Why are international money transfers preferred over bank transfers?
The evolution of our economy and the dependency on international exchange is conspicuous. International exchange enables us to explore the world and evolve with the culture and business opportunities. Exploring the countries around the world teaches a lot about life, culture, education, and adaptation and unlocks many business possibilities. We are presently in a glorious time period in the evolution of mankind where humanity means intelligence and unlocking a new way to explore the unexplored. These advancements and evolution introduced exceptional norms and regulations in the economy which is also the cause for the need of international exchange. One of the major factors that demand the need for international change is the difference in the economy that varies from one country to another.
It is required to follow a lot of norms and regulations that are involved in making international exchanges. The advanced infrastructure in this digital era that we live in makes every service efficient and effortless with the power of modern technology. Financial service is one of the prominent sectors which decides when a country's economy gets a huge transition and benefitted exceptionally with this advanced technology and infrastructure development. While every financial service gets digitized , the process of making international exchange has become faster and more efficient compared to the olden days. We made international exchanges through money orders.
Contribution of Wire Transfer in International Exchanges
A wire transfer is an electronic means of sending money across international borders from one nation to another. Enabling immediate international money transfers between Nations effectively facilitates international trade. This greatly helps expatriates send and receive money to their home country to support their family and friends in difficult circumstances. Almost all banks and financial institutions offer services. SWIFT is the most used method for wire transfers (society of worldwide interbank telecommunication network). Only data or information will be exchanged during a wire transfer from one bank to another. From one bank to another, there won't be any actual exchanges of money. By requesting the name and address information before the transaction, wire transfers are safeguarded.
International Money Transfers are efficient with International Exchange than Banks
International exchanges make direct transactions partnering with their own local banks to execute the transactions on time. International exchange services providers support making transactions at low cost by providing offers and using the most compatible network to execute transactions efficiently. Banks will connect with other international banks to make your international money transfer. The intermediate banks also charge you the transaction fee, which eventually increases the charges for making an international money transfer and makes it costlier.
Thinking about making a bank transfer through SWIFT?
The most common method followed by banks to make international money exchanges is wire transfer. This wire transfer follows a global money transaction mechanism called SWIFT( Society for Worldwide Interbank Financial Telecommunication) . This is an offline facility to make international transactions which is available in prominent banks that execute your transaction. Even Though this method is followed by many global banks to make international transactions, its not efficient enough to satisfy the service economically.The name is only meant to transfer swiftly but not efficiently. Bank transfers include multiple banks across the way of transferring money from one country to another across international borders. The banks involved in the network can be large international banks or even small local banks. Here comes the SWIFT into the picture. SWIFT acts like a connecting flight that supports connecting from one flight to another to reach your destination.
The same applies here SWIFT connects two bank accounts to execute your transaction across international borders. The banks involved in this transaction may charge you multiple transaction charges, which makes your international exchange way more costlier than making transactions with international money transfer service providers. Teeparam exchange makes your international exchange more efficient by connecting with its own local banks, which are spread across the globe, forming a wide network to offer effective international money transfer services. In addition to better efficiency, we are also providing best and high rates to Sri Lanka. And this gives you another compelling reason to send money to Sri Lanka.
Our advanced money transfer app facilitates efficient international money transfer with its advanced ecosystem and sophisticated user interface that enables any user to make international money transfer at ease without any hassle. Teeparam mobile app is equipped with advanced security protocols to manage and transfer bulk funds and credentials effectively by defending the platform from hacks and technical breaches. Teeparam is an FCA-approved money transfer service provider that enables people to make efficient transactions across international borders. The widespread network of Teeparam exchange across the globe enables transferring from one country to another in comparison with the bank transfers.
Teeparam offers exceptional convenience for the users along with intrinsic benefits like free transactions and refer and earn schemes to enable users to experience the convenience and advanced abilities of Teeparam. Even Though the technology made tremendous changes in the globe, many remote locations have not gain the ability to access the power of modern technology due to poor infrastructure and economic development. Teeparam Exchange offers the ability to experience the advancements in international exchanges with its advanced infrastructure and sophisticated user experiences. To benefit the users in making efficient international exchanges, Teeparam Exchange offers support in making efficient international exchange with free transactions. Explore and experience the simplicity offered by Teeparam in making international exchanges.
Power in your palm
Download Teeparam Exchange mobile app to experience the efficiency and magnificence offered by Teeparam in your palm. The mobile application offers advanced abilities to make cross border transactions on the go. The advanced security protocols enable Teeparam to offer the most secured transaction facilities across international borders.