What are money transfer services?

Well. You just heard about money transfer services and you wonder what it is. A bank? Not exactly. Let me explain. Do you know what is a fintech? A fintech is a finance & technology company which is not a bank. It offers financial services online thanks to new technologies. It is safe and affordable compared to banks. And new money transfer services are fintech.

 

The new online money transfer services types

 

There are 3 kinds of new online money transfer services:

1/ high tech money transfer services: they are using the newest technologies and are not well known so far. If it works well there will be a huge potential for those solutions as they are really cheap.

2/ online brokers: thanks to new technologies brokers start to be 100% online. You can create an account and make a transfer using a broker whereas it was not the case before. Indeed brokers are historically used to need phone calls to make the necessary

3/ online money transfer operators: they are 100% online and quite affordable for small amounts. Nevertheless they are not specialized in transferring big amounts of money

-> all these solutions are featured on online money transfer comparison services.

 

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How are money transfer services going to grow in the future?

There have been more than 100 new money transfer services in 2016 and there might be 10 or 100 times more in 2017. Why? Because money transfers are more and more accessible for services using blockchain and p2p technologies.

 

There are already thousands of money transfer services and the most affordable are online. It’s possible to use them online because they use new technologies allowing new ways to transfer money but also to verify identities. The future of money transfer services is going to be nice if there is no special geopolitical events.

Can we trust money transfer services? Are they safe?

Among money transfer services we count banks and old traditional operators. We tend to think that banks are safe or at least people trust their banks. Old traditional operators such as western union and moneygram are also trusted by people. Both organizations have so big buildings in the main cities in the world that people trust them. Indeed they have money so they build buildings so they are trusted.

They are stealing some money from you so they get money so they buy buildings so they are trusted. And why are they stealing money so easily? Because you trust them.

Sorry I just started saying that we cannot trust banks and old traditional services. The question now is can we trust the new money transfer services such as Worldremit and Transferwise?

 

New money transfer services are technically safe

They use new technologies. New technologies used by new money transfer services are so technically safe that there is no risk. Moreover how could we think there is any risk as if you are not happy with the money transfer they simply reimburse you? Indeed the most important for new money transfer services is to get new customers. They need a happy customer to refer to other customers. So they are always nice with you. Their systems are great. Their rates are cheaper than other services because they need to gain your trust.

 

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New money transfer services are stealing from you too

They need to gain your trust and they need you to transfer large amounts of money for them to make money. In order to gain trust they show transparency. Sometimes you can show some transparency and not be transparent at the same time. It’s simple. You only have to hide some fees and tell everybody that you are transparent. You can even say that there are hidden fees because of a technical need…

 

At the end it’s better to use new money transfer services but they try to steal from you too. Still they remain very safe because the service is technically working well and they never steal your money. They just steal some fees thanks to the hidden fees they can put in the exchange rates.

 

The best money transfer services for sending big amounts abroad

Money transfer services are a new service that we usually name fintech for the abbreviation of finance and technology. New technologies allow small companies to compete with the banks. The new money transfer services drive the cost down so much that it costs 10 times less than a bank. And it’s efficient because the current cost of sending money abroad is around $34 billion and dividing it by 10 would help many countries receiving more money and accelerating their development. The questions are what are those money transfer services and how to find them, and also what are the best money transfer operators to send large amounts abroad, if there is a difference?

 

What are money transfer services?

Money transfer services are multiplying those days. In 2016 there has been officially 2 new money transfer suppliers per week. All of them are active, work well and provide better rates than banks. Expats and students abroad are the ones using them the most. People living abroad are the ones targeted by money transfer services because they have this online spirit. In the past people living abroad were going to a Western Union or Moneygram office. Now there are more than 400 offices like that. All different brands.

In the present and in the future people living abroad are going to surf on the web. They simply use a money transfer comparison to find the best way to send money abroad. Using a money transfer comparison service is going to provide you an overview of all the money transfer services and their rates in real-time. Indeed exchange rates that are applied are changing every minute because it’s online and the mid-market exchange rate also changes every minute.

 

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What are the best money transfer services for big amounts abroad?

Let’s say I’m in the US and I come from India. I want to send a large amount of United States Dollars back home in India. How do I do? Do I use my bank? No. Of course not. Banks are going to charge you 3% minimum. You can use a money transfer service. Which one?

I would say that there is no big answer but there is a way to find the answer in real time: money transfer comparison services. You’re going to have an overview on the market and there are good chances that you find a broker. For big and large amounts brokers are usually the cheapest solutions. The easiest services are usually the online money transfer operators and brokers are also online but they will request a phone call for verifying your identity. And they will get a very good rate because they can access the market in real-time. Still, a good rate will be around 1% for a very big amount.

 

Money transfer services are new and they are multiplying. It’s a good opportunity for financial services to become cheaper. Take it using a comparison service for money transfers.

You haven’t seen this money transfer services list on Buzzfeed

If you are living in a foreign country, chances are high that you have to transfer money abroad. But do you really know the best ways to do it? Do you know the best money transfer services that will allow you to make your transfer easiest, cheapest and safest? We have found 3 solutions that will change your way of doing money transfer !

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Moneytis: the online comparison platform for money transfert

This website will help you to find the best solution to send your money abroad by comparing the offer of the money transfer companies in real-time and giving up the best option. According from where you want to send the money and where you want to sent it, you will have a ranking of the best options. Once you have all the options, the only thing you will need to do is to pick up one and go ahead with your transfer !!

Revolut: Pay everywhere at no fees

If you are a frequent traveler, bank fees are probably a problem for you. With Revolut, you can pay everywhere in the world without fee. This app converts instantly in the local currency. Moreover, you can exchange currencies at an interbank rates. With this app, you can definitely say goodbye to hidden bank fees !

Number 26: The new generation of bank

Number 26 is an online bank that allow you to pay everywhere is Europe at no cost. You can follow at every moment your spendings, make withdraw, do money transfer anywhere for free! If it’s not the bank of the future, Number 26 is a perfect tool to use in your daily life !

Korbit: Use, accept and buy bitcoin

This Korean start-up allows you to make global transfer using Bitcoin & Ethereum. You can send money directly to any bank account using Bitcoin with no transaction fees, receive payments from anywhere in the world without processing fees.

Ready to say bye bye to your bank fees and send money abroad easily ?

Why do people think money transfer services are a good idea

All the individuals who do transfer money abroad frequently will say you the same thing: using money transfer services is a good idea. At least if you want to save money, time and spare you troubles. Let’s have a deeper look into it and verify if people are right or not!

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Money transfer services are cheap: True

At least if you are using the right service. No all money transfer services are equal and choosing the right one can be challenging as its depends on several criteria and that their rates always evolve. The first thing you need to understand is that banks are not the best options if you want a cheap transaction. Why? Because they are applying two types of fees on each international money transfer: the fix one, to make the transfer; and the hidden ones that are charged on the exchange rate. As they are making their margins on the last one, they take a rate much lower than the actual exchange rate.

To be sure that you are using the cheapest money transfer services always use a comparison platform that will compare all the options and allow you to choose the best one!

Money transfer services are EASY

Unfortunately is not true for all kind of services. If you are looking for the easiest options possible, you have 2 solutions:

Cash collection service: Sending money by cash is easy as you only need to fill a form, give your ID and give the reference number of the transaction as the receiver can go to his local agency to take back the cash.

Prepaid debit card: Sending money through prepaid debit card is easy and effective immediately.

Before choosing a money transfer services or another, check their process online and use a comparison platform that will evaluate the user experience.

Money transfer services are Fast

One more time not all services are equal. To find the best operator regarding rapidity, you first need to know your needs. How do you want to pay? How fast you need the transfer to be? are you willing to pay an extra fee for your transfer to be faster? Once you are all clear about these questions, you have four main options:

Using a cash collection service such as Western Union. If you pay by cash or card, the deposit is made instantly. Be aware that the fees are higher than other solution.

Using a prepaid debit card service

Using a MTO express service, if you are looking to do a bank-to-bank transfer and speed up the delay to one or two days, ask for this service.

How money transfer services can help you living a better life?

If you are living abroad or have relatives abroad, you probably know that sending money internationally  is a pain. Hopefully, some start-up have also realized it and lucky for us, have created solution to ease your experience. So yeah, thanks to this money transfer services your life can be better. Ready for it?

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Money transfer services will give you some extra time

No need to go to your bank nor wait to your local transfer money company to send money abroad. No you can now do everything staying from home with your computer. No need also to visit each transfer money company to pick to right one. You can now use a comparison online plateform, like you will use booking.com to book your hotels, to find the best solution to send your money. This solution is totally free of charge and will save you tons of time. More time for yourself = better life !

Start comparing the best solution to send money abroad: www.moneytis.com

Money transfer services will allow you to save extra cash

Banks are definitely not the perfect service to send money abroad as they usually charge 3 kinds of fees: the transfect fee, the currency rate fee and the withdraw fee when you receive the cash. Using money transfer services will allow you to save a lot of money as their fees tend to be up to 70% lower than bank. And even if money doesn’t make your life better, it can at least contribute to it!

Money transfer services are easy to use

Having the best rate is a good start, but who wants cheap price if it’s come with awful service? Always look at the easiness of the operator. While some companies allow you to do the all process online in a minutes, others will takes you two days just to verify your account. You can also find this kind of information on comparison platform.