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Why Exchanging Currencies is No Longer a Hassle

In the pre-digital era exchanging the currency of one nation into that of another for the purpose of travel and trade was a cumbersome process. The advent of the digital age has changed it and these days anybody with access to a computer and the internet can send money anywhere in the world and likewise receive money from anywhere in the world. You can send money instantly using WorldRemit or any of the large number of international money transfer companies that facilitate the exchange of currencies. You can learn more about WorldRemit and other money transfer companies at MoneyTransfers.com.

With a surfeit of choice when it comes to availing of the services of an international money transfer company, it might be a good idea to refer to a premium international money transfer service comparison site like MoneyTransfers.com. They will help you find the most convenient way of transferring money abroad.

There are several factors that go into your choice of a convenient method of exchanging local currency into a foreign one. For instance, if it is cheap ways of exchanging currency that you are look at, you might want to look at the options described below.

1. Drop in At Your Local Bank

Source: Motley Fool

Quite a few banks sell foreign currency and you could drop by and purchase the amount needed for your overseas travel. Visiting a bank personally rather than have them send you the required foreign currency at home will save you shipping charges which can be substantial.

2. Use Traveller’s Cheques

Source: ODT

You can obtain foreign currency by buying traveller’s cheques. Most banks and credit unions sell these for a small fee. Buying them in person is always a good idea as the fee would increase if you ask for these to be sent to you.

If your own bank does not sell these cheques, you could buy them from some other bank in your vicinity. Using travellers cheques is a very safe and secure way of exchanging your local currency for a foreign one as only you are authorised to use them. Even if you lose them or somebody steals them you don’t need to worry as you can always ask for a replacement.

The flip side is that you cannot use them everywhere, but you can get around that problem by encashing them at a bank that will accept them.

3. Buying Currency in an Overseas Bank Where You Have an Account

Source: Exchange Rates UK

This makes sense if you are a frequent traveller to that country. You can then simply land at that bank once you are abroad and buy the currency you need. A simple and straight-forward method of exchanging currency indeed.

4. Exchange Currency Online

Source: Check4x

You can easily exchange your local currency for the one you desire online. As there is a large number of players offering this service, you will need to carry out some research on identifying the service that is the most economical-in terms of the exchange rate and the fee charged by them. A good way of making that choice is by referring to the international money transfer exchange service comparison company MoneyTransfers.Com.

While it is all very well to try and seek out a great international money transfer service that is just right for you, it would be advantageous to know, as to which ones are the most highly regarded. Here’s a lowdown on that-

WorldRemit

Founded by a Somali immigrant to the U.K., WorldRemit is a relatively cheap and very convenient service when it comes to transferring money abroad, even to those countries that other service providers find hard to service. They enable money transfers to hundred and fifty countries around the world and customers have a myriad of ways of doing so. These include transferring money to bank accounts and mobile wallets, as well as facilitating airtime top ups and local cash pick ups,

TransferWise

If you are looking for an international money service that is affordable and honest to goodness in its dealings, then this is it. They are known to be quite transparent in what they charge and offer a better deal than any bank possibly could. What’s more, their customer service is great too. That makes them a top choice among international money transfer services.

Source: Azimo Blog

Azimo

This exclusively digital money transfer service is just what the doctor ordered for today’s times. You can easily make international money transfers through their nifty website and Android and iOS phone apps. You can use this service to conveniently transfer money to a whopping more than 190 countries in more than 80 currencies.

They make it possible for the money to be received in a variety of different ways including traditional cash pick ups in over 270000 destinations, via credit to a bank account across 20000 banks, transfer to the recipient’s mobile wallet or by way of a cash delivery at their home.

Western Union

This is a legacy international money transfer service that derives its strength from its ability to send as well as receive money across 550,000 agent locations across 200 countries and territories around the world. They also enable their customers to transfer money online, using their website and mobile app to bank accounts, agent locations as well as mobile wallets.

One of the reasons for their popularity as an international money transfer service of considerable repute is their ability to facilitate instant transfers in over one hundred and twenty five currencies in multiple ways. These include cash payment at agent locations, via an ATM and through direct transfers to bank accounts and mobile wallets. The ways of funding a money transfer include using a debit or credit card, cash and one’s bank account.

Source: N1

Conclusion

The world they say has become a global village and the role of efficient new age international money transfer outfits in making that possible is immense. If it hadn’t been for these the seamless way in which international trade and travel happens these days would not have been possible.

The next time you send money to an overseas seller or receive an international payment for services rendered by you, you might want to spend a moment thinking about the role that international money transfer service providers play in making that a reality.

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