What Makes Online Money Transfers a Better Alternative to Banks

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The digital age is an age of convenience and this is quite true of international money transfers as well. Gone are the days when you needed to physically visit a bank to make a transfer. These days you can do it online from right where you are, be it over the internet or using your smartphone.

There are several advantages that money transfer companies can offer over traditional banks. In this article, we’ll take a look at how travelers and digital nomads can benefit from using modern transfer companies:

Person with wallet
Person with wallet

Good exchange rates

Online international money transfer companies like Transferwise can leverage the live exchange rate when compared with banks that use traditional methods. They can use a variety of tools that can pre-decide the minimum and maximum exchange rate and allow one to go for a preferred rate rather than accept what is offered. You are thus insured against exchange rate fluctuation to quite an extent.

No hidden fees

Unlike banks, online money transfer companies like WorldRemit don’t surprise their customers with hidden fees, the way that banks do. WorldRemit fees for making an international money transfer, for example, will be typically lower than a bank.

More currency pairs

Money transfer companies typically provide a far wider choice of currency pairs than banks. That means you can easily transfer money in the currency of your choice to the destination of your choice. That frees up people to transfer money wherever they want without having to follow any convoluted exchange mechanism.

24×7 Transfers

Unlike banks you can transfer money 24×7 by way of an online transfer, providing you with not only tremendous flexibility, but also leverage with regard to the exchange rates. That gives you a lot more control over your international money transfers than you would get with a bank.

Better tracking of your transfer

Online international money transfers can be easily tracked. The status of your transaction is visible to you right through all the stages. The online international transfer facility is available round the clock enabling you to transfer when you want, yet know exactly what the status of your transaction is.

Customer service

The customer service offered by international money transfer providers is way better than what banks have to offer. This is because they use modern technology to keep themselves up to date with what their customers want. These companies have committed teams to address all issues solely dedicated to transferring money online. They can be easily reached over the phone, live messenger or email.

This is an altogether different experience from what banks offer with their confusing and rule-bound approach to customer service. Given a choice, anybody would like to deal with people who are fair, transparent and approachable as most online international money transfer companies are.

It’s the way of the future

With the world digitizing and the financial technology sector leading the charge, online money transfer has already become the norm, rather than the exception. The digitally connected world is a world of efficiency, speed, and lower costs. With technology advancing at an exponential rate the speed, convenience and safety of international money transfers will be improving while the cost of the transfers will continually fall.

The great thing about digital technology is that it is not impacted by the weather, epidemics, or any kind of exigency. Besides, it allows travelers and digital nomads to fulfill their transactional needs at any point, in any timezone. The ability to make money transfers via your smartphone is a wonderful example of what technology can achieve.

Travelers around the globe can take advantage of modern transfer services in various ways. Using online providers will drastically reduce the costs, and lower the transfer times and any receiver can obtain their money using a smartphone, reducing the need of finding a bank in an unknown location. Alternatively, digital nomads exploring the world but keeping their businesses running can fulfill their business needs at any time in any timezone. Many providers offer business transactions to facilitate any business needs.

There are several outstanding global online money transfer companies that one can choose from. These include brands like TransferWise, WorldRemit, TransferGo, Azimo, CurrencyFair, Money Gram, InstaReM, PayPal, Zoom, OFX and many many more. If you are someone who needs to frequently transfer money internationally, you are spoiled for choice, when it comes to some outstanding companies lining up to serve you. It makes eminent sense for you to make the most of it.

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Michael Glass

Michael is the founder of Backpacker Travel. He also runs walking tours in San Francisco and is a freelance travel writer. Michael is extremely passionate about travel and loves to explore festivals around the world.

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