With the fast evolving technology international money transfer has become an essential part of global commerce today, may it be physical or digital, as it is complicated. Within the same jurisdiction, the hardest it can be is a transfer among two different banks, however when the money requires to be passed across borders, multiple jurisdictions come into play with their different set of rules. Also there will most likely be at least two different banks located in different countries. The process ends up becoming more costly and time-consuming should there be intermediary financial institutions facilitating the transfer. Finally, add the currency conversion on top of that and you have a load of financial burden on your hands, not to mention the service charges, taxes and other fees that might incur for the international wire transfer to finalize.
However today there are most cost efficient solutions alternative to international wire transfers. If you are looking to optimize your costs you can prefer these new alternative solutions. It is a good idea to understand how each payment method works to find the best fit for your needs.
How to Do a Wire Transfer
In simple words a wire transfer is an electronic payment used to transfer funds between bank accounts. Wire transfer used to be one of the best solutions for international transactions. However there were many inconveniences especially when it comes to costs and time. The cost becomes more dreadful once the time needed to clear such a transaction is taken into consideration. Now, may yours be business-related or individual reasons, the time and the outlay is less than desirable. However, in the pre-fintech world, you hardly had any other options to transfer money. Wire transfer via your bank will require you to provide them with certain information regarding the recipient. Such information could be found by visiting the nearest branch of your bank, making a call to them or simply by filling out a form online. As aforementioned, there will definitely be charges involved and they will vary depending on the destination and the banks involved. It is recommended to double check all the information before initiating your international transfer.
Wire transfers are high cost because generally there are multiple banks involved in the transactions and as we know most traditional banks still don’t have enough capacity to handle these types of transactions overall. Also there might be local legalities related to verification processes that may cause delays as bureaucracy is slow in most countries.
Alternative International Money Transfer Methods
If wire transfers cost beyond your budget and negatively affect your business operations then it is time to look for more budget friendly and secure solutions. These methods vary from online wire transfer providers or e-wallet services. Even though most of them are not physical entities like traditional banks, most providers are licensed and secure. The non-bank options will charge lower fees, however, as their overall costs are far lower compared to brick-and-mortar banks. Provided you have a registered account with such a service provider, you also will be granted some perks of flexibility as well. You can opt for choosing the current exchange rates for your transfer or pick a forward contract that will allow you to lock in a favorable rate for a sum to be sent at a later date. You can even place a limit order with them which dictates a global wire transfer be made when the currency exchange rate equals your preferred threshold. As non-bank options operate mainly only they use highly advanced technology when it comes to speed and security to provide borderless transactions.
Depending on the service provider, international transactions are generally quicker compared to traditional wire transfers realized through banks. All international transactions provided by online payment solutions are more budget friendly. As there are no third parties involved, Also contrary to traditional wire transactions you can track your transfers and fees are more transparent so you can avoid unexpected transfers costs.
What is the Best Way to Transfer Money?
We all know that time is money. In order to keep your business associates and your loved ones happy there are new ways available. For your money transfer overseas demands, you should seriously consider online solutions from providers such as Jeton. Jeton is a trusted online payment provider that offers handy payment solutions that makes the life easier for businesses, individuals, shoppers, whomever that would need to use international money transfers frequently.
The e-wallet service removes borders by becoming a go-to point for those who are looking to transfer money with the intention of avoiding the burden conventional wire transfer comes packed with. It is fairly easy to top up your Jeton app so you could get on with the transaction as soon as possible. The Jeton app is quite user friendly and easy to manage. Despite being limited to a selection of countries, you can use instant bank transfer by online banking through bank accounts in your name. If that option is not available for you, credit and debit cards are the way to go as they are available worldwide. Just keep in mind that you are required to be the cardholder and the card should be from VISA or MasterCard. When you open an account with Jeton, you can also apply for a Visa or MasterCard.
The prepaid digital currency card of JetonCash is yet another method to transfer funds to your Jeton account. Once you possess enough funds to initiate an international money transfer, you are ready to move the money from your e-wallet to the other user’s Jeton account or website account.
Jeton is available in more than 50 countries all around the world. With a couple of simple steps you can open an account with Jeton and can benefit from all the advantages that Jeton offers. If you want to learn more about how to open an account with Jeton you can read our article by clicking here.
Visit Jeton’s homepage and click on the Sign Up button today.
