Just seven years ago, banks oversaw 85% of the international money transfer market. How times have changed in 2021 — with e-wallet companies like STICPAY and other online Money Transfer Operators (MTOs) now firmly established as lower-cost, convenient high-speed alternatives for making both international and domestic transfers.
Whether it’s traders, gamers, and gamblers using online platforms based in other countries, parents transferring money to a child back-packing overseas, or an SME paying for international freelancers, contractors, or suppliers, the options for making money transfers are endless — with online, mobile, and e-wallet channels showing strong growth.
Some of the main options to send money online are:
- E-wallet: an electronic digital wallet, such as London-based fintech company STICPAY, which allows users to deposit, manage, spend and transfer money, both domestically and internationally.
- Online banking app: Transferring money between banks using your bank account and its online banking system.
- Instant money transfer using a third party: Signing up to an online MTO that offers instant money transfers.
- Currency Broker: Also known as currency exchange companies or foreign exchange brokers, they change your money into another currency and send it internationally.
- P2P apps and providers: Person-to-person transfer of money between two parties, although both users often require accounts with the same solution being used.
- Cryptocurrency transfer: Using ‘digital currency’ like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or other cryptocurrencies to pay for products and services.
- Online cash transfer: Sending a payment online that is available as cash at the recipient’s end.
But while choice is wide, there are many factors to think about when selecting the right money transfer operator for your own needs.
What to consider when choosing ways to send money online
Local or international? Consider whether you only need to transfer money domestically between accounts in your own country, or if you need to make international transfers too.
How much money are you planning to send? Different payment solutions and providers will have varying minimum and maximum transfer limits per online transaction. And some providers, especially those offering money transfer solutions for businesses, may require a minimum annual transfer commitment.
How quickly does the recipient need the funds? Time taken to complete transfer transactions varies from provider to provider — in some cases, it is instant, while in others, like bank transfers, it may take five days or more.
How do you want the recipient to receive funds? They may need to access physical cash at their end through a bank or ATM, or they may require payment in your local currency, their local currency, or in US dollars.
How regularly do you plan to transfer money? Check to see if there are restrictions on the number of times you can use a service.
How much does the service cost to send money? Again, charges and costs vary — and there could be set up and/or administration fees, percentage rates on transactions (up to 5% or more), or major differences in foreign exchange rates and commissions. Knowing exactly how much any transaction is going to cost you is essential in choosing the right provider — for example, here is a very clear guide to how e-wallets like STICPAY charge fees.
How quickly can you set up an instant money transfer account? With providers using different levels and methods of security and identity checks, it can take anything from minutes to a few days to open an account with a money transfer operator.
Why STICPAY is a leading money transfer choice
Using an e-wallet is a great option for making online money transfers, offering low costs and fast speeds compared to banks while also making it super-easy to deposit and manage funds and transactions.
Here are some of the main benefits of using STICPAY:
- STICPAY is a global e-wallet service, with a user base in over 190 countries and multi-currency accounts in 29 national currencies.
- International money transfers can be made within minutes if both parties have a STICPAY account, with minimal fees (1% client-to-client domestic and international transfers, capped at $35).
- Not only is STICPAY fast and cost-effective, end-users and merchants can use numerous payment methods to deposit and withdraw funds from their STICPAY accounts, including Visa, Mastercard, UnionPay China, local and international bank wire, and cryptocurrency.
- Alongside international transactions, STICPAY offers cost-effective and fast local bank wire transfers in Indonesia, the Philippines, Malaysia, Singapore, China, South Korea and Japan.
- With new IOS and Android mobile apps and a web platform, STICPAY gives users flexibility and ease of access to funds and transfers.
- A STICPAY STIC Card allows users to access funds instantly via ATM or pay for physical goods and services like restaurant meals.
- STICPAY provides 24-hour customer service.
Are you ready to join the e-wallet revolution and make your money transfers hassle-free?
Then register an account at STICKPAY now!
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Source: The Money Cloud — How The Fintech Boom Is Reshaping International Money Transfer
Originally published at https://sticpay.com on April 21, 2021.
