Technological advancements in overseas money transfer

Overseas money transfer has become a general medium of payment transactions for businesses that are becoming a part of the developing global trade. While there are many forms of payment modules, one of the most common mediums for transferring money is through online payment services. Service providers for online money transfer help create a user account, after which the user can simply transfer money from the comfort of their home or work space with the simple tap of a computer. This payment mode is best suited for immediate transfer of money to the receiver’s account, at the charge of a small fee based on the amount that is being transferred.

While the conversion rates are inbuilt into their system for ease of access, these online payment service providers only allow feasible transactions of certain amounts, in order to keep the money flow legal. Any detection of suspicious activity or illegality would result in the freezing of funds. This system just need the receivers email id and name to transfer funds. The then funds land in the service providers account, after which the receiver can transfer it to their respective bank account using the appropriate authorization.

There are other options for overseas money transfer like money transfer operators and international bank wire transfers. Popular money transfer operators like Western Union, Money Gram, etc. have access to a wide range of countries, wherein the facilities are available both online and in physical centers in various places around the globe. They charge a minimal fee for the transactions and the receivers have the option of transferring the amount into their bank accounts or withdraw it as local currency by providing the required ID proof. While these services have high speed delivery for emergency situations, the drawback however is the number of scams that are pulled off through these transfers due to the comparatively lower security.

On the contrary, although bank wire transfers for international transactions are time delayed, they are fool-proof because the transfer is between authenticated bank accounts and the chances for frauds are lower. However, this type of transfer requires detailed information to be filled out, in order for the transaction to be successful, and the amount charged for the transaction would depend highly on the rate of the currency being converted to and the amount being transferred. Some of the other upcoming payments modules that are being updated with technological advances are money orders, foreign exchange (FX) brokers, and peer-to-peer currency exchange markets.