Cheaper and faster money transfers: The Money Transfer Revolution

There are many activities we engage in daily that are important, necessary or for fun. In the past, doing some of these was very expensive, difficult and slow. However, people have continually brought up innovative solutions that aided the speed and ease of carrying such services while bringing down the price. All of these have made it easier to get a lot of things we want that we would not have known about or had access to at our standard of living a few years earlier. One of such things is money transfer services. Not too long ago, transferring money implied going to the bank, joining long queues, filling forms and the recipient getting the money days later. However, it is now possible to transfer money and the recipient will get the money within a few minutes. Here are the steps to enjoying these cheaper and faster transfer services.

Select a Money Transfer Company
Many companies provide money transfer services including those that provide such services locally, internationally and both ways. They also often have some features that could be slightly different as well as their charges. In most cases, you would want to either find the fastest companies or the cheapest companies as long as they are reliable. You could read more about finance companies to know which finance companies provide which services, at what price and at what speed. From here, you could choose the companies that you are most comfortable with and do further research on them by visiting their site and probably contacting their customer care if you have further questions till you settle for the one you are most comfortable with. Examples of the companies you might want to research include ripple, n26 and Transferwise.

Open an account
Once you know the one you are comfortable with, you would have to visit their platform which could be their website and/or their app to open an account. For most of these companies, opening an account is usually free. You would need to fill their form and in most cases, provide some form of verification that would be an official document from your country. Once you have properly and correctly filled the form and you are verified, you would be able to start using the account.

Sending money
To send money, you might be required to credit your wallet or link a credit card. If you are crediting your wallet, you would often have the option of crediting the wallet from your card and other alternatives. Once you have done that, you can easily select the amount that you want to transfer and it would be sent to the person. A major reason why the services of these money transfer platforms are cheaper is that they convert the money that you want to send to local currencies of the country of the recipient. Thus, the money enters the account without extra charges from the bank or a lower exchange rate that the bank will be using. The platforms strive to use the exact exchange rate, which most local banks would go a bit below.