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Are There Alternatives to Using Banks for Money Transfer?

August 15, 2017 by admin in Technology, Tips

 

Where everything around us is progressing so are the banking methods. You might want to consider transferring your money through reliable alternatives rather than going to banks, using cheque books and ATMs. Though it is a fairly new alternative but MTOs and start-ups are starting to threaten the big banks for their efficient and inexpensive alternatives. Of course, your bank can offer in house transfers for free, but what about transferring money to other countries and other banks?

Here are some easy alternatives to transferring money without the use of banks:

E-transfer:

An easy alternative to transferring your money is through e-transfers. All they require are your IBAN or SWIFT number for international account money transfers. You will also need to provide the account holder’s name as it appears on their account for the transfer.  It is as simple as paying bills online and comparatively less expensive than making transfers through banks.

PayPal:

Another inexpensive way to transfer money internationally is PayPal. Though the service is not readily available globally, it is available in most parts of the world and is not a complex method to understand. However, there is a minimal fee charged to the recipient. There is also a charge for transactions but as the amount increases, the charges decreases.

Cash:

Logically, transaction of cash from your account and physically transferring it to another is free of cost. Of course, it’s a bit of a hassle but it saves you all the extra charges that you want to avoid. This is a good option if there isn’t a time restraint.

Email money transfer:

Some banks, though not all, offer the service of online email money transfer. It is an electronic check and is not required to be submitted physically. The recipient receives an email that funds are available for their transaction. You only need to answer a security question as a recipient and no account number details are required. Though there’s a nominal fee that is charged, it is a reliable and quick service, making it a trustworthy service for your use.

OFX Borderless Payment:

Whether your overseas transfer of funds is business related, personal or professional, this service offers a seamless experience. Without any additional transfer fee this service will allow you to make faster transfers in lesser charges as compared to your bank. For further details, this review of one of the first global money transfer companies will help you better understand the ins and outs of the service.

Western Union and MoneyGram:

Although they do come with additional fees, the charges are relatively lesser than a bank would charge you. The plus point about the service is that it is easily available in almost every country so your recipient won’t have to worry about finding an outlet.

Although this feat is yet to become a massive success, it is making considerable changes in the fintech market. Banks are starting to get worried as people have realised that there are better, inexpensive alternatives to sending funds internationally.