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How To Transfer Money Abroad Instantly

November 27th, 2019

How to transfer money abroad instantly

There could be several reasons why someone needs to transfer money internationally. It could be for shopping, travel, or work. Or it could be an expatriate transferring money to their family back home. As the world becomes smaller by the day, the frequency of instant money transfers is undoubtedly increasing.

The need to send and receive money instantly

With a rise in the frequency of money transfers, another factor that is now of utmost importance to most people is speed. Earlier, it took people many days to transfer money internationally. The remitters would have to visit the physical bank branch or a cash agent, deposit the money, and then wait for a few days for the funds to reach their loved ones. It was equally time-consuming to avail refunds or track issues related to delayed transfers or lost money.

The demand for fast ways to transfer money is probably at its peak today, thanks to the growing global migrant population. There are many ways to send money instantly, but various factors can affect the time and costs involved in the process.

For one thing, the cost of transferring money can differ from country to country. Another factor you may need to take into account is how far the two countries are from each other and the time taken to transfer money between them. Exchange rates and the value of the currency of the two countries can also affect the costs and time involved in the process. For instance, sending money from the USA to Kenya can take anywhere from under an hour to five days.

Can you transfer money immediately?

The emergence of the internet has undoubtedly changed the way international money transfers work. Sending and receiving money in today’s times is convenient, with various options to receive the money quickly and safely. With money wallets, mobile banking, and easy access to ATMs, money transfers are now easier than ever. And Xpress Money has been matching pace with the remittance industry’s rapid evolution.

When you use Xpress Money, you get the best of both worlds. You can send and receive money instantly at one of the most competitive rates in the remittance industry, or opt for a slower transfer process if there’s no urgency. The global average cost of sending money is around 6.84% in Q3 2019 (as recorded by the World Bank’s Remittance Prices Worldwide database), and we strive to offer customers favourable rates so that they can gain maximum value on their money transfers.

Here are the three quickest ways to send money abroad with Xpress Money:

Cash transfer

Cash transfers are a preferred mode to send and receive money instantly. They are one of the quickest ways to send money abroad. Cash transfers provide greater ease in countries with weak banking infrastructure. For the older generation and people who are not comfortable with online banking, it is far more straightforward to process cash-based transfers, compared to wallet transfers that require proficiency in handling smartphones. Cash transfers are an excellent alternative for people who prefer liquid money over virtual money. Xpress Money has a network of 200,000 agent partners based in over 170 countries that allow the facilitation of cash transfer with great ease.

If you want to send money abroad, all you need to do is visit an Xpress Money location and deposit the cash, along with the full details of the intended recipient. For each transaction, you will receive a receipt and a 16-digit XPIN that you are required to share with the receiver. And your money is transferred instantly! The receiver, who could be on the other side of the earth, can go to their nearest Xpress Money location share the 16-digit XPIN along with an identity proof, and receive the money in cash.

One can also opt for doorstep delivery of cash in some countries, such as Vietnam.

Mobile wallet

Another way of sending money instantly is by transferring cash to a mobile wallet. A mobile wallet is an app on a mobile device that allows you to transfer, receive, and store money, and use it to make payments. Virtual wallets are increasingly gaining popularity across the world. Their simplicity, easy accessibility, along with attractive cash back options, makes them an excellent alternative to send and receive money. With this option, one can make payments directly to the wallet for settling expenses such as your monthly rent or electricity bill.

You can rely on Xpress Money and use mobile wallet services if you’re sending money to Kenya, Nigeria, Ghana, Uganda, Cameroon, Zimbabwe, DR Congo, Senegal, Benin, Fiji, Mali and Burundi.

Bank transfer

You can transfer money to a bank account, and the receiver can access it immediately, either by withdrawing it from an ATM, directly from the bank or by making a debit payment. Currently, Xpress Money offers bank transfer in countries like India, Bangladesh, Vietnam, Ethiopia, Morocco, Pakistan, Nigeria, the Philippines , Uganda, and Sri Lanka, among others.

To sum up

International money transfers play a vital role in the growth of a country’s economy. For years, sending and receiving money was seen as an expensive and long-drawn process, but things have changed a lot in the last decade. Xpress Money provides an easy answer to the ever-daunting question of ‘how can I send money to someone instantly’, that lingers in the minds of most expats. There are many ways to enable instant money transfers today. But it is essential to choose a service provider that is timely and cost-effective. Xpress Money offers one of the most competitive prices and exchange rates for global money transfer. It provides different money transfer channels to suit every need. To find out more, click on how Xpress Money works.

Also Read: How To Send Money To Someone Without A Bank Account.