5 Ways to Send and Receive International Payments6 min readReading Time: 3 minutes
International Payments should now be very fast. Transferring money by cash, cheque, or money order may seem out of date in today’s technology-driven society.
While conventional techniques may appear less popular in the face of speedier technological methods for transferring money between accounts, states, and even countries, this does not rule out the possibility of using them.
Furthermore, if cost is your primary issue, there are low-cost methods of money transfer, with the lowest method varying based on your circumstances.
If you’re a person who wants to transfer money to family and friends, an internet vendor, or a small business, learning how to send and receive foreign payments is crucial. Furthermore, international money transfers are not limited to banks.
In fact, using regulated money transfer businesses will certainly save you money and get your money to you faster. We’ve ranked the 5 options.
However, we urge that you try out all of the options below to determine which one is best for your needs.
1 Banks in International Payments
A bank can help with a variety of transactions. It can be completed in person at a bank by withdrawing funds from one account and depositing them into another, or it can be completed online.
With your own IBAN account from Kingdom Bank, you can simply manage your daily financial transactions and open an account without having to visit a bank.
Kingdom Bank handles all of your SEPA payments, both incoming and outgoing, with all EU banks that accept SEPA transfers.
With just one click, you can manage your digital bank account from anywhere. The professionals at Kingdom Bank will assist you in opening and operating your IBAN account.
An eWallet is a type of online prepaid account that stores funds for transfers made by computer or mobile phone.
It’s a pre-loaded electronic wallet that allows you to perform rapid and safe transactions with only a few clicks.
Transferring money via eWallet might be a cost-effective technique, but you must first determine whether the person you wish to send money to (or receive money from) has an eWallet account.
An eWallet’s security, ease of use, and convenience are all reasons to consider it.
3 Personal Check
Receiving money via a personal check is another alternative, and for many people, it’s the preferred method of payment because it’s easy to acquire in the mail and can be processed electronically.
An overseas check can be obtained via your bank or local postal service for a modest fee, and the recipient may be charged a fee as well when cashing the check.
4 Multi-currency Account
You can hold funds and make global payments in several currencies with a multi-currency account instead of opening multiple bank accounts overseas.
It essentially allows you to accept local currencies and establish a local presence in nations, resulting in better exchange rates and speedier transactions.
5 Online Payment Services
Online payment services are just as clear, simple to use, and offer lightning-fast access to funds. But, more crucially, for lesser transaction quantities, alternative international payment gateways can be less expensive, and certainly less expensive than banks.
This is due to the fact that most fees are based on a percentage of the transaction amount plus a minor transaction fee, with no exchange rate or conversion expenses.
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