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International Money Exchange vs. Wire Transfer: What’s Really the Difference?

Difference between International Money Transfer Vs Wire Transfer

In this blog, we will be explaining the differences between International Money Exchange and Wire Transfer. The internet has created a revolutionary change in society and created the ability to explore the world instantly in no time. The ability to access the world from our palms supported us making innovations that transform the world into a better ecosystem with advanced capabilities to perform our regular activities more efficiently. The modern infrastructure and its technological upgrades supports numerous industries to evolve multi dimensionally.

Among the various industries finance is one of the prominent sectors that experience a phenomenal growth and change in its performance and work flow. The emergence of Fintech is aroused with the innovation of digital payments. These digital payments flipped the tradition of the entire financial industry by allowing users to make transactions digitally with the power of the internet and modern infrastructure.

Contribution of Internet towards Money Exchange

Digital payments elapsed the days which we spent in banks and financial institutions to make a single transaction.  digital payments made a breakthrough in this internet era by supporting users to make the transactions online and let the software handle their financial operations.

The advancements in modern technology and infrastructure updates paved the way for making online transactions that facilitates us to send money to anyone, anytime, anywhere. This ability allowed us to explore the possibilities of innovations and business across the globe which also created the serious demand for making international transactions.

Modern infrastructure has created numerous possibilities and opportunities in making international transactions which supports enormously for multinational businesses, small and mid-scale industries which are established in various parts of the world. This also benefits the individuals who migrated from their home town in search of job opportunities.

This advanced ecosystem and digital upgrades supported them to get rid of those traditional money orders systems which generally take at least a month to reach their home land. Also these advanced fintech abilities created the opportunity to perform transactions instantly and more efficiently without spending much time and energy in making financial operations.

While modern technology created the opportunity to explore different parts of the world, there became a serious demand for our economy too to travel international borders to make the exploration more effective and convenient. These international financial transactions can be made possible in two ways, one is wire transfer via banks or sending money online through international money transfer service providers.

Among these methods, wire transfer is the common way for making wire transfer which is followed in the early stages of digital payments which is effective in terms of time and convenience but it’s not efficient enough to make regular international money transfers due to its high transaction charges. This huge transaction charges imposed while making wire transfers is due to the partnered banks that involved in making these wire transfers. But with Teeparam exchange you can get highest exchange rate for every business day through Teeparam to Sri Lanka. And is this reason not enough to send money to Sri Lanka via Teeparam

International Money Exchange Vs Wire transfer

A wire transfer is an electronic method of transferring money from one country to another across international borders. International trade is efficiently facilitated by allowing instant transfers between nations. This makes it much easier for expats to send and receive money to their home country in order to support their family and friends during trying times. Services are provided by almost all banks and financial institutions.

The most used technique for wire transfers is SWIFT (society of worldwide interbank telecommunication network). In a wire transfer from one bank to another, just data or information will be exchanged. There won’t be any actual exchanges of money from one bank to another. Wire transfers are protected by requesting the name and address details before the transaction.

Nowadays these advancements in modern technology enabled innovators to come up with numerous innovations that are capable of performing financial operations more efficiently compared to the traditional methods that have been followed in the early stages of digital adoption like wire transfers. The recent methods for international transactions, followed by prominent multinational enterprises and individuals from developed nations, is international money exchange services that transfers money across international borders more efficiently compared to the wire transfers.

Teeparam Exchange – Best International Money Exchange

These online money transaction services were mostly offered by private entities. During the initial stages of these online money transactions services, people hesitated to let private entities handle their credentials to perform their financial operations. This distrust became a hurdle for the adoption of modern technology to perform our regular activities efficiently and to offer a futuristic ecosystem for the future generations to evolve and excel. This distrust has been broken by the topnotch security protocols and SSL incorporated by these  online money transfer platforms which built trust among the society to make their international money exchange through these private online money transfer platforms.

Teeparam Exchange is one of the prominent international money transfer service providers that supports making cross border exchanges more efficiently in a secured ecosystem. Its advanced secured protocol and robust architecture supports managing and transferring across international borders more efficiently without any hassle.

Also Teeparam offers more efficient money transfer services with its advanced platform that is capable of performing international money transfers at very low transaction fees. This is achieved by our strong and sustainable network wish is spread across the globe serving international exchanges more efficiently compared to other international money transfer service providers .

This widespread network supports processing transactions more efficiently with its local branches which is located in the destination of the transaction that needs to be attained which makes Teeparam to make international exchanges at very low transactions charges compared to other international money transfer service providers. Teeparam facilitates a simplistic user interface that enables people to make transactions by following a few simple steps to execute their transaction without any hassle.

Teeparam is strictly focused on user convenience to offer the most simplistic and efficient services in making international money transfers. Also the service is available in both web and mobile version which is platform independent that serves its purpose in both Android and iOS devices to send money across international borders on the go. Let the technology serve you in all possible ways while you explore the divinity of life. Explore Teeparam.

Hope the blog answered all your questions about International Money Exchange and Wire, read our other blogs on International Money Transfer services