Money exchange remains one of the crucial foundations of modern society, just as it was centuries ago. People selling their goods and services and then buying the same from others maintains the economy. Without a doubt, the process of purchasing something and paying for this has evolved, and so did a money exchange process. We’ve almost stopped using cash nowadays and, instead, we open online bank accounts, go for physical and virtual cards, make money transfers, and even use eWallets.
Genome knows all about fast transfers as we are offering them for users of both personal and business accounts. Today we will talk about quick ways of moving funds and their basic characteristics.
Types of money transfers
First of all, it’s necessary to mention that modern banking has changed dramatically during the past two decades. Everything has been digitalized and now we’re sending money transfers using our smartphones and almost never visit physical branches. Fortunately, opening an online account has never been so simple — you only need to download a mobile application and register your eWallet in it. Now, when you’re all set, let’s see how and what transfers you can make:
The Single European Payment Area covers most of Europe and enables quick euro transactions between its all member countries. This system has been in place for more than 10 years already and has increased the speed of money transfers significantly. Nowadays, with the huge boost of e-commerce and online payments, SEPA transfers are saving time for both buyers and sellers.
Most European countries use EURO as their national currency, which facilitated the start of the SEPA network. Now, euro transfers arrive within one business day. To instruct a SEPA transaction, you will need an IBAN and occasionally BIC code. SEPA payments only function within the SEPA area and won’t work in the USA, for instance.
Society for Worldwide Interbank Financial Telecommunication is another network that connects bank accounts all over the world. This system is available in almost all countries and supports around 150 currencies. SWIFT network is the largest one and the one used most often for international money transfers. The timeframes for sending and receiving transfers here range between 3–5 working days.
Most modern banks as well as digital ones support both SEPA and SWIFT transactions. Once you’ve opened an account (even an online account), you will be able to make payments directly from your eWallet in the mobile application or web application (if available).
With Genome’s online account, you can send SEPA money transfers, as well as immediate and free of charge internal transfers. We also offer physical and virtual debit cards for all users with business and personal eWallets. Click here to open an account with Genome.
Recurring transfers
Now, we’ll discuss the pros and mechanisms of recurring transactions. These appeared not so long ago but already have made a tremendous change in simplifying one’s financial responsibilities.
- Direct debit
It’s a type of automated money transfer when funds are withdrawn from your account. But first, you’re signing a mandate (official agreement) with a party that will be receiving funds. Then, your accounts are connected and money will be taken from your eWallet monthly (the frequency is agreed upon in a mandate). Direct debits are especially popular in the UK but can be set up in any currency — EUR, GBP, USD, etc. Such payments are used to cover electricity and gas bills, rent, etc. If the sum has to be adjusted, you will be notified beforehand. The SEPA system even has a special SDD scheme (SEPA Direct Debit) for such euro transactions.
- Standing order
This money transfer is quite the opposite to direct debit. Here you’re setting up payments on your own. Go to your online account — fill in the banking details of the receiver — choose the sum and frequency. These are all the simple steps to set up standing order payments which can be used to pay rent, different subscriptions, etc.
FAQ:
What is the quickest way to transfer money between banks?
Just go for a regular bank transfer. It’s a well-known and secure way to move funds from one account to another. SEPA transactions will be faster than international SWIFT payments, for example. However, if you’re not sending euros, there are no other options to make a faster money transfer.
What is the fastest way to transfer money?
Some digital banks provide almost immediate money transfers in different currencies between their online accounts. For example, with Genome eWallet, you can send and receive funds just in seconds from or to our business and personal accounts. This service is free of charge and works immediately, no matter where our clients are located.
One more way of quick transfer is using such financial services providers as Wise. With this company, one can send funds from one bank card to another in no time. Just open an account and use your debit card or credit one. Keep in mind that such services are usually quite costly compared to regular bank transfers.
