Every year, billions of dollars are sent through international transfers abroad. This attracts a high transaction cost that is in the range of 6% of the total amount. That means that for every $1000 you send, the bank retains $60. However, you can pay much less if you pick the right money transfer method. Mobile money transfers have made it convenient to send money and more affordable.
Send Money Internationally – A Simple Guide
Regardless of your chosen service provider, sending money online follows the same process. The provider will offer clear instructions that involve:
- Creating an Account – Most mobile money transfer services allow you to send and receive money abroad. Provide details such as a driver’s license, a government-issued ID, or a passport. You also need a valid and verifiable email address and phone number.
- Verify Details – Your details should be verifiable. Verify your email, phone number, address, and other details to activate your account. You may also provide a physical address and bank details.
- Enter Recipient Details – Choose to send money from your chosen platform and enter recipient details. On some platforms, you only need to enter the phone number or email of the recipient and the amount you need to send them. On other platforms, you might need to enter the recipient’s name, banking details, and physical address. Mobile money transfer services simplify the process so that you can send money in two or three simple steps.
- Pay Necessary Fees – To send money abroad using mobile money transfer services, you need to deposit the money in your wallet. You can do so from your bank or a mobile money agent near you. The cost of sending money internationally comes from the balance in your wallet. The transaction is instant with mobile money, but with other methods, such as a wire transfer, you will wait a few days.
Pick the Right International Money Transfer Service
Although you need a provider that offers the lowest fees, the safety of your money and convenience should come first. Most money transfer services are under the same regulations as banks and other financial institutions. As such, they strive to offer safe services with data encryption and other security measures.
Transaction fees are determined by the amount of money you send, but the speed and location may also matter for some services. As such, it is important to shop around for the best method. Picking a service with an affordable exchange rate ensures the recipient can have almost all the money you send them.
Take your time to read reviews online and pick a service that offers:
- Safe transactions with online data encryptions
- Fast and convenient services
- A simple interface to transact in minutes
- Regulated to operate in different regions around the world
International money transfers can be expensive, but you have a variety of options to choose from. You need a reliable partner like Majority to keep your transactions safe and affordable. You must send or receive money without hidden costs or third parties. Majority can help you make affordable transactions any day, anywhere you are. Create an account for international money transfer today and get started.
