For a lot of people living and working abroad, sending money internationally becomes part of their daily lives. With 17 million migrants living in Germany as of last year, it’s no different, and billions are being sent across the globe annually. But what is the best way to make these transfers?
It used to be that bank-to-bank transfers were the answer but now digital services can offer speed and convenience. New and innovative technologies are created every single day to help make consumers’ lives easier, and in the world of fintech, to save them money while they send.
The cost of a money transfer consists of the fee and what’s called the ‘spread’. This is the percentage of difference between the rate the currency is bought for by banks and the rate it’s sold for to the customers. On average, German banks charge 11.55% of costs hidden in the spread, which means more money for them, and less money for you.
These transactions usually take 3-4 business days to complete. Transferring money between bank accounts also requires all sorts of information that you might scratch your head at - like IBAN or BIC, plus other information that you might not have on hand like the name and address of the recipient’s bank.
Thanks to advancements in technology, transferring funds online has become quicker and easier than ever. This means no more waiting around for multiple days, wondering what the status of your transfer is. There’s no reason why sending money domestically can’t be done at the touch of an app, while transferring abroad has to mean a lot of wasted time and money.
Digital money transfer companies like Azimo offer cheaper and faster methods to ensure your money reaches its destination safely . Most transactions go through in just one hour, eliminating the painful process of waiting and you can send money in a way that suits you. This can be direct to a bank, cash pick-up, or to a mobile wallet. If you’re sending within Europe, you can do so with simply the recipient’s mobile phone number.