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Sending money internationally has been a matter of concern and is full of misconceptions. People often struggle with the process and remain fearful of the fact whether their money reaches its destination or not. However, with the advent of modern technology and online platforms, international money transfer has become easier than ever.
So, through this write-up, let's get an overview of the process for a better understanding and hassle-free money transfer across the world.
01
The process begins with signing up or logging in to the SterlingFX portal. If you're a new user, sign up, and if you're an existing user, log in with your credentials.
02
Next, you must enter the recipient details properly, including the names, account numbers, and necessary bank information.
03
To proceed, input your amount and choice of currency. We will convert the amount, and you can ' proceed.
04
Now you can confirm the payment method. You can choose among debit/credit, bank transfer, demand draft, etc.
05
Double-check all the details, including exchange rates and fees. Confirm the transfer to initiate the process.
06
After confirmation, you can track the status of your transfer through your SterlingFx account.
Method | Pros | Cons |
---|---|---|
Bank transfer |
1. Provide the highest level of security. 2. This method is beneficial for its maximum and minimum amount of transaction limits. Some people choose this service for sending lower amounts of money which is not supported by online money transfer services. |
1. The bank transfer includes high costs including transfer fee, SWIFT fees, and exchange rate markup. |
Online money transfer services |
1. You can make your payment through phone or in-app service. 2. The receiver can easily access the money 3. Some service providers offer currency risk management solutions |
1. Exchange rates incorporate a markup. |
Cash pick up services | 1. The sender can send and receiver can receive the money without having any bank account |
1. Transfer time is lengthier than the other services. 2. Unregulated and highly unreliable |
Currency brokers/FX brokers |
1. Currency broker services are well known for their competitive currency rate and low fees. 2. These platforms are easy to use. |
1. Some service providers have hidden charges that increase the total cost. |
The common mistakes to avoid while transferring money from Australia to the UK are -
Not comparing the exchange rates of different service providers.
Using a money transfer service without knowing their reputation.