With the growing demand for cross-border money transfers; many online service providers have emerged with assistance from technological advancements. There was a time when banks were the only formal channel of money remittance. Nevertheless, many find it confusing with all the options regarding whether they should choose a bank or remittance service provider. You must make the right choice and consider all factors such as transfer time, fees, and exchange rates.
Here are some facts you need to consider:
Cost
Generally, banks offer lower exchange rates as compared to other remittance service providers and banks have higher wire transfer fees. Our research suggests the average cost for an outgoing wire transfer at a bank in the UK is £40.
Some banks may offer you wire transfers with no wire fees. However, look out for any hidden charges and service charges that may be tricky to identify. Always remember to calculate the final cost, which will include all the fees charged by the receiving bank.
Long Fill Up Forms
Some banks do not offer online wire transfer services. If you want to send the money abroad, you might need to visit a bank’s local branch. They will require you to fill out a lengthy wire transfer form. Also, you may have to provide additional information every time you remit money. Furthermore, you will be required to present an ID card to authenticate your identity.
You Need a Bank Account
With many banks, you can only access their wire transfer services only if you are an existing customer. If you do not have an account already, you need to open a new account to initiate the wire transfer.
Longer Time for Transfer
If you are using banks for your international money transfer; the funds may take longer to reach the recipient. In contrast, online service providers take less time to transfer your funds compared to banks. With ATL money transfer, you can send funds instantly or on the same day.
Bank Transfers to Banks
If you are transferring funds via a bank; then you can only send the money to another bank. Whereas service providers such as ATL money transfer provide you with the option of sending money to over 50,000 money pick-up locations.
Service Providers are Better Options for Smaller Transactions
Online service providers are better equipped to handle smaller funds being transferred abroad. At times, banks may offer special remittance programmes with no transfer fees for smaller transfers. But the exchange rates may not be in your favour.
Wrap Up
Whatever your preferred channel for money remittance may be, it is always a good idea to look for alternatives. Compare the transfer fees, exchange rate, and any other aspects of money remittance before deciding on the service. Choose the service best suited for you after analyzing all the possible aspects.
With ATL money transfer, you send money across the globe securely, quickly and with fair exchange rates. For more information, visit our website www.atlmoneytransfer.com or write to us at support@atlmoneytransfer.com.