International Money transfer is one of the prominent financial services which is essential for people. Money transfer supports sending money from one to another domestically and also internationally. Technical advancements and modern infrastructure support these money transfer services to perform more efficiently with the power of the Internet. Online money transfer platforms support transferring money from one another instantly within just a few clicks.
There are separate online money transfer platforms available in the market to perform domestic money transfers, and the entire scenario is different for international money transfers. Unlike domestic money transfer services, international money transfer requires meeting numerous legal procedures like KYC and the details of your recipients and other necessary documents before executing the transaction across international borders.
The process of making international money transfers includes exchanging your native currency for the country where your recipients reside. Transaction charges should be paid to make international money transfers that are not in domestic money transfers. Many online international money transfers charge a hefty lump sum to make international money transfers which is a nightmare for expatriate and immigrant workers who work for daily wages and transfer money to their homeland on a regular basis.
Teeparam Exchange is the best international exchange that supports making international money transfers efficiently by handling all the legal procedures and offering a convenient user interface. Teeparam exchange supports making an international exchange with comparatively low transaction fees in the market, which supports the expatriates substantially in making international money transfers.
Making international money transfers includes multiple methods, The most popular methods are Bank transfers or send money online via Teeparam Exchange to enjoy highest exchange rates for your currency.
Bank Transfers
Bank transfers are one of the well-known methods to make international money transfers which have been followed by many people in the initial days of the Internet. The banks successfully managed to make international money transfers securely through wire transfers. Wire transfer is the common method followed by banks to process international transactions; SWIFT is the fundamental protocol behind the wire transfer that supports processing international money transfers.
The SWIFT network, a global standard, is typically used to conduct international wire transactions. This financial entity permits international transfers of funds between banks. In order to guarantee that the transfer always reaches the appropriate recipient, it provides each bank with a special identification code. SWIFT transactions are slower than their name might imply. Utilizing the network is similar to flying. You will need to take a connecting flight or two if there isn’t a direct connection between the two airports. The same is true with SWIFT.
A financial transfer frequently passes via one to three banks before arriving at the final destination, as opposed to traveling directly there. Unfortunately, some of these institutions charge for their services. Wire transfer involves multiple banks located in the recipient region to process money to the recipient account within their native currency. During the process of wire transfer, The bank will not directly transfer the money to the partnered bank at the recipient end across international borders.
Instead transferring the money; Banks transfer the data via wire transfer as an acknowledgment to send money to the recipient end. This process is time-consuming and takes at least 3 plus working days; and also demands a huge lump sum as a transaction fee due to the involvement of multiple banks in the process of wire transfer.
Online International money transfer Platforms
Another prominent and efficient method followed in this modern world to make international transactions are online international exchange platforms. The advancements in technology and the evolution of the Internet enable us to make international transactions instantly within a few clicks. There are numerous online international money transfer service providers in the market assisting in making international exchanges effective.
Among these international exchanges, Teeparam exchange evolved as the best international money transfer service provider recognized by millions of people across the globe. Teeparam exchange provides the most efficient transactions compared to other international money transfer service providers available in the market. This is made possible by wide service networks spread across the globe of Teeparam Exchange. We execute the transactions and will be received by its partnered local banks to process the transactions instantly. Teeparam exchange is known for its advanced features and security, which made the platform emerge as the best international money transfer service provider in people’s minds.
Top 3 qualities of Teeparam exchange
Security
Teeparam’s security and reliability is the major factor that paved the success path of Teeparam. The platform follows top-notch security protocols that enable Teeparam to manage the financial credentials in a secured ecosystem and create the capability of processing bulk funds effectively without any flaws.
Transparency
Transparency is the key that made Teeparam evolve as the best international money transfer service provider in the market. Teeparm’s built-in tracking system enables people to precisely track the status of their transaction and know the exact duration it takes to complete the transaction. Teeparam doesn’t charge any hidden charges apart from the transaction fees and remains transparent.
Efficiency
Teeparam offers the most efficient service in making international transactions. The transaction charges quoted by Teeparam is comparatively less than the other existing player in the market. Also, Teeparam provides higher exchange rates for your currency than the market rates, which is made possible by our wide network and connections with global financial institutions. Also, to make your international transaction more efficient, Teeparam Exchange offers to refer and earn schemes and the first three transactions for free.
Make International Transactions at your convenience with Teeparam
Step 1: Download the Teeparam mobile application.
Step 2: Sign up and register your profile with Teeparam.
Step 3: Submit the necessary documents and complete your KYC
Step 4: Find the optimal market situation to make your international exchange
Step 5: Enter your recipient details to execute your transactions
Step 6: Add money to the wallet and proceed with the transaction in a few clicks.
Hope the blog explained and gave you a clear picture on what happens when international money transfer is made by a user from one end to the recipient. For more info on our daily rates you can check them at our website https://teeparamexchange.co.uk/ or even on our Social Media pages.