International Money Transfer – Sending Money Abroad
International money transfer is a phenomenon that has been around for a while. It’s as old as travel itself. People have been sending and receiving money across borders for centuries, whether for trade, remittance, investment, or charity.
However, how we transfer money internationally has changed dramatically, especially in the last few years. Thanks to the fintech industry, internet banking has become easier. If you want to send money abroad, it’s just a cakewalk.
People living abroad often send money back home to support their loved ones. Also, businesses make remittances to pay their overseas teams or customers. With the fintech revolution, your loved ones can get hassle-free cash now. It can be transferred in minutes, and they can instantly pick up the cash.
International Money Transfer Guide
However, finding a reliable international money transfer provider takes work. Each provider claims to be giving the best rates and fastest services. We will tell you everything to make a secure international payment online and make your loved ones happy.
How does an international money transfer work?
When you initiate an international bank transfer, banks utilise the SWIFT network to guarantee that your payment is delivered to its intended destination.
However, the route it takes may sometimes be indirect. Some payments pass through intermediary entities, also referred to as corresponding banks, similar to taking a series of connecting flights to reach your final destination. It’s also crucial to note that the SWIFT network doesn’t physically move your funds; it simply transmits your payment instructions.
What are the best ways to Transfer money internationally?
Whether it’s for providing financial support to family abroad, making payments overseas, settling international expenses, or investing in foreign businesses, choosing the best method to send money is necessary.
From conventional bank transfers to cutting-edge online platforms and mobile apps, myriad options exist for transferring money across borders. Many offer same-day transfers, swift payment, and other different payment methods. Let’s examine some of today’s market’s most trusted, economical, and easy-to-use solutions.
Bank Transfers:
This is a traditional method where money is transferred from one bank account to another. It’s reliable and secure but might take longer and incur higher fees than other methods. You’ll need the recipient’s bank account details, such as the account number, routing number, and SWIFT code.
SWIFT:
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a network that enables banks and financial institutions to send and receive information about financial transactions. SWIFT can be used for international wire transfers. These transfers are fast and secure but might have higher fees and exchange rates than bank transfers. You’ll need the recipient’s bank account details, including the account number, routing number, and SWIFT code.
Remittance Companies:
Remittance companies specialise in money transfers. They often offer competitive rates and can transfer money quickly and securely to almost anywhere in the world. Some well-known remittance companies include Western Union, MoneyGram, and TransferWise.
Digital Wallets:
Digital wallets have revolutionised how we handle money, making it fast and easy to send money online. Services like PayPal, Venmo, and Google Pay allow users to transfer money instantly with just an email address or phone number.
Now, sending money abroad is as comfortable as lounging on your couch, cuppa in hand, watching the telly. How brilliantly British!
Can I make international payments with an online Transfer app?
Can I make international payments with an online transfer app? Finding the right one can feel like searching for a needle in a haystack. But fear not; for every challenge, there’s a solution. If you are looking for a seamless, secure, and fast option to send money abroad, choosing the right online transfer app is crucial. It’s not just about transferring money; it’s about the experience. It is about the ease and the assurance that your funds are in good hands.
Zero Fee Transaction:
Many apps offer promotions such as fee-free transactions for the first few months because they value your trust.
Secure & Seamless:
Multi-tiered protection combined with instant notifications can guarantee a swift and safeguarded money transfer journey.
Referral Bonuses:
Using these apps often can lead to cool rewards. Also, referring a friend could result in bonuses.
How do you send money Abroad from the UK?
Sending money overseas from the UK can be much simpler and smoother with a money transfer app. Here is a general process breakdown for your convenience.
Choose an international money transfer App.
If you haven’t already, start by downloading your chosen money transfer app from the Google Play Store or Apple App Store to send money internationally.
Sign up for FREE
Once you have downloaded the app, you’ll need to create an account. Typically, there is no subscription fee involved. The app will ask for details like your email address and identification details. And you’ll be ready to proceed in just a few minutes.
Check the Exchange Rate
When you’re ready to make a money transfer, navigating to the ‘Send Money’ feature in the App should be your first step. Here, you’ll generally find an option dedicated to checking the current exchange rate.
Most money transfer apps pride themselves on providing competitive rates, ensuring they are continually updated in real-time for the utmost accuracy.
Upon selecting your desired country for the money transfer, the exchange rate applicable for the day will typically be immediately calculated and displayed for your convenience. This transparency allows you to proceed with confidence, knowing exactly how much your recipient will receive.
Select Recipient details and amount.
You will need to add recipient details; you will be asked for more information, like the bank account or name of the recipient, depending on the transfer mode you select. One thing you need to be sure of while sending the money is that there are no hidden charges or costs. The fee process with most apps is very transparent and straightforward.
Send money
Before hitting the send button, make sure you double-check the recipient’s details. After you do that, you will typically get a confirmation notification.
What details do you need to Transfer Money Internationally?
After selecting your money transfer service, it’s time to start collecting all the information you need.
The next step is to fill in the recipient’s details.
You will need the recipient’s name, address, and bank account number to make an online transfer to a foreign bank account. Also, you might need the bank branch’s IFSC Code, along with their mobile number and email ID.
In case of a cash pickup, you have to provide details of the recipient and a cash pickup point of your choice. To verify the cash pickup, your recipient must carry an ID and the transfer reference code to collect the cash from the cash pickup point.
What is the exchange rate for international money transfers?
Monitoring exchange rates doesn’t mean you must glue yourself to financial news or decipher complex charts. Several user-friendly apps and platforms provide real-time updates and even predictive analysis.
You will get notifications of the best times to transfer by setting up alerts or notifications. It’s like having a personal financial advisor in your pocket. It will guide you on when to make your move and when to hold off TangoPay tells you daily exchange rates.
Traditional Banks vs Online Transfer Services
Technological Impact on International Transfers
Gone are the days when you had the hassle of visiting a bank. It would require filling out piles of paperwork and then waiting days for the transaction to complete. Today, you can transfer with just a few taps on your smartphone. According to The World Bank, digital remittances have grown by 25% year-over-year.
The Role of Fintech in International Money Transfer
Fintech companies, like TangoPay, are simplifying international money transfers. They are focusing on speed, low fees, and user experience. They are quick to adapt to consumer needs.
Fintech solutions often offer real-time exchange rates and transparent fee structures. That’s why they are a preferable option for many. A Forrester report highlighted that 70% of users trust fintech companies for secure transactions.
Mobile Apps and International Transfers
Mobile apps have become the go-to for international money transfers. They offer 24/7 access and additional features like transaction tracking and currency conversion.
With the increasing adoption of smartphones, mobile apps for remittances are becoming the norm with the increasing adoption of smartphones. According to Google Trends, searches for “best money transfer app” have increased by 60% in the last year.
Future Trends and Predictions in International Money Transfers
The remittance industry is on the brink of revolutionary changes. It’s shifting patterns and everything. Here’s what the future holds specifically for remittance companies:
Digital Transformation
The industry is shifting to fully digital solutions. Remittance companies are investing heavily in app-based platforms. These apps offer features like real-time tracking, currency conversion, and instant transactions.
Low-Cost Models
Remittance companies are increasingly using fintech solutions to reduce costs. They offer users lower, more transparent fees, which could attract a broader customer base.
Local Partnerships
Remittance companies partner with local banks and financial institutions in the recipient countries. This can provide a more seamless transaction experience for users.
Global Expansion
Remittance companies will focus on entering new markets by meeting regulatory requirements and tailoring services to local needs. This will increase their global footprint and revenue streams.
According to Juniper Research, mobile international transfers will exceed $300 billion by 2025. That’s a vast opportunity for remittance companies to capture this growing market.
Conclusion
Finding the best money-transferring service is like finding the best street food spot. There’s a lot out there, but only a few truly stand out.
While living in the UK brings its own set of adventures, sending money back home is equally important and necessary.
For sending money abroad, TangoPay has been a reliable choice for many. It’s like that hidden gem that, once discovered, becomes a regular go-to.
Sending love and support back home should be simple and genuine, just like our choice of service.
FAQs
What is TangoPay?
TangoPay is your go-to mobile App for fast, secure, and easy international money transfers from the UK to 70+ countries.
What details do you need to transfer money internationally?
You’ll need the foreign currency you wish to send, the recipient’s name and bank account details.
How long does an international money transfer take?
Generally, it takes minutes to be delivered if you have fulfilled all the conditions properly.
Can I track the international money transfers I made through an online app?
You can absolutely track every step of your transfer right in the TangoPay app.
