A money transfer business is a company that sends money between two people. It is a highly regulated industry that is regulated by most governments worldwide and the banking community. Money transfers are made using traditional wire transfers (ATM withdrawals, wired transfers, etc.) to fund or receive money from a bank account somewhere in the world.
What Do Money Transfer Companies Do?
A lot of people don’t trust banks. They are too slow, too much of a hassle, or both. Money transfer companies have spent decades making it easy for people to move money around, and they offer an alternative to cash for those who want it. There is a lot of money to be made in money transfer, and it’s not just in the fees you pay back to the sender. Many people like to transfer cash to a family member to avoid them paying taxes on the money.
Foreign Remittance Is Big Business
Transferring money is the lifeblood of the global economy, and without efficient methods to doing it, no international business could happen. Foreign remittance, for example, is a significant part of many countries’ economy worldwide, including:
WIthout specialist transfer companies, these countries would find large sections of their economies missing out on much-needed currency inflows.
How Has The Pandemic Affected Money Transfer?
Globally, COVID-19 has had a considerable impact on business practices. The pandemic shut down most countries, and as a result, sales came to a halt. Observing the stock exchange will tell you that the Coronavirus has caused a weakened economy, but there is no doubt that other factors play a role as well. The outbreak adversely affected global supply chains initially. However, while this might seem like the money transfer business should have boomed, the converse has happened. An essential segment of the industry is those using it for overseas property buying. A substantial drop in property sales has impacted this business as well. Nevertheless, it is essential to note that things are beginning to turn around for international money transfer as the property market is beginning to boom again.
How to Send Money Safely
If you are in an industry like real estate, where money transfer is an essential part of doing business, you will probably be wondering how to send money safely overseas. The first thing to do is find the top money transfer companies voted as best by Money Transfer Comparison, which can handle the amounts you want to send efficiently and safely. So what are some of the most reliable options to send money to different people around the globe to take advantage of the upcoming boom in international property sales?
Currencies Direct is a UK-based currency exchange broker that allows you to buy and sell foreign currencies at competitive rates. Easy-to-understand fees and a simple interface make this a great option.
XE Money Transfer Service
Digital currencies are great for sending money worldwide quickly and easily, and XE is one of the few sites that offer a quick and convenient option to move money into and out of these currencies.
In addition, TorFX offers excellent international money transfer services. Four years in a row, the company also won the Outstanding Money Transfer Provider award. One of the most significant advantages of TorFX is that it doesn’t charge any transfer fees. This is great if you regularly send a lot of money, as this can add up over time.
Send provides a very easy-to-use account setup, and it’s free in the beginning. You’re not obligated to use their services once you set up the account. After verifying your identity, one of their agents will discuss your transaction with you and then process it. If you prefer not to speak with anybody, you are welcome to use their secure 24/7 payments platform to process your transaction. Nevertheless, it is this human touch that makes Send special.
Wise (formerly TransferWise)
Wise Bank-to-Bank International Transfers have become a well-known name in the industry thanks to their zero-fee features that allow Wise to offer lower rates than traditional banks. They ensure that the recipient receives the exact amount before making the transfer, so their transparent fee structure is undoubtedly their most significant advantage. Despite the charges, they are still insignificant compared to banks and other financial institutions, which earn profit margins of 3-7 percent.
Moneycorp is an international payment and forex company with headquarters in London and a presence across the globe, catering to various industries and businesses of every size. Moneycorp offers the best rates from a wide variety of banks because of its decades of experience and industry knowledge. If you plan on transferring large sums of money abroad to complete sales, this is particularly important.
In just a few short years, Revolut began operating in the UK in 2015 with a rapidly growing customer base and established itself as a leading fintech startup. It has also recently started serving the Indian market with an investment of about £20 million over five years. Utilizing innovative products, Revolut manages to complete over one million transactions a month. It is anticipated that the app will be available in India by 2022, opening up a vast new market for this money transfer company. The Revolut platform allows you to make transactions in over 30 currencies, as well as commodities and cryptocurrencies. One of Revolut’s main innovations is its Revolut Card, which will enable users to make purchases anywhere in the world.
After Halo Financial was founded in 2004, it built strong relationships with its clients to compete in the foreign exchange market. As a result of Halo’s dedication to its clients and positive response from them has won many awards, including Best Customer Focus at the Best Business Awards. Halo accounts for around £500 million annually in 31 different currencies by highly efficient currency exchange technology. For amounts less than £5000, Halo charges a fee of £15 to all countries. Those who would like to transfer less won’t be able to do so since their minimum transfer amount is high. In other words, this service is mainly aimed at people looking to move a lot of money.
Using the right company will make sending money less stressful. The entire industry has been adversely affected by the pandemic and the crashing of the markets. However, it is seeing a considerable rebound now, and this is the time to take advantage.