Efficient Reasons to Use International Money Transfer Service
Direct fund transfers to a person or company’s bank account located outside of the country are known as internationalmoney transfers. Through a bank, a global monetary transfer service, private agents, or via the Internet, it is simple to complete.
Many of us know that money transfers often take days and can be made in different currencies, both physically and digitally, using Internet banking tools. There are many ways to send money abroad, including from the comfort of your home.
Many people are going abroad in search of jobs and possibilities. Everyone wonders how to transfer money overseas and the types of expenses they might incur. It is the one issue that comes to everyone’s mind. International money transfers have increased significantly over the past few years as more people have moved abroad to study, work and live. Continue reading to learn the best methods to send money abroad.Â
Advantages of International Money Transfers Service in Singapore
Let us see some of the advantages of International money transfer apps from some prominent banks in Singapore.
In Singapore, there are several financial organisations, including banks, that provide an international money transfer service. The advantages that these institutions provide can help you decide which service to use. For convenient financial transfers, DBS’ internet banking service features DBS Remit, a built-in feature in the Digibank app. It benefits:
1. Make international money transfers on the same day
High-speed money transfers between accounts on the same day are now possible thanks to technological improvements, giving most banks’ and financial institutions’ clients a greater banking experience. For example, DBS Remit allows you to send money abroad in only three clicks from Singapore to relatives, close friends, children, or clients in any of the 50 countries listed above.
If the money transfer is finished before the deadline, the money will be deposited in the recipient’s bank account in a few hours. Compared to a regular wire transfer, a financial transfer using the DBS Remit app requires less time.
2. Transfer funds without being charged a fee
When using a conventional wire transfer, there is a small cost for international money transfers. When sending or receiving money using DBS Remit, there are no transfer fees. Furthermore, you have the option of sending money in your currency, and the individual who receives it is free to take it in any other currency they like.
3. Keep tabs on your money
The most modern banking apps offer distinctive features, including the ability to track and monitor the progress of the cash transfer. You can continue to watch the transfer once it has finished moving until it reaches its destination. For instance, you can track the transaction in real-time. You also receive a push notification containing the confirmation.
4. Transfer money at affordable FX rates
Before sending money overseas, you should always examine the exchange rates, as they will have more influence on larger payments. Savings can be made even if exchange rates just slightly improve.
Using DBS Remit, you can check the current FX rate to make sure you get the best deal possible when sending money abroad. To use it, you need to simply pick an area and enter the required SGD amount. It will also display the recipient’s projected payment in the chosen currency in addition to the current exchange rate.
5. Establish a daily transaction cap
You can establish your daily limit for foreign fund transfers through the app. The app has a pre-set daily cap of USD 5,000. It is possible to change any amount up to a limit of SGD 25,000 or equivalent.
In conclusion, it is now so simple to send money abroad that you may use an internationalmoney transfer service to pay someone the same day in their chosen currency without incurring any additional fees and at a favourable exchange rate.
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