Why Have Money Transfers Become So Popular These Days?
By Webb WardMoney transfers are often regarded as secure means of sending over money to your family members or to a business associate. In fact, this is considered to be a more convenient process nowadays, with cheques almost phasing out and “hard cash” not being treated as safe to be sent via post. It is often necessary to move money from your bank account to somebody else's, whether this is part of a business transaction, as payment for goods purchased or simply to send money to a family member.
Today, within the scope of this post, we will be discussing ways in which these safe and secure money transfers have made our lives easier.
The dangers of sending money via post are hardly unknown to anyone. A bank transfer is definitely a much better (and consequently, a more availed) option. The user can definitely avail the online or phone banking option, if at all the bank in question offers such services. You can utilize money transfers for various goods and services.
If your bank offers telephone or online banking then this transaction can be conducted by you. Or else, you can visit your local branch to organise the transfer. There are a few details that you would need to conduct such kind of a transfer safely. These details are:
- Destination Account Number
- Name of the individual or company who/that will receive the money
- Sort Code
- The amount of money to be transferred
- Payment reference number
Transferring money abroad
There might as well be instances when individuals need to transfer money from one country to another. You may be working abroad and are required to send money back home, or else you are required to pay the maintenance bills for an overseas property. Money transfers abroad usually take around a day but it might differ between organisations so always ask for an estimated transfer time.
Please keep this in mind….
Exchange rates vary between different transfer companies and can fluctuate enormously, on a daily basis. Please do not forget that there might be 2 types of currencies involved while you are transferring money online. For example, if you are paying a foreign supplier for goods or services while organizing your daughter’s wedding abroad, they may charge in the local currency but you will be paying in a different one, which may yield an effect on the total amount you end up paying.
Always ensure that you have the most up-to-date rate of currency exchange so as to have the exact idea as to what kind of amount you are transferring. There are certain companies which offer a zero commission service but it is vital to remember than the rate of exchange they offer may not be as competitive as one you could get elsewhere.
Calculate the full amount including any commission or additional fees to get an accurate total before making your transfer.