The integrated global economy, hype around cryptos, and the overall impact of the Internet have made international money transfer services much more available. Still, sending money overseas is often accompanied by high margins and fees, low scalability, and extraordinarily slow transfers.
Today we will dissect money transfer services to understand what you should consider when choosing one and which is ultimately the best.
When Do We Need International Money Transfer services?
As our society becomes more and more globalized, the demand for online international money transfer services grows. It’s difficult to list all of the use cases when this type of service comes in handy, but you would definitely need one to:
- Send money to family abroad
- Contribute to a friend’s a wedding/birthday gift
- Pay for the business providing services
- Transfer funds when moving abroad
- Pay business suppliers and retailers abroad
- Pay staff wages for workers internationally
- Send insurance claim payments and humanitarian aid payments
Variety of Money Transfer Services
From digital wallets to mobile applications, there are many popular ways to transfer money online. Each comes with many pros and cons.
When it comes to money transfers most people will naturally think of a bank. Banks provide easy ways to send money wherever you need it. But the commission and transaction speeds of most providers will make you think of choosing other options.
Swift is a safe and secure payment system that has been used by businesses for many decades. The payments however usually take from 1 to 4 days and involve a lot of bureaucracy and regulations.
PayPal is the most popular online money transfer service. It has more than 400 million active accounts worldwide. Still, it has a long transaction time as well as a debit card fee of 2,3%. It is good for fast and easy transfers, but it’s not the best option when it comes to international transactions.
The crypto market is wild and booming right now. Cryptocurrencies offer speed, anonymity, and decentralization which no other method can offer. Nevertheless, crypto coins are quite unstable, they are not supported by many countries and businesses, and have yet to prove their volatility.
Google Pay/Apple Cash
Both megacorporations offer convenient and almost instant ways to transfer money with several smartphone swipes, but both have limits when it comes to greater sums (up to 5000 USD – Google, up to 10000 USD Apple).
Why Is It Necessary to Find the Best International Money Transfer Service?
The days of the pandemic are almost over, but it seems like we are only starting to see its economical consequences. Global inflation is already leading to a financial crisis, thus the importance of sending money internationally grows over time.
The services mentioned above are great when it comes to some specific use cases, but our mission is to find the best international money transfer service.
What Should Be Evaluated When Choosing a Service?
While it’s difficult to choose the best among all of the options, there are several recommendations we could give to improve your international transfers:
Stay Sharp when It Comes to Hidden Fees
Most providers have hidden fees on top of the exchange rate, which can result in great losses. Be aware and do your research.
Choose the Right Time
The speed of transfer differs from the provider, so keep the exchange rates in mind and decide on the time you need to send the money.
Security is the Key
International money transfer is usually a matter of serious providers, but even those have their vulnerabilities. Only choose services with a high trust rate.
Why Do We Recommend IPSIPay for International Money Transfers?
Choosing the right payment solutions is difficult, but in fact, it doesn’t have to be. IPSIPay offers the cheapest and easiest way to transfer money, receive payments and pay for services in the US and abroad. It has an encrypted data transfer, financial farewell, and minimal transaction fees
Moreover, with IPSIPay’s mobile application you can send or receive any currency in a matter of minutes. Check out IPSIPay’s app to experience the best payment solutions for yourself.