Money transfers can also be referred to as remittance services or wire transfers and you can gain access to these types of service across the globe using agencies that specialise in foreign currency exchange. Money transfer is a fast and straightforward process which allows businesses to move cash when and to where they need it.
The money transfer process
A money transfer is quick and simple to send and receive. Often the process takes just a couple of minutes although often there are a few days given to allow the banks involved to manage their processes. There are a number of methods used depending on the foreign currency service provider.
There are those that involve a business to attend an appointment at a ‘brick-and-mortar’ establishment. Here an agent will discuss the wants and needs of the sender whilst also outlining the money transfer process. Often however this set up can be inconvenient for businesses and there are now some fantastic money transfer agencies online. An agent will discuss the requirements of the company over the phone and money can be transferred via a secure login online.
The benefits of money transfer
The main benefit is the speed of the transaction. Money can be moved quickly between destinations and picked up almost immediately. Other methods of moving funds tend to be time restrictive.
There can be slight variances between agencies regarding pick up times, fees and the process of transferring the money. Take time to select the agency that suits your business.
When to use a money transfer
Business-to-business or business-to-person transactions are common. The pay out can be made in cash or via several other options. This ensures that this method of moving funds is flexible enough for most business situations. They are also ideal when dealing with remote areas where the banking infrastructure is not as developed.
At PureFX we offer a range of foreign exchange services.