Finance

Money Transfer 101; Everything you need to know

Money transferring is something folks learn about at some point. The following should help you understand money transferring and how you can do it when the time comes.

Can You Do It With Your Bank?

One of the simplest cash transfer solutions is your bank. These financial institutions offer this service to their customers. Some people use banks because they are secure, and they’ve already developed a relationship with them.

The problem with transferring money through banks is they tend to be quite expensive. If the transfer needs to be picked up, sometimes, banks don’t have a convenient location near the recipient. It’s important to find out if a bank is going to work for you and the recipient. You don’t want your money to be stuck in limbo because you didn’t check these things out beforehand.

Do You Need a Bank Alternative?

There are times when banks are not a good option, and when that happens, people usually turn to alternatives. There are some good money transfer services and mobile apps out there that are just as reliable as a bank and don’t cost as much.

Paypal is one of them except the person receiving the money does need to have internet access to get the cash. There are also cash apps like Venmo that work the same way but are quite reliable and fast. Of course, there’s also Western Union, which has locations everywhere in the world, and folks can pick up the cash in a physical location if they choose to.

See Also: Top 10 Mobile Money Transfer Companies In Nigeria

Do Prices Vary From Service to Service?

It’s important that you realize that prices change from service to service. Banks are the most expensive, but the others do charge fees. It should also be pointed out that the amount of money being sent varies.

The variations are linked to how much your dollar is worth in the country you are sending it to. It’s always a better idea to wait until your dollar is worth as much as possible. You get the most out of your transfer and the recipient gets more, too.

 

Is a Money Transfer Quick or Not?

One thing many people overlook is the amount of time it can take to complete a transfer. Most folks expect this to be instantaneous, and it usually is, but that doesn’t mean it happens all the time. There are instances when a transfer can take longer than expected.

Every institution is going to tell you that the transfer could take some time to get where it’s going. Sometimes, the day you send it affects how long the transfer takes. There are times when the transfer is affected by how long the bank or financial institution takes to verify the money being sent. Those who need to send emergency money need to make sure they keep this in mind. Warn the person you are sending the money to about the possibility of a delay to plan ahead.

See Also: 13 Steps to do ATM Money Transfer in Nigeria

Now, you know a little more about cash transfers and how you can take advantage of this service. Of course, if you want to learn more, contact an expert from a fund transfer company to find out more information.

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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