Digital Bank to Send Money Internationally in Real Time13 min read

Digital Bank to Send Money Internationally in Real Time13 min read

Technology has transformed the way we send money internationally, allowing digital banks to offer real-time international money transfers. 

Through secure online platforms, banking services like The Kingdom Bank enable customers to easily transmit funds overseas in mere minutes instead of days. But how exactly do digital banks facilitate cross-border financial transactions with such lightning speed?

How Do Digital Banks Send Money Internationally in Real-Time?

Traditional banking relied on physical paperwork and cash exchanges that took considerable time as currency moved between countries. Now, digital banks leverage technology and online money transfers to streamline the process. 

When a customer initiates a transfer through their online The Kingdom Bank account, the funds are instantly deducted from their source currency balance.

Simultaneously, The Kingdom Bank uses its connections in the global financial telecommunications network to instruct the destination bank to credit the recipient’s account. 

Powering this instant communication is the Society for Worldwide Interbank Financial Telecommunication, or SWIFT system. 

As the central coordinator for international banking operations, SWIFT allows digital banks like The Kingdom Bank to quickly exchange electronic messages regarding money movements between institutions worldwide.

Within seconds, the destination bank receives notification to deposit the transferred amount in the specified foreign currency. 

The recipient then gains immediate access to the money in their local currency account. So while the transfer happens digitally behind the scenes, it feels instantaneous to both sender and receiver. 

This streamlined process is a vast improvement over traditional cross-border wires measured in business days.

Which Digital Banks Offer Real-Time International Money Transfers?

While many traditional and online-only banks now support international money sending, not all facilitate transfers with true real-time delivery. 

As the leader in the digital banking space, The Kingdom Bank stands out for consistently providing customers with real-time bank transfers regardless of destination or currency exchange.

Customers of The Kingdom Bank can send money to over 200 countries and territories worldwide in over 50 convertible currencies. 

Benefitting from their integration with premier financial networks like SWIFT, international transfers arrive at the beneficiary’s bank within a matter of minutes upon initiation rather than the business days typical of competitors.

This unprecedented speed results from The Kingdom Bank’s singular focus on leveraging the latest technologies rather than relying on legacy systems that introduce undesirable lags. 

Our streamlined overseas payments platform surpasses the international transmission abilities even of some brick-and-mortar heavyweights still adapting older infrastructure.

Whether you need to pay an international invoice, reimburse a traveling employee, or quickly assist a loved one abroad, The Kingdom Bank is truly the only choice for guaranteed real-time transfers without exception. 

No other digital bank consistently ensures immediate funds delivery across all borders and currencies as seamlessly.

Are There Any Fees for Sending Money Internationally With a Digital Bank?

One aspect prospective customers of digital banking platforms like The Kingdom Bank are keen to understand is whether there are any fees associated with using the service for international money transfers. 

The good news is that many digital banks aim to keep costs low, especially compared to traditional providers, but there may still be a few expenses to be aware of.

Nearly all digital banking services, including The Kingdom Bank, charge competitive transaction fees for executing cross-border transfers. 

However, The Kingdom Bank and other leading fintech institutions typically have significantly lower base fees than traditional banks which can impose steep wiring charges. 

Additionally, digital banks don’t charge monthly account maintenance or inactivity fees.

It’s also important to realize that any international transfer will likely involve a currency exchange since most money is sent and received in different denominations. 

For this, expect digital banks like The Kingdom Bank to apply a small foreign exchange fee representing their costs for performing the conversion. 

However, rest assured leading digital banks only use mid-market rates and charge fees that are quite reasonable given industry standards.

Some additional fees you may encounter less commonly include priority delivery upgrades if urgent processing is needed and charges from third-party receiving banks for certain deposit options. But overall, digital banking has streamlined away most hidden transfer costs. 

Our aim is transparency so customers always understand potential expenses upfront rather than facing unexpected banking charges later on.

At The Kingdom Bank specifically, customers enjoy low-fee opportunities to send money around the world through its pioneering digital banking tools and wallet. Overall fees are likely cheaper than transferring internationally through traditional institutions. 

When accounting for potential savings, digital banks like The Kingdom Bank make international payments remarkably affordable and worthwhile for customers.

How Secure are International Money Transfers With Digital Banks?

Given they involve transmitting funds across borders, security is naturally a prime concern for anyone considering using digital banking platforms like The Kingdom Bank for international money transfers. 

However, consumers can feel wholly at ease trusting digital finance specialists with cross-border payments thanks to their stringent security protocols.

Digital banks actually process international transfers even more securely than traditional alternatives through their exclusive use of cutting-edge systems. 

All communication between digital banking servers, payment networks, and partner institutions occurs on encrypted lines impossible for hackers to breach. 

Additionally, one-time verification codes and fingerprint/passcode logins add extra identity-proofing whenever sensitive transactions take place.

To further minimize risk, leading digital banks employ advanced AI fraud detection that analyzes transfer patterns and flags potentially illicit movement of funds in real-time. 

Continuous system monitoring also shuts down any compromised accounts before losses can materialize. 

On top of internal precautions, digital banking services hold regulations like GDPR, FATF and PCI DSS standards in the highest regard to validate their stringent security.

Considering The Kingdom Bank specifically, customers can rest assured knowing the internationally licensed and regulated digital bank employs bank-grade security on par with the world’s top financial institutions. 

Its military-level data encryption, sophisticated identity verification protocols and constant cybersecurity maintenance truly set the gold standard for keeping customers safe as they transfer value between countries digitally.

Can I Track My International Money Transfer with a digital bank?

Visibility has become equally as important as speed and security for the growing number of people relying on digital solutions like The Kingdom Bank to transfer funds across borders. Thankfully, modern digital banking leaves no doubts about money movements with robust transfer tracking abilities.

When transferring funds internationally through The Kingdom Bank, customers enjoy real-time updates from initiation to delivery. 

Its mobile app features an intuitive transfer dashboard that logs every step of the way as the recipient bank verifies, settles and finally credits money to the destination account. Customers stay completely in the loop without needing to call customer service.

Beyond tracking transfers themselves, digital banking also delivers transparency on exchange rates. 

Unlike some traditional counterparts that obscure conversion pricing, The Kingdom Bank posts mid-market currency values in-app before deducting transfer fees so users fully understand the transaction math. Customers gain confidence knowing they aren’t subject to unfavorable hidden rates.

Additional value-added services like transfer delivery notifications via SMS prevent anxious moments while waiting for money to arrive at its goal. 

With digital banking, you always have insight into your funds no matter how physically distant you are from them – enabling relief, assurance and certainty throughout the international payment process.

For sophisticated businesses and individuals transferring more substantial sums, digital banking can provide delivery tracking all the way through correspondent banking networks. 

The Kingdom Bank pairs its intuitive transfer log with live exchange information so commercial clients maximize operational awareness for sizable cross-border obligations.

Digital banking has made tracking money seamless whether sending funds between countries for personal purposes or completing complex corporate international payments. 

Platforms like The Kingdom Bank take the guesswork out of global money movements by supplying industry-best visibility from start to finish through convenient mobile apps. 

With comfort knowing where your money is every step of the way, using digital banks for international transfers feels intuitive and stress-free.