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What Are The Money Transfer Services Available Today?

By Author: Neha Sharma
Total Articles: 1043

Transferring funds by cash, check or bank draft may seem like the way of the old ages. These methods may seem like a less popular option today, especially when there are faster and more convenient means to transfer funds between accounts or even countries. However, it does not mean that they are still not viable options.

But each of these choices have different features and benefits, which work for different situations. So can you opt for the right one that will provide you with the means to transfer money and satisfy your needs? Here are a few money transfer services you can take into consideration:

Bank account

A bank account is one of the best money transfer services that any individual can opt for. It is also one of the many options that help you with any type of fund transfer you want, especially if it is one of the simplest ones. This is also the best option if you want to send funds from the same financial institution, especially at the lowest price possible. Additionally, several banks offer money transfer services, that allows you make transfers from one institution to another as long as you have the required bank account. You can even contact the bank for any queries or any assistance.

E-Transfers

Some financial institutions will allow you to make a money transfer online to another individual in the same way, you would pay a bill online. Through this service, you will need an account number and bank routing number. For international accounts, you will need a SWIFT or IBAN number. At the same time, you will also require the account holder’s name as it appears on their account. This can be a convenient mean to transfer funds, especially if you need to make regular or monthly transfers. It is also one of the cheapest form of money transfers in the market.

Western Union

The Western Union is a popular choice for many individuals who want to make a money transfer in the safest and secured way. It will provide you with a similar service that will allow you to transfer money to a different state, country or city. Through this service, a flat rate will be charged for the transfer you will need to make, based on the urgency, location and the amount of funds you are sharing. However, one of the major benefits of these services is that they tend to be both highly dependable and convenient.

Mobile Apps

With more and more individuals using smartphones and relying on apps to manage their daily lives, it comes as no surprise multiple financial apps have been created to facilitate the means to make money transfers. While plenty of banks have designed and created their own apps, other NBFC have also created these financial apps to make these transfers.

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