. Therefore, as an expat, you must compare the cost and utility of the remittance services to see whether they fit your expenditure or not.
Peer-To-Peer Transaction
A peer-to-peer transaction is an electronic money transfer between two people. P2P payments are a highly popular way to send and receive money.
P2P payment is the most quick and easy way to send money and allows users to initiate transactions from anywhere as long as there is an internet connection.
However, it is essential for you to assess the provider’s security and procedures as well as fraud policies before you begin.
International Money Order
This method is also known as the internal bank draft. This is a check that is guaranteed internationally by the bank. Once the cheque is created, it is then posted to the recipient, who can cash or deposit it at their bank.
This can be the safest and most secure way to send money. However, the charges can be high, and exchange rates can be fixed.