In today’s digital world, we make international transactions every day and sometimes without even noticing. You’ve recently paid for Netflix or a smartphone app? Well, that money will likely go to a different country.
On top of that, we have the rise of the Gig Economy, especially after the COVID-19 pandemic, where people are not working remote jobs entirely online. This means that they receive money internationally, and sometimes getting the money you worked so hard for can be a real nightmare.
Sending money internationally fast is a global problem, and although it sounds impossible, there are a few ways that you can trick the system just so you send or receive money as quickly as possible.
Let’s go through some of the ways that will expedite the process.
Why People Want to Send Money Fast and Is it Possible?
There are plenty of reasons why people need to send money urgently. Whether it’s paying an urgent bill, getting a last-minute deal, or helping a loved one in a pinch, sometimes you don’t have a lot of time to wait.
When it comes to traditional bank transfers, the process can take up to 5 days, and that’s way too slow for today’s standards. Plus, if you are “lucky” to hit a bank holiday, the process may take even longer than that.
But that’s not the end of the world. There are still other ways that you can send money in minutes, even for cross-border transactions.
Let’s go through some of the ways that you’ll be able to send money quickly without too much waiting.
What Are Your Best Choices?
There are several companies leading the charge for rapid transfers, which offer online banking tools.
Platforms like Genome have special services for instant international money transfer. All you need is to create an account, and you are good to go.
Crypto transfers are also a solution. Sending Bitcoin or other cryptocurrencies internationally can take minutes, with minimal fees. However, the recipient needs a crypto wallet and might face extra steps to convert crypto into cash.
Fees and Exchange Rates: What to Look Out For
The convenience of a fast transfer usually comes at a cost:
- Exchange Rate Markups: Some providers add a small markup to the currency exchange rate to make a profit, and this rate may not be in your favor.
- Transaction Fees: Depending on the service, fees for instant transfers range from 1% to over 3% of the transfer amount. For example, Western Union and MoneyGram’s fees can range from $10-$20 for fast service.
- Receiving Fees: Sometimes, the recipient pays a fee, especially if they’re receiving cash or if the funds go to a bank account in a country with banking fees. For instance, MoneyGram might apply a receiving fee in addition to the sender’s cost.
How to Pick the Right Service for Fast International Transfers
When time’s ticking and you need to send money now, keep the following in mind:
- Speed vs. Cost: Quick transfers often come with extra fees or slightly lower exchange rates. Decide if the urgency justifies the cost. For transfers to the U.S. or Europe, options like Wise balance speed and cost well, while Western Union can send money globally in minutes, albeit at a higher fee. So, it all depends on the situation. If the money is very urgent, you won’t mind the higher fee that much.
- Country Availability: Not all providers operate everywhere, so check if your provider supports the recipient’s country.
- Recipient’s Convenience: Does your recipient need the funds in cash, or can they receive it in a bank or app? There are services that allow cash pickups in many locations, while others like Genome are digital-only.
FAQs
How much can I send in a single fast transfer?
This depends on the provider. Western Union has a cap of around $5,000 for instant transfers, while services like Wise might let you send even larger amounts for certain corridors, though it might take slightly longer.
Are fast transfers safe?
Yes, most of these services use high-level encryption and comply with international banking regulations. Western Union and PayPal, for example, have built reputations on their security standards. But always double-check the recipient’s information to avoid errors.
