3 symptoms that WIRE Transfer is slowing you down

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International wire transfer was invented in 1973. Its been 45 years now, and not much has changed since the day it was invented. Banks continue to use international wire transfer in pretty much the same way as in 1973, and charging pretty much the same exorbitant fees they’ve been used to charging.

Using WIRE transfer in the age of WIRELESS? What could be a bigger anachronism? When was the last time you tethered your laptop to a wired connection? Wire transfer is as big an anachronism as the cable that used to plug into your laptop to connect it to the network. Ok, maybe this isn’t an apples-to-apple comparison. However there’s no escaping the fact that WIRE transfer is outdated, outmoded and outclassed by faster and lower cost alternatives.

So, why should you consider an alternative to a system that’s been powering international business for decades? See the facts and evaluate for yourself:

1. You realise its 3pm and you can no longer initiate an international wire transfer to your supplier in China. If they do not receive payment the next day the shipment would get delayed. This has serious implications for your product launch.
2. Its 31st of the month and its a holiday (like it was this December of 2017). You forgot to send salary transfers to your team in Ukraine and Romania in time. You have to transfer money between two accounts and convert from CAD to USD before you can send money to Europe. This means you will miss the salary payment deadline.
3. You need to make payments to 45 independent contractors across 6 countries. And you need to do it today. You’re still struggling with excel files and updating their payment details on the Wire transfer screen. Your accounts supervisor has just gone on leave and this is not helping matters at all. None of your fault, but if these payments get delayed, the affiliate manager will be breathing down your neck.

I could go on, but you get the drift. Wire transfer is really not meant for the digital age. We’re now talking a technology that’s older than the digital natives, older than today’s millennials. There is an alternative, that’s safe and secure. That’s fast and reliable. Check out Remitr Business Payments that helps companies make fast and low cost payments to over 150 countries.

(Disclaimer: I’m cofounder of Remitr. However, I’m not saying all of the above to say wire transfer is outmoded. The fact is that Remitr is a far superior alternative to making individual wire payments, and we’re willing to backup this statement by offering you a free trial.)

Also published on Linkedin.