The amount of money transfers year-on-year is growing and can be attributed to an increase in migrant workers, continuing globalisation and the greater security and efficiency offered by money transfer experts.
There are three main ways that a business can transfer money:
Cash Transfer
A cash transfer allows businesses to make an online money transfer which is quick, easy and convenient. The confidence in the security afforded on the internet has led to an increase in businesses choosing this method. The main advantage is that it is simple and you can send money with the click of a mouse. With a reputable specialist in currency exchange you can make a money transfer at an affordable price.
A disadvantage is the verification process which for obvious security reasons can be long winded at times. There can also be a delay in the process completing as the money is downloaded to a local bank account.
Money Order
You can get an international money order issued but there can be several restrictions. There is often a limit to the maximum amount of money you can transfer. A post office is used at either end, making it complicated to find one local to the bank you wish to transfer to. It can be time consuming trying to arrange this form of money transfer.
Bank Transfer
Bank transfers take longer than an online money transfer. You can choose foreign exchange specialists to handle the transfer on your behalf and negotiate prices with local banks.
It is also possible to send a cheque but this can cause problems at the other end. The recipient may struggle to cash the cheque and there may be significant fees to pay. It can take time to clear and is not as secure as other methods.
At PureFX we offer a fast and secure service for any money transfer and can advise you on all aspects of foreign currency.