Are International Bank Transfers Safe or Smart to Use?

Home Manage Money Are International Bank Transfers Safe or Smart to Use?

Sending money abroad was a rarity in the past. However, with globalization and the world coming closer, it has become a monthly necessity for many. The best kind of international transfer service must have the least number of processes, be highly convenient, and should not be time-consuming at all. On top of all of that, it shouldn’t cost people an arm and a leg to send money abroad.

One of the best features of these advanced money transfer systems is having the currency exchanged and transferred without moving an inch from your cozy spot at home. Or at least that is the case with certain international exchange services. And could be least expected from a bank to provide such conveniences.

But are they safe?

When you need to send or receive money fast, an international bank transfer, or a wire transfer might be the right tool for the job. Wire transfers are immediate, reliable, and safe (as long as you’re not sending money to a thief).

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But there is more to it than just being safe. Here are some reasons for everyone to steer clear of banks if they want to get their money transferred without getting bankrupt:

1. They are costly

Conducting international transfers through banks are costlier than other means. Most banks charge a certain percentage for the fc exchange fund transfer, with the name of processing fee. In numbers, this percentage seems small but when they begin to add up, it turns into a heavy amount annually. This becomes a problem for those who are already living on a tough budget, like travelers, students and old people.

2. They take time

Banks tend to be super slow with their process of international transfer. In fact, they are the slowest when compared to other modes. The fastest service takes 1 to 3 days to transfer while banks can take as long as, one week or more. This is highly inconvenient for those who need to utilize the service for emergency situations and getting the money on the other side is a priority.

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3. Hidden Charges

The worst kinds of charges are the hidden ones, they take you by surprise and you only learn about them when you have already gone through a tedious amount of time and effort. Transferring money through international banks means paying large amounts of money as well as hidden fees. And these fees are usually asked for on top of the exchange fees.

4. Exchange Rates

No matter how positive the market is going with exchange rates, banks always charge the rate they want, which in most cases is higher than normal. So while you are already paying them a hefty amount for their services, you’ll also be paying them a higher exchange fee. On the other hand, foreign currency exchange by services like iCompareX offers the benefit of highly competitive rates. This means people can actually enjoy any positive change in the market before they transfer their money.

When a convenient and highly accommodating international transfer service is within the reach of your fingers, endless opportunities will open for you. Now people can easily buy and sell properties, study, and travel internationally without having to worry about money.

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About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.

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