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Types of Transfers – Wire Transfer, Flywire, Western Union

Types of Transfers – Wire Transfer, Flywire, Western Union

Need to send money to a family member in a foreign country? Nowadays, sending money long distance is not nearly as difficult as it used to be. This is due to the wide range of options available in terms of monetary support. As a result of the many options available, selecting the best method is imperative. Money transfers to family members are fraught with a lot of problems. Also, RemitX strongly recommends that you understand all the methods of sending money abroad since it is your hard-earned money. Here, we have provided you with the necessary information that is helpful for you. Let’s explore the details.

Money Transfer Methods

1. Wire Transfer

Transferring funds electronically across a network is known as a wire transfer. The wire transfer network is managed by banks and other financial institutions. Wire transfers require the sender’s account number and the receiver’s name, as well. In this case, the transaction is settled electronically instead of with a cash exchange. The system is suitable for those who want to transact within both domestic and international banks.

There are two types of wire transfers: domestic and international. They can also be used in both inter- and intra-bank transactions. The one allows transfers within a bank, whereas the other refers to transfers between two institutions.

If you know the recipient, a wire transfer is usually safe and secure. Genuine services will verify each participant’s identity before allowing anonymous transfers.

2. Flywire

Flywire includes bank transfers, credit/debit, and other payment options. Make sure that the payment methods you choose are accepted by the country in which you are paying.

Whenever you make a payment request, the process according to your country will be displayed if the credit/debit option is available. You will then be able to pay by card directly on the website once you have completed the payment request. Additionally, payment instructions with account information will be provided at the end of the payment request process. Transfers can then be made in person at your bank or through online banking platforms.

3. Western union

There are many ways to send money through Western Union. Online, in person, by phone, and also by using the mobile application.

  • You can send money online using a website or a mobile app.
  • If you are calling by phone, you will need to seek assistance from specialists who will guide you through the required steps.
  • The in-person service can be used in this case to pick up cash at an agent’s location.

A Final Thought

Each of the above-discussed methods can be useful when transferring money abroad. However, important factors need to be considered along with each method. These include the duration of the transaction, any changes to the transaction, and many other factors. They play an important role when providing funds to your family member or friend overseas. To make good decisions, you should seek advice from a reputable currency exchange expert such as RemitX. Giving money is simple when you choose the best method for doing so.

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