Exciting articles several times a month
23 June 2017
In the era of globalization, many people with adequate financial means have the opportunity to visit any corner of the world. For some consumers, such a travelling can be just a tourist trip, for others – a place to work or study. Anyway, a certain number of people need to make money transfers. No one thinks over this issue seriously in everyday life. However, faced with the necessity to remit or receive money, it turns out that not everything is as simple as it might seem. At least, at first glance.
One of the traditional methods, which until recent time has been used as the primary, is bank transfer. However, today interest in such service is gradually decreasing, because this procedure is unacceptable for most consumers due to its complexity and large fees. Therefore, people are looking for alternative options. A worthy solution to the problem are international money transfer systems. So, which of them provide fairly favorable conditions for sending money?
TransferGo is an international cash remittance system that allows instant online money transfers with minimal fees to any point of the globe. It is worth noting that there are no transfer restrictions, i.e. users can transmit both quite a large sum of money and a laughably small amount – it does not affect quality and speed of remittance. So, let’s look at the basic list of services offered by TransferGo to its customers.
First, a minimum commission in comparison with other payment systems. TransferGo fee equal to 2.5 pounds, as well as an extra charge of up to 1.5% is applied to the existing exchange rate. A noteworthy detail is that fund transfers are performed in any world currency, which is very convenient and profitable.
Second, the maximum transfer amount per transaction can be up to 5000.00 pounds, or other monetary equivalents. At the same time, transfer period makes up 24 hours, regardless of the country where the client transmits the funds from.
Third, additional consultation in case of issues, either by phone or via e-mail. For example, sometimes there are situations, when the transfer form is not filled in correctly or the wrong amount of money is indicated. In these and other cases, the system undertakes to return the funds in a short time. This service is an additional guarantee of safety and reliability, as well as evidence that the company cares of and values each client.
Finally, TransferGo utilizes advanced security system, which is an analogue of mechanisms used by banks. The company provides a 100% guarantee for the safety of all personal data of customers, developed encryption technology.
FinTech startup TransferWise, launched in January 2011, in London, has become a serious player in the international money transfer market. What is the secret of its success?
Originally, the cornerstone of TransferWise product is low fees, which make up 2%. A favorable rate is achieved through so-called peer-to-peer model (P2P), according to which the system does not actually need to transmit funds from one country to another. Duration of cash transfer is 1-2 working days. However, the main advantage of the service is the complete absence of any geo-referencing for both the sender and the recipient.
Moreover, TransferWise has launched a new service that allows users to carry out cash remittance via Facebook application. The company has developed its own option, based on Facebook Messenger Chatbot, providing customers with opportunity to transfer funds from the United States, the Great Britain, Canada, Australia and Europe directly via Facebook Messenger. It can also be used to set up exchange rate alerts.
Azimo, founded in August 2012, allows customers in 195 countries to transmit money from any PC or mobile devices. The company’s fee is 1 pound for UK transfers, and 1 Euro for European countries. In addition, Azimo every so often runs promotions, which create possibility for customers to make the first transfer free of charge. Also, the company allows clients to get a discount (10 pounds) on remittances, inviting friends. To get it, users need to share with their friends a personal code that is available in Azimo account, via email or social networks.
The clients can transfer money to a bank account, a mobile wallet or even enjoy home delivery. The service accepts payments using MasterCard and Visa credit or debit cards, as well as via SOFORT and SWIFT systems. Furthermore, the procedure for money transfer is not necessarily performed using Azimo official website. The company released its own application, available for installation through Google Play or AppStore.
It is worth noting that Azimo was a winner of SWIFT Innotribe Startup Challenge at SIBOS, Dubai 2013. The Guardian acknowledged Azimo as the best in Money Saving Application for Tablets and Smartphones Award. The company also became PayExpo winner in the category “Best Startup”.
Worldcore service makes sending and receiving local and international wire transfers available to any business. It offers multi-currency payment accounts in more than 10 major currencies, covering over 2 billion consumers.
Worldcore allows making money transfers to any Visa or MasterCard credit or debit card all over the world. It should be noted that the card must be opened by the bank. All cards issued by other financial services are not replenished. The daily limit for card payments equals to 2.500,00 U.S. dollars. This is an innovative, inexpensive and fast way to carry out massive payments of small amounts with very low commission, which are credited within 2-4 days.
The system provides 2 types of local and international wire transfers: Ordinary and Express. Ordinary wire transfers, as a rule, come to the account of the recipient within 1-3 working days, and Express transfers on the same working day. At the same time, the commission for depositing third-party bank accounts makes up 1.75%. It should be added that the minimum withdrawal amount by wire transfer is 200,00 U.S. dollars or Euro.
Also, any Worldcore account holder can transfer and receive internal payments to/from other Worldcore accounts. All payments between Worldcore customers are instant and free.
In addition to SEPA and SWIFT transfers, users can easily replenish their Worldcore account with any cryptocurrency (3% -4.75% fee) supported by Worldcore money transfer service.
Summing up, we may mention that leaders of international money transfer market are characterized by such qualities as convenience and reliability: branches of such providers are easy to find, while cash remittance is performed at lightning speed. As a result, each user can choose money transfer provider, based on own preference and “price-quality” ratio.
Exciting articles several times a month