What Is an International Wallet and How Does it Work?
An international wallet is an excellent choice for those who often receive or send funds abroad and seek to avoid the high fees and slow transfer times of traditional solutions.
Besides efficient cross-border transfers, international wallets provide numerous benefits to consumers, which we will discuss along with all the essentials about global e-wallet solutions in this article.
What Is an International Wallet?
An international wallet is a prepaid financial service that covers most countries and regions, allowing consumers to transfer funds across borders.
There are two common types of international wallets:
- Global e-wallets: A global e-wallet solution like STICPAY allows customers to manage their finances conveniently and securely under one account. Offering multiple payment methods for deposits and withdrawals, international digital wallet services use their internal networks to process transfers, making transactions instant and cost-efficient.
- Cryptocurrency wallets: A cryptocurrency wallet allows customers to receive, store, send, and withdraw digital currencies (e.g., Bitcoin, Litecoin). Since crypto networks lack intermediaries, transfers are usually cheap and get processed quickly. Due to the rising popularity of cryptocurrencies, some international wallet solutions (such as STICPAY) have combined e-wallet and crypto wallet services under one platform, allowing customers to store both fiat and digital currencies.
How Do International Wallets Work?
To get started with an international wallet, customers have to choose a payment method (e.g., credit cards, bank transfers) to deposit funds into their accounts.
After the funds get credited into the customers’ accounts, they can hold, exchange, transfer, or withdraw the money at any time. Alternatively, they can spend their balance directly at one of the provider’s merchant partners.
Most international wallets can be used for both physical and online transfers.
While consumers utilize their devices’ Near-Field Communication (NFC) features or smartphone cameras (to scan QR codes) for in-store transactions, they can checkout with one click at online merchants (using their securely saved financial details inside the e-wallet app to settle the payment).
As mentioned earlier, once the funds are in the customer’s account, international wallets use their own internal networks to process transfers.
For that reason, users can pay for products at merchants or send transactions instantly and inexpensively to other users.
Furthermore, since the e-wallet service caters to an international audience, users can also send cross-border transactions without additional fees or processing times.
Why Should You Get an International Wallet?
International wallet solutions offer multiple benefits to users, including:
- Instant and cheap transactions: Whether international or local, e-wallet transfers to other users settle instantly at cost-efficient fees and without additional charges for cross-border payments.
- Enhanced security: E-wallets feature advanced security and anti-fraud measures to protect their users and ensure their funds’ safety.
- Convenience: International e-wallet services allow consumers to manage their finances conveniently under one platform.
- Cashless in-store payments: With the surging demand for contactless payments, international wallet solutions allow customers to check out at physical stores using their smartphones without carrying cash.
- One-click online transactions: Saving financial details in the app allows e-wallet customers to pay with a single click — without filling out long forms unnecessarily — at merchants after logging into their accounts.
Create an International Wallet With STICPAY
An international wallet is essential for consumers who regularly receive or send cross-border transactions.
But should you create a cryptocurrency wallet or a global e-wallet account?
Fortunately, you don’t have to choose with STICPAY as the international e-wallet combines both, allowing customers in over 190 countries to hold, send, exchange, receive, and pay with 29 fiat and three digital currencies (Bitcoin, Ethereum, Litecoin).
Besides that, STICPAY offers the following benefits to its users:
- Advanced security and anti-fraud measures combined with strict KYC and AML checks — for both merchants and end-users — to protect clients.
- Convenient account management via a web platform and redesigned mobile apps for iOS and Android available in 19 languages
- Numerous payment methods for deposits and withdrawals, including Visa, MasterCard, UnionPay China, bank transfers, cryptocurrency (Bitcoin, Litecoin, Ethereum)
- In addition to international transfers, STICPAY features cost-efficient and rapid local bank wire transactions in seven Asian nations (Indonesia, Malaysia, the Philippines, Singapore, China, South Korea, Japan) with support for more countries and regions coming soon.
- Instant and inexpensive client-to-client domestic and international transfers for a 1% fee (capped at a maximum of $35 per transaction)
- A wide selection of merchant partners
- Prepaid STIC Card to withdraw or spend balance easily and with even lower fees
- 24-hour customer service
Sounds great, huh? Create an international wallet with STICPAY now!
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Originally published at https://sticpay.com on March 10, 2021.
