If you are a business owner, you may regularly have to send large sums of money to your associates. You want safe and secure measures that make it convenient to send money hassle-free. However, finding the best options can be difficult at times.
This article makes it easier for you by showcasing the best ways you can conveniently send money to your associates.
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Bank transfer
Bank accounts let you transfer money to the recipient way in several ways. You can visit the local branch or transact online. However, bank transfers come at a cost and take time, especially if you deal with foreign transactions. Banks do not have money transfer as their primary service, making them charge more for such transactions.
Moreover, if you are making an international transaction, the time taken for the amount to reach your recipient can be high. The exchange rates at banks will also not be the best in the market.
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Wire transfer
Wire transfers allow you to transfer a large amount of money to the recipient. You need to contact a bank that will assign you an officer to help with the transaction. However, you need to carry out the entire process physically. The fees for wire transfers are usually on the higher side.
However, you can expect total security of your funds as a bank remains involved in the transaction. It usually takes a day or two for the amount to reach the recipient’s account.
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ACH transfer
ACH (automated clearing house) transactions are similar to bank and wire transfers. The nature of these transactions is electronic, and they use a clearing house that acts as an intermediary. It is computer-based and executes the necessary transactions. When you want to initiate an ACH transaction, you need to contact the specific bank and follow the specified instructions.
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Debit/credit cards
Your prepaid debit card or credit card is another option to send money to your business associates. While a debit card remains a convenient option as long as you load it with enough money, a credit card may involve hassles. For example, you may have to spend more when transacting with a credit card due to higher transaction costs and fees.
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Money transfer companies
Money transfer service providers have proven themselves the most reliable option over recent years to send money overseas. They have especially gained prominence as banks have higher transaction costs and take a lot of time to transfer money. Moreover, the currency exchange rates are always better with money transfer service providers.
It is vital to get the best exchange rates for your transactions. If not, you can easily end up losing a few thousand behind every transaction. Money transfer companies also offer personalized services that help you transact without hassle. They only charge minimal service charges, which will be worth all the money you spend.
Final Thoughts
Whatever may be the mode of transfer for international money transfer, one needs to select the method wisely by verifying all the market factors like safe and convenient process, low exchange rate and other factors.
Interesting Related Article: “Why Should You Choose An Online Money Transfer Method When Sending Money?“