In the era of digital coins, terms like cash, cheque or money orders seems primitive. Although in some parts of the world, people still prefer the traditional way, due to their ignorance about technology. However, the greater part of the world today believes in smart transactions and performs multiple money transfers with just a click of a button.
Also, the electronic method is an inexpensive way of performing transactions, compared to the old methods. A lot of Indians who travel abroad for work, leaving their families behind, need a reliable source of transfer money to India; thus, select a bank that provides easy and cheap foreign transactions within minutes.
The top four features that you must look at, while selecting a bank for money transfer are:
- Lowest transaction fees for both interbank and intrabank transfers
- Fastest money transfer in any currency
- Best foreign exchange rates, irrespective of the transaction volume
- Bulk money transfers to supplies in different countries
Airwallex is such platform that allows individuals and companies to send money overseas in 23+ currencies at the best exchange rates.
What are the easiest and the most cost-effective modes of transfer?
Your banker can help you with various options, based on the need, let’s understand them in detail.
- Online transfer
This is by far the fastest and easiest mode of money transfer. Users can simply transfer money from one account to another within the same bank, with no additional cost. Some banks might charge a small amount for transfer to other banks, thus, select a bank with the lowest transfer.
- PayPal
PayPal is another economical mode of transferring money from one account to another, within a small period. The best part is that this mode is free for the sender, only the receiver must pay to get the amount.
- Personal Checks
This is a traditional, yet the most used form of money transfer even today. Write a check and deposit it in another account or hand it over to someone, it’s that simple. However, if you are sending checks abroad, it might lead to delay and in some cases the recipient might have to pay the exchange rate fee for encashing it.
- Bank Drafts & Money Orders
For physical money transfers, the option of bank drafts is also safe and reliable. To make international transactions, all you need to do is purchase bank drafts and money orders of the currency in which you want to send money. This mode is less expensive and best suited for small transactions. The only drawback of this mode is that it can be very time consuming.
How to choose the right bank for safe transactions?
Choosing the right bank for your needs can be tricky, be it for personal or professional accounts, a customer-friendly bank makes your financial journey smooth and easy. Here are few things that you must keep in mind before signing up with a bank for both local and foreign transactions:
- Level of security that the bank provides
- Types of services offered by the bank
- Check their hidden charges, annual fees and most importantly their transfer fees
- Does the bank provide safe online banking facility?
- What is the cash withdrawal limit provided by the bank?
- Check the reputation of the bank in the last 5 years.
The Final Word:
You may be a parent of a student studying abroad or an entrepreneur who does business in multiple countries, money transfer is an essential service that at some point we all need, thus select the right mode with the right banking partner and perform transfers safety and easily.
