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Sending large sums of Money Through Banks?

Published on 7 February 2017 in More Information - Pages by Raffick Marday

Sending Money using your Banks?


The conventional way of sending money to someone else bank account, within a country, is to write a cheque against your account, favouring the party to whom credit is intended, and deposit same to the credit of the account of that party, having collected information as to the, name, bank and account number of that party. If it happens to be a transfer within the same bank the transfer will take place immediately as all the accounts of a bank are managed on line. However, if the transfer is between two banks, since all the banks are not linked on line, the cheque has to go through an inter- bank clearing system which will take a few hours.

Beyond this conventional, inter country system, there are a host of other modes of crediting funds to someone else account, internationally. The main difference here is the exchange rate which gets applied depending on the particular day's currency conversion rate. Then the banks in one country have agent banks in other countries through which they operate their remittance. The mode of transfer here is not a cheque drawn against a local account but a more suitable mode of remittance. Most banks worldwide offer this as a service to their clients and anyone with a deposit account can send and receive money in a matter of minutes according to Sapling. Wells Fargo, offers their Sure Pay and Chases Quick Pay services are examples and these services will only require the recipients email address to send money. Nowadays, one popular method used by many who transfer money overseas is the wire transfer method which will wire money to a third party's account in a matter of minutes. Popular services like MoneyGram and Western Union charge a fee for this service and all you need is the other party's name and they will be able to receive money through a MoneyGram or a Western Union location in their home country.

Receiving funds via online has been the latest trend setter in the industry and this has enabled customers to send money to anyone with bank account, phone number or an email address. This has been a game changer within the past few years and quite few big names have emerged to help individuals use an app on their phones to transfer money from your bank account. With popular services link Google Wallet you can transfer money to friends and family using a smartphone with the phone number or an email address. Delivery will happen during minutes and with Google Wallet there's a free option to cash out immediately from the in-app to a debit card. The only downfall with this type of service is that you can only send $9,999 per transfer. Other popular online options like Square Cash lets you transfer money with a debit card, credit card and send money to someone else's Square Cash App. This service is free for debit cards, but the company charges 3% fee for every credit card transaction.

In the modern world, there are several different methods transferring money to someone's bank account and this has truly helped many individuals and business worldwide to securely move funds. This has enabled us to truly move forward as a population who can create opportunities for everyone to prosper and achieve success in their lives.

How much will they charge? How much will your bank rip you off when you send your money the same way as currency brokers. There are different occasions when money transfer services are needed. Here we are discussing money transfer services with regard to overseas funds transfer. Nowadays, people are smart enough to handle almost any kind of financial matter, but they cannot stop the constant fluctuations/changes in foreign currency exchange rates. Therefore there is no need for money/funds transfer services which can deliver speedy, reliable, simple and secure means. Not only merchants who need money transfer services but people whose family members or relative are living abroad also need this service. Online money transfer service is the best way to transfer money abroad.

Transferring large sums of money between bank accounts

It is very easy to get registered with the online money transfer services provider company. Also, they do not charge any registration fee to their clients. Once you are registered, you can start trading in any size and at any time. These firms do not charge any commission fee for all transaction made online. Most of the money transfer services provider has a tool called currency exchange calculator available on their sites. Using this tool, one can easily convert one currency to another according to prevailing foreign currency exchange rates. Anyone can easily calculate the currency exchange rates and keep themselves updated.

Sending large sums of Money Through Banks?

Money transfer services have become a frequent activity that a large number of people prefer to do on daily basis to complete their different needs. From those of global companies paying international bills in other countries to family members of those who seek to get these services. No matter what is the purpose of sending money to your family members living in another country, you can expect quick services from these service providers.

The fact can't be denied that the said task could be quite complex if not accomplished properly and also tends to be too costly. However, most of the people seem to have a lack of information regarding such services for sending money to other countries, and there are certainly two costs involved in the said process.

Transfer large sums of money between bank accounts

International money transfer means - Sending Money Through Banks - Today, you can easily spot out numbers of financial institutions that are in fact to offer the best financial solutions aiming to cater to your maximum needs. These financial institutions are also said to be a great option for getting money transfer comparison services. In recent time, there are small businesses, large corporations and more approach such service provider for money transfer services, apart from individuals.

Foreign Exchange Brokers - Foreign exchange brokers actually perform as a middleman between the service providers and customers. They are usually said to be having a great relationship with a healthy relationship with banks and also make a perfect attempt to offer the highly competitive rates, in order to trade one currency to another.

Money Transfer Institutions - Even though these service providers are blessed with dual costs as banks and other financial institutions, still they are considered to be highly affordable.

The final call is up to you to make, but once you will see all the facts you can base it on, you will know it is a lot easier to make. With their help, you will use less money on fees, and you will know what happens to your money every time. This is why you need to go for the service with the best perks.

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