International money transfers are common transactions nowadays. Reasons range from family members living and earning abroad, to an increasing need for businesses to pay out to freelancers or staff in other countries. If you are sending or receiving regular international remittances, the decision must be a well-informed one.
Common points to consider when making a choice – safety, price, service charges, currency conversion rates and the actual time the transfer takes? The options are many as are the questions about each option. Here we are comparing a few products that provide a secure, convenient, affordable, and fast mechanism for international money transfers.
Transferwise is an efficient way to move money around the world, and can be used to transfer funds to several countries. They claim to service international money transfers at much cheaper rates than bank transfers, the mode most people rely on. Transferwise provides a comfortable alternative to do the same.
Vs. REMITR: However, when you compare Transferwise with REMITR, you will find significant areas where REMITR scores. For example, REMITR does not charge you a per-transaction fee on a percentage basis; instead it charges a flat fee which never exceeds $10.
PayPal is another popular payment service provider that has been in use for quite some time. PayPal, not only allows individuals and businesses to make and receive payments, but it also allows sellers to integrate PayPal to their website for payments and invoicing. The platform offers a strong level of security, but it usually takes a couple of days for the amounts to reflect in your account. The charges could be per transaction fee or a slab based fee structure, in addition to a fixed fee. The cumulative charges can end up being extremely high and unless you have a heavy volume of transactions, PayPal may not be your best option.
Vs. REMITR: REMITR scores by being a lot cheaper as well as faster while being equally safe and secure.
With Western Union, the most significant advantage the vast agent network, situated across 200 countries, and these act as cash pick up points for the recipients. However, the bank transfer option attracts a hefty service fee. The transfer duration varies from country to country and can take up to six business days. If you opt for the faster credit/debit card option, the service charges shoot up further. They are highly efficient and secure though.
Vs. REMITR: Compared to Western Union, REMITR is far more cost efficient and has the added advantage of shorter transfer time. REMITR transfers money from bank to bank in most countries within two business days and with a flat fee charged, irrespective of the amount. With all necessary safety and security compliances in place, REMITR is a highly secure option.
REMITR is available to transfer business payments to more than 150 countries, and it is easy to create an account and get started. In fact, it can also be integrated with your purchase system for automating invoice payments. With a fee as low as $5 , REMITR is known for real cost-saving with businesses across different industries, allowing for massive savings in the long run. With 24/7 service and support to answer all your queries, and with live exchange rates that clearly inform you of how much you are transferring or receiving. Overall, it is clear that when compared to any of the above platforms, REMITR scores in more ways than one and is the preferred option for international money transfers.