You may trust your bank to handle your money, but they won't be the best for your money transfer needs.
March 4, 2020 — 2 min read
With so many options, it can be hard to make the choice of one online money transfer method over another. What’s the difference? At the end of the day, you’re moving your money where it needs to go; does it really matter how it gets there?
Yes, it does! Choosing the right method for your money transfer will help you:
Have greater peace of mind with your transaction.
Making a transfer through a money transfer service is quick and easy, and that’s far from the only benefit. Let’s take a closer look at what money transfer can do for you.
Over 3 billion people worldwide have some sort of bank account, and odds are you’re one of them. Your bank likely offers money transfer services, so why not let them handle it? After all, you know your bank and you trust your bank to handle your money.
It’s true, banks can facilitate money transfers, but they also:
Charge additional fees. Banks typically use the SWIFT system to communicate their transfer information, and this system comes with built-in fees. Many banks also charge a set fee per transaction, or a percentage of your amount.
Won’t give you the best exchange rate. Frequent market developments mean that the rates are constantly fluctuating, and not all organizations calculate their rates the same way. The rate will likely favor the bank, not you.
Have limited hours. Ever tried (and failed) to make it to the bank after work? And that’s not even getting into the numerous bank holidays throughout the year. Short bank hours could add further delays to your transfer, while most money transfer services operate 24/7, 365 days a year.
The bottom line? While you may trust your bank to hold your money, they likely won’t be the best option for transferring it.
If you’re new to the world of money transfer, it can be easy to feel overwhelmed and want to default to a safe, familiar option. However, the safest option is not always the best one, or even the simplest one. When making a transfer through Xe, you can count on a smooth process, a rapid transfer, money-saving rates, and the knowledge that your money and information will be completely secure.