The speed and cost of sending money around the world have fallen in the past few years. This trend has happened mostly because of the recent advancement in technology and the rising competition from local and international companies. In this article, we will look at some of the fastest ways to send money internationally.
Online money transfer firms
One of the fastest growing industries in fintech is on money transfer. Indeed, in the past few years, companies like Wise and WorldRemit have moved from mere startups into large multinational companies worth billions of dollars. Other smaller firms like PaySend and OFX have also had similar growth.
This growth accelerated in 2020 during the global pandemic as more people stayed at home. To send money globally, most people used their mobile wallets which are usually easy and fast to use.
These companies use various technologies to ensure that the funds reach the customer as soon as possible. Some of these companies have partnered with financial institutions like banks and telecommunication companies to ensure that the funds arrive as fast as possible. Others have local bank accounts that they use to process the payments.
Other new companies use advanced cryptocurrency technology to process payments. After initiating a payment transaction, the firm will convert the funds into a cryptocurrency and deliver it to the recipient. The recipient can now withdraw the funds using the app.
There are many international money transfer companies. Among the most popular ones are Wise – formerly known as TransferWise, WorldRemit, TorFx, and AirWallex, among others. To find the most affordable and fastest firm, you should use a money transfer comparison firm.
Digital currencies
Another fast way to send money around the world is to use digital currencies like Bitcoin and Dogecoin. These currencies are only available online and are most popular among young people. Although they are highly volatile, the process of sending digital currencies is relatively simple.
You just need to create an online account with a leading exchange or wallet, buy a currency, and then send it to the recipient. After doing that, the customer can instantly withdraw the funds into their account.
There are thousands of cryptocurrencies that you can use when sending money internationally. Some of those we recommend are Bitcoin, Litecoin, and Bitcoin Cash.
Bitcoin and Crypto are complemented by the NFT and blockchain assets now as well.
Western Union
Western Union is one of the oldest money transfer companies in the world. For almost two centuries, the company has helped people send money globally within minutes. The firm has also made agreements with most banks and mobile money companies.
While Western Union is a traditional company, it has been evolving. Today, the company has a feature known as Money in Minutes, which allows the recipient to receive the money within a few minutes. They can pick up the funds at a local agent or have them directly deposited in a bank or mobile wallet. Other alternatives to Western Union that offer similar services are companies like MoneyGram and RiaMoney.
Summary
When sending money abroad, you ideally want to use an option that is affordable, efficient, safe, and fast. In this article, we have looked at some of the top options that you should always consider when sending money around the world. For further reading, MoneyTransfers.com explains some of these elements in more detail. We have also looked at some of the benefits of using these options to send money and how you can save money by using a comparison platform.
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