Why Online Remittance Is The Way Forward
With close to 30% of Singapore’s population made up of non-residents, you can expect many foreigners here requiring money transfer services to send money back home. But using banks to send money is no longer your only option as more and more money transfer services take shape and become available here.
Our Money Transfer Top Three
As more and more transactions take place online, transferring money no longer requires a long wait at the bank or remittance counters. Here’s a look at why online money transfers and remittance beat bank transfers:
Lower Transfer Fees
One of the biggest advantage to using online money transfer services such as WorldFirst Money Transfer and Currencyfair Money Transfer is because you end up paying less fees compared to what banks charge you. Online money transfers typically charge about 8 times less than what bank charges and typically provide more transparency.
Some may prefer to use a bank for money transfer services because it is perceived that online remittance providers are less secure. While we cannot guarantee the same safety for all types of online service providers, some of them are regulated by country authorities and have had many years of experience and good reputation.
Before you choose an online money transfer service provider, ensure that you check whether it is regulated and what type of secure money transfers they provide.
Fast Money Transfer
Banks typically require some 3 days to a week for your funds to reach a recipient overseas. This makes them unsuitable for emergency situations where your recipients need money fast. Some online money transfer service providers offer a same-day transfer service, which allows your beneficiary to receive the funds as fast as possible. One such provider is WorldFirst Money Transfer.
Some online money transfer providers offer related money transfer services which can bring users great convenience. For instance, some of these platforms offer alerts for the currency pairs you are tracking and you can buy currency and transfer at a later date. Others allow step-by-step tracking, giving you the peace of mind to know at which stage the fund transfer is at.
No Need For Bank Account
For those who have a bank account, transferring money using a bank seems like a commonsensical move. However, in many parts of the world, especially in emerging countries, there are many people who may not have access to a bank account. This can make money transfer a headache.
Thankfully, there are many service providers which understand this issue and are looking at ways to mitigate this problem. For instance, some money transfer services do not require your beneficiary to have a bank account and can arrange for either courier or cash pick-ups at certain locations.
Increasingly, some telcos are also bringing in mobile remittance. Locally, Singtel and M1 have launched such services in some regional markets and this trend is set to continue.
With these innovations and the rise of Fintech, those using money transfer services can look forward to much more competitive rates and convenience as compared to using a bank. If you are still paying hefty fees with bank money transfers, it’s about time to move on! Check out some of the money transfer services featured on our page to find one that suits your needs!