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Making Personal International Money Transfers -Sending money Overseas

Published on 11 February 2017 in More Information - Pages by Raffick Marday

How to send a large amount of money to someone

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Personal Money Transfers Payments

Direct transfer service using Visa
In this age of online banking, a Visa debit, credit or reloadable prepaid card is all you need to pay for goods and services abroad or to transfer funds overseas. With more than one billion Visa cards worldwide enabled for the visa-direct service, you a reason to beat the long bank queues and humiliatingly poor service accorded to low profile customers.
Plus there is no limit to the amount of money you can transfer through this service because most of these cards are usually linked to your bank account. You only need to log into your online banking account and key in the recipient's details and the amount you wish to transfer. The pros of using this method are that its transfer charges are relatively low, and so are its currency conversion rates.

Direct transfer service using MasterCard
Is there a difference between using the master card and visa card as a method of transferring money abroad, you might ask? Well, despite the fact that they primarily offer different currency exchange rates, they are not accepted at all transaction points. After confirming which has the friendliest conversion rates, contact your recipient to confirm which card is accepted in their country and use these two pieces of information to arrive at a conclusive decision.

Direct transfer service using currency cards
There also exist currency cards that allow you for funds transfer and currency conversion. These cards offer the friendliest currency conversion rates that fall way below the bank and other conversion agency standards. For instance, the Caxton FX Prepaid currency card only charges a nominal fee of 2.7% for all withdrawals and transactions.

But what makes them different from the current Visa and MasterCard? Apart from the fact they are primarily used for currency conversion, they also have quite minimal maintenance fees. Most of these currency cards are also easy to acquire as they are not linked to a bank account and neither do they have minimum operating balance.

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