There are many reasons why an individual would need to send money to another country. Perhaps you’re fortunate enough to have purchased a holiday home in your favourite holiday destination.
Maybe you have family living or even working in a different country.
Whatever the reason, if you need to send money overseas then you’ll want to do it cheaply, securely and with as least fuss as possible.
A recent article on the Huffington Post explains:
Traditional brick-and-mortar financial institutions can charge significant eye-watering fees at both ends of the transaction, but luckily, they are not the only market players.
There are plenty of faster, cheaper and reliable companies providing similar money transfer services funded through a plastic card or a bank account, but at better terms and conditions: well-proven old guard members like Western Union, P2P foreign transfer services like TransferWise, new promising Fintech startups like TransferGo, and many others. Continue reading …
With advancements in technology and young, bright innovative companies challenging the status quo, new digital services are fast becoming available to help the consumer save money.
We seem to be in the era of specialisation. Long ago a company would want to be everything to everybody. That suited consumers needs then but now companies that are keen to understand the wants and needs of their market are focusing more on specialising and building businesses around one specific area.
One such company called Transferwise is changing the landscape of the money transfer market.
www.retirejapan.info highlight just how Transferwise works and the many ways in which they can benefit the consumer:
It’s designed to avoid the fees and inflated exchange rates that plague other international money transfers.
How it works is you make a domestic transfer to the TransferWise account in Japan, and they make a domestic transfer to the account abroad you are sending money to from their account in that country. It’s quick, cheap, and most of all painless once you have registered.
Registration is easy, you go to their website, type in your information, upload a photo of your ID (drivers license or zairyu card) front and back, and your My Number card, paper card, or jyuuminhyou, and wait for them to check the details. Took me about five minutes to complete the process, and about six hours for them to confirm my ID.
You can even use your Google, Facebook, or Paypal account to log in.
There are a few considerations to be taken before sending money abroad.
Exchange rates are always going to be an important factor.
Security is also one of the biggest concerns one has when deciding on which company to choose.
Different companies will offer different benefits dependant upon the amount of money you wish to transfer.
Sending small amounts to someone studying abroad is a lot different than transferring funds to purchase an overseas property.
You also do not want to be burdened with heavy transaction fees.
So just how much should you pay to transfer your money?
Thomas Cook, an established travel agent has this to say on their blog:
If you transfer small amounts regularly, you should go with an organisation that charges transfer fee based on the amount (the higher the amount, the higher the fee). If you are transferring a huge amount and only once, you should go with an organisation that charges a standard fee, irrespective of the amount being transferred. Read more …
So, there you have it. It basically comes down to due diligence on your part and making sure the company you choose understand and provide solutions for your unique situation.
Sending money abroad does not have to be difficult, costly or confusing. Especially these days with new companies starting up all the time, looking to fill the needs of specific pockets of people.
We hope this article has been useful and informative.
Competition for leadership in the digital payments industry is intense, and with their announcement, TransferWise has just positioned themselves into the leading position.
They just announced their new service that allows their clients to send payments internationally through Facebook’s chat application.
The fledgling, London-based digital payments company says that it has developed a “chatbot” for Facebook Messenger, an automated program designed to help clients communicate with companies and complete tasks like online purchasing.
This new service is different and builds on the popularity of international money transfer sites such as https://www.thecurrencyshop.com.au/international-money-transfers.
Their Chatbot makes it possible for clients to send money to family and friends, to and from the United States, Europe, Britain, Australia, and Canada from Facebook Messenger. It also features an integrated exchange rate alert.
Sending money on Facebook via its Messenger app is nothing new, but unlike Facebook, TransferWise allows this to be done internationally. TransferWise says that its service is the first to provide international money transfers through Messenger.
In April, Facebook opened the app to allow developers to create Chatbots for Messenger in an effort to expand its reach in enterprise transactions and to increase its level of customer service.
Recent advances with artificial intelligence has caused Chatbots to become a hot topic in the industry over the past several months because they’ve become so good at interacting. Many businesses, including banks, are hopeful that they’ll be able to use Chatbots to improve their customer service operations while also decreasing its cost.
Already one of Europe’s most trusted fintech companies, TransferWise was launched by Taavet Hinrikus and Kristo Käärmann in 2011, both of whom had grown frustrated with the high fees that banks were charging for international money transfers.
Today the company has a value of over $1 billion, and is backed by Silicon Valley’s Andreessen Horowitz, PayPal co-founders Peter Thiel and Max Levchin, Virgin Group founder Sir Richard Branson, and other high-profile investors.
Roughly $1 billion dollars is transferred through TransferWise’s website every month from more than 50 countries.
Scott Miller, the head of TransferWise’s global partnerships, says that while the Chatbot is currently only able to work with Facebook Messenger, it can be adapted for use with other chat services. He said the service would eventually extend into additional countries and transfer routes that the company is already operating in.
The launch of their Chatbot comes as competition in the international money transfer and mobile payments sectors intensifies. PayPal Holdings Inc announced earlier this month that its payments application, Venmo, would become available to users of the popular chat service, Slack.
In January, Ant Financial Services announced that it’s acquiring the U.S. money transfer company, MoneyGram, in a deal that is certain to shake up the international payments landscape.