The suitability of various payment types all over the world depends on the economic condition and records of a country. While some countries prefer to transact via local bank transfers, other countries choose to opt credit or debit cards to make payments.International payments are widespread nowadays. That’s why one needs to know all possible payment methods and banking methods.
Here we’re listing out some options preferred to make international payments:
1. Bank Transactions
Most of the countries prefer to transfer via banks because it is considered highly protected regarding online banking. An individual can conveniently buy anything online via net banking. All you need to do is to register and verify yourself with a particular bank to perform internet banking. While performing a transaction, you would be asked for some code that will be provided only to you so that a safe operation can be accomplished.
2. Pre-paid & Local Cards
A card i.e. prepaid holds a value which is used to make a payment. Usage of the local card is similar to that of an international card. Bank card is i.e. transacting via bank; so a verification message is sent at the time of the transaction to authenticate the transfer process.
3. Electronic Wallets
These are famous as E-wallets. These wallets are basically digital wallet that holds funds as well as private information. This wallet is not tangible, but it provides more security than a regular physical wallet. While owning an E-wallet, one has to store all the private and public transactions and details, which will be used for upcoming operations. Email address of the user is considered as a reference address at which all the details about transactions are sent.
4. Direct Credit/Debit
Direct Credit is basically a secure and trustworthy service that avails industries to pay via E-transfer. There are many industries which earn high profits while paying salaries through direct credit. Direct Debit is fundamentally an order given by the user to associated bank or authority to let an industry collect different amounts from their respective accounts. It is valid only when the user is getting a notice to receive amounts as well as transaction dates.
5. International Debit/Credit Cards
Debit, as well as credit cards, offer the best medium to transfer money. These international debit/credit cards include VISA, MasterCard, AMEX, Discovery, Diners Club, and JCB, etc.
6. Cash Substitutes
Usually, cash substitutes are considered a favorable option by most of the people because they find it secured enough. Cash substitutes come in many forms like gift cards, money order, paper checks and escrow Etc.
Resources:-
http://www.mastercard.com/gateway/international-payments/international-payment-types.html
