Should you use a bank to send an international money transfer? Absolutely not! See 5 huge advantages of using a money transfer service instead of a bank.
Personal Finance

5 Huge Advantages Of Using A Money Transfer Service Instead Of A Bank

Are you looking into transferring money? Do you have a friend or family member overseas that you’d like to send money to? Perhaps you need to pay for goods or services, but you aren’t sure whether a bank is the best way to do so. 

Luckily for you, we’re here to help. Read on to learn why a money transfer service may beat out banks and how to get the most from your transaction. 

1. Get Your Money Anywhere

When sending money overseas, you want to ensure that whoever you’re sending it to can quickly cash it out. Most money transfer services have brick-and-mortar stores all over the world that you can receive your cash from. 

This creates a more seamless money transfer, as you don’t need to have a specific bank or be in a particular place. 

2. Better Exchange Rates

If you’re preparing for an international money transfer, you’ll first want to research the service’s exchange rates. Currency fluctuates in value constantly, so if you want the transfer recipient to get the highest value, it’s essential to compare different exchange rates and transfer fees. 

Unlike a money transfer service, most banks have lower exchange rates, which means you would end up making less money for every dollar you send. 

3. Lower Transfer Fees

While you can’t avoid transfer fees altogether, you can avoid the high ones if you also decide to avoid banks. 

Instead, consider your different money transfer options, such as by looking at Remitly reviews through Transferly. Consider the different transfer fees, and compare them to what you would spend through your bank.

You will most likely discover your bank requires a much higher fee, especially if you’re transferring money overseas. 

4. Transfer Money Fast 

If you transfer money using a bank, there is a good chance the recipient would have to wait five to six days before actually receiving the money. 

Banks are notorious for taking a long time, especially if it falls on a banking holiday. However, money transfer services are made to move money fast, especially internationally. 

Instead of waiting days, the recipient could have their money in hours. If there were to be an emergency, or if they didn’t want to wait, avoiding the banks could be the way to go. 

5. Easily Apply Online 

While signing up for a bank account often requires you to be in-person, most money transfer services allow you to apply online easily. 

This is a convenient way to send money fast, especially in times of social distancing. If you want to escape the hassle of going to the bank, consider an online option instead. 

Ready to Try a Money Transfer Service? 

Are you convinced a money transfer service is for you? Do your research, and see which company is suitable for your situation. Make sure to get the best rates and lowest fees, and you’ll be glad you skipped the visit to the bank. 

If you’re looking for more financial advice, browse through more of our blog today! 

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