Transferring money has never been as easy as it is now. But till about a few decades ago, international online money transfer was considered to be a necessity, the technology for which had yet to be developed.
Today, however, the whole scenario has changed. While banks were the first to come up with this technology, today they charge a mark-up of about 5 to 6% on the currency conversion rates. They are, thus, fast losing out to the fintech companies who are currently offering much better rates, greater savings, enhanced security and hassle-free money transfer.
Peer to peer pressure is another major contributor to fintech companies gaining popularity. But it is necessary to conduct a money transfer comparison in real time to know which fintech company is best suited for the transfer. Some of the important metrics which need to be met by these companies are:• Sanctions and permissions from all relevant regulatory authorities and boards,
• Transaction platform provided should be transparent and absolutely secure,
• Customer care services offered should be top notch,
• Rates and prices offered should be one of the best in the industry,
• Preferably without fee options but if present they should amount of an almost negligible amount,
• Availability of local market services are a must.
Taking these points into account and to help customers with money transfer comparison a brief review of the prevalent options would include:
• FX Brokers or foreign exchange providers who are especially involved in the business of international money transfers. Some of the benefits of these FX brokers are:
o Enabling the use of credit cards for small amounts,
o Services available for both large and small transfer of amounts of money,
o Favourable exchange rates which might be fixed for a certain period at times,
o Fees are considerably lower and
o Ample exposure and experience to the international money markets.
• MTOs or money transfer operators are typical transfer agents with offices in most popular areas like shopping malls, post offices etc., making it convenient for people to find them. Both online money and mobile phones transfers are available with MTOs.
• Companies providing online money transfers use an online based system which needs customers to register with them first with access to a safe online service, either a credit card or a bank account and an email address. Benefits include reliability of service and much lower transfer rates.
• Peer to peer platforms for money transfers are provided by some people so as to enable both senders and receivers of this money transfer to trade directly with each other and even decide their own rates for transfer. This options saves a lot of money for both parties involved by doing away with exchange rate margins, bank rates etc.
• Prepaid money cards are convenient to use especially when small amounts need to be obtained. They work in a process similar to a credit card or debit card and generally also have similar benefits.
There are also many websites which specialise in money transfer comparison and give a much unbiased view of the same. Availing the services of these websites makes it much easier for the customer to choose the most appropriate method.
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