Why are international money transfer services prefered over bank transfers?

  • ERemit
  • 19 April, 2021
  • 2 minutes read
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For a long period of time, people continued to do bank transfers for exchanging paychecks, overseas money transfers etc. They go down to the bank, meet bank representatives and agree to their overpriced commissions and fees. Why? Because migrants have always trusted banks and have been using them for years. Then people realized the convenience and ease of online money transfer via international money transfer services, and they switched. For those continuing with bank transfers, here are some things to think over.

  • Best exchange rate for your money: If you are still on bank transfer, you may not have hooked yourselves with the best deals of exchange rates. Banks do not offer the best exchange rates in the market, they buy and sell currencies on their terms, causing big variations in the value of money sent overseas. Whereas the money transfer services take deliberate efforts to offer favourable exchange rates to their customers so that they get the accurate value for the money sent.
  • The flat fee as opposed to the percent fee of banks: International money transfers do not come for free they have service costs. The difference is that banks charge as much as three to five percent and label them as “processing fee”. Although it might seem a small amount, it will rise according to the large amounts of money sent overseas. Money transfer agencies often claim flat fees as their service cost, which is independent of the amount of money sent.
  • All you need is an internet connection: In the case of bank transfers, all banks have not adapted to online banking. Thus, the customer needs to go to the physical bank, talk to the representative in a foreign language that you may not be quite well-versed in. By signing yourselves with an online money transfer agency, you are way ahead in the game because all you need is an internet connection. With a mobile app, you can send money overseas from anywhere, at any time.

Now you know that online money transfer in Australia is way better than banks, they adhere to your convenience and give better value to the money sent overseas. So, I guess there is no room for confusion. Send money online with the best international money transfer service and enjoy your benefits.