Nowadays, transferring money from one country to another is very necessary. It can be used to invest, study abroad, or transfer money to relatives. However, many people ask the question “Can I do international money transfer online?”. Let’s find out through the article below.
Can I do international money transfer online?
Can I do international money transfer online?
To answer the question, “Can I do international money transfer online?” Let’s learn first about the definition of international money transfer.
International money transfer is a form of transferring money from one country to another. Specifically, from Canada to another country through money transfer services such as DNBC or Paypal,… The recipient’s amount will be based on the exchange rate at each transferring time.
The international money transfer must have lawful purposes such as studying abroad, medical examination and treatment, subsidies, inheritance, etc.
In short, you can completely transfer international money online as long as you meet the legal conditions in the sending and receiving country.
What is needed for an International money transfer?
Sign up for an account
First, you need to create an account. This is not complicated; you need to fill in your name, address, contact details, ID proof, and payment method.
Provide recipient details
Enter the recipient’s name and your own contact information. If you are looking to send money, you need to provide your account number, SWIFT, or IBAN, along with your bank branch address.
Enter the amount to transfer
If you are satisfied with the fees, exchange rates, and transfer speed, you will proceed to enter the amount to be transferred.
Complete the transfer: Your receiver might require the reference number you save to monitor your transfer, so keep it secure.
How to do international money transfer ?
One of the most convenient ways to transfer money internationally is to use a service specializing in international currency exchange. Transferring money through these services saves you a lot of time and money. The advantage of this method is also in the exchange rate. Finance companies often have better exchange rates than banks. In addition, these money transfer services have experts in the financial field. They have highly qualified staff that can assist you. Some reputable money transfer services such as:
- DNBC Financial Group: DNBC is a financial institution operating in the international financial market. DNBC facilitates payments to 170 countries and territories worldwide, offering clients various transfer options at the lowest possible rate and with the shortest wait time. They provide corporate and individual clients with an innovative digital payment system and a convenient payment and transfer platform for easy online money receipt worldwide. Many people trust DNBC because of its competitive cost, high security, and good exchange rate.
- Skrill: is a fast and easy to use international money transfer service.
- Wise: high security, competitive cost, easy to use.
- WorldRemit: rated quite well, high transparency
You can send money online using your own bank, a dedicated money transfer service, an e-wallet, or by going to a physical money transfer shop. Each option has different pros and cons, so the best option for you will depend on your specific personal and transfer requirements.
Some things to know when transferring money internationally
Exchange rate: The price of one currency with respect to another currency is known as the exchange rate. For example, if you wanted to convert US currency to Euros, you would check how many Euros one US dollar is worth.
Mid Market rate: The exchange rate is between banks. It is the rate that central banks use to transact with each other.
Exchange rate markup: Most money transfer providers use exchange rate ticks when pricing your transfers. They give customers an exchange rate, the mid market rate, plus an additional percentage, or markup, to make a profit on the transfer.
Transfer time: International money transfers and traditional banks can take several working days. DNBC is usually much faster: many transfers are completed within one business day.
Fees: Many businesses state low prices or even offer consumers fee-free transfers, but most of the expense of sending money abroad is hidden. Poor exchange rates can hide the majority of consumer expenditures.
Example: If the mid market rate for U.S. dollars to Mexican pesos is 20 pesos per dollar, then a 2% exchange rate markup means the provider is giving you 19.6 pesos per dollar. So for a $500 transfer with a mid market rate, you’d send 10,000 pesos, but with a 2% markup, you’d send 9,800 pesos. Your receiver will receive less money in their currency the larger the markup.
How long do international payments take?
International bank transfers typically take one or two days, but depending on the currency they can take up to five. For example, US dollars and euros usually are quicker than weaker currencies. However, there are situations when it might take even longer than five days because of factors including the recipient’s processing time and the banking system and rules in the destination country.
International money transfer is relatively easy. However, you need to know the money transfer methods and the notes during the transfer. Hopefully, with the above article, you have answered the question, “Can I do international money transfer online?”.
About DNBC Financial Group
The DNBC Financial Group is a financial organization that operates in the global financial market. It offers corporate and individual customers an intelligent digital payment system, a practical payment platform, and an easily accessible online money transfer/receipt service globally. DNBC facilitates digital payments to 170 countries and territories worldwide, offering our clients various transfer options at the lowest possible rate and with the shortest wait time.