As we discussed in a recent post about global trends in remittance prices, the cost of transferring money varies considerably depending on where you’re sending it and which money transfer business you use. Another factor that you may need to take into account is how long the transfer takes. For instance, according to the World Bank, sending money from the USA to Kenya can take less than an hour or up to five days .
In some cases, there may be no rush, so you can focus solely on the cost of the transaction. At other times though, for example if there’s an emergency, a family member might need money urgently, so you’ll want to send it via the quickest route possible.
When you use Xpress Money, you have the best of both worlds. You can send money instantly at one of the most competitive rates in the remittance industry- our global average cost of sending money is 2%, significantly lower than the average of 7.4% for the rest of the industry.
Here are the three quickest ways to transfer money with Xpress Money.
Send a cash transfer
Transferring cash is one of the easiest, most convenient and fastest methods of sending money as the receiver can collect it from an Xpress Money agent within minutes. And thanks to our extensive network of 180,000 agents in 160 countries, receivers are rarely far from an Xpress Money agent. The process takes much longer if the receiver must travel a long distance to collect the money.
Send money to a mobile wallet
You can also send money instantly by transferring the cash to a mobile wallet, an app on a mobile device which allows you to store money. The receiver can then make payments from the wallet, for example to cover a utility bill. At the moment, this service is only available if you’re sending money to Kenya, Ghana and the Philippines.
You can transfer money to a bank account and the receiver can access it immediately, either by withdrawing it from an ATM or making a debit payment. You can only use this service when you send money to certain countries, such as Pakistan, Nigeria, the Philippines and Sri Lanka.
Another way to sendmoney instantly is via our money transfer app, Xopoto. Once you download the app, you set uppayment using a debit or credit card. The receiver can collect cash within minutes from any of our agent locations in the destination country. The receiver can also request money from the sender through Xopoto which is very useful in case of an emergency. However, the app is only available in the UK for now.
To find out more about Xpress Money or to transfer money today, click here