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Sending large sums of Money Through Main Banks?

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

Sending large sums? Transferring Money Through Banks, sending large sums of money between bank accounts? So how much will your bank rip you off when you send your money using a bank.

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 online. However, if the transfer is between two banks since all the banks are not linked online. The cheque has to go through an interbank clearing system which will take a few hours.

Beyond this conventional, inter-country system, there is 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 from a local account but a more suitable mode of remittance.

Sending Money using your Banks?

Most banks worldwide offer, sending large sums of money 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. So these examples and services will only require the recipient's 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 the 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 trendsetter in the industry. And this has enabled customers to send money to anyone with a bank account, phone number or an email address. This has been a game changer within the past few years and quite a 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. One can transfer money to friends and family using a smartphone with the phone number or an email address. Delivery will happen within 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 of this type of service is that you can only send $9,999 per transfer.

Sending large sums Online alternatives

Other popular online options like Square Cash lets you transfer money to a debit card. Also 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 addition 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 for sending large sums?
Furthermore. How much will your bank rip you off when you spend 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.

Especially relevant, sending large sums not only merchants who need money transfer services. But people whose family members or relative are living abroad also need this service. So online money transfer service is the best way to transfer money abroad.

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