How Does an International Wire Transfer Work?

International money transfer is 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. 

How to Do a Wire Transfer

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. 

International Money Transfer Methods

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.

What is the Best Way to Transfer Money?

For your money transfer overseas demands, you should seriously consider e-wallet solutions from providers such as Jeton. Jeton is an e-wallet solutions brand that makes the life easier for businesses, individuals, shoppers, whomever that would need to commit international money transfer. The e-wallet 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 e-wallet so you could get on with the transaction as soon as possible. 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. 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.
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