You might need to send large sums of money abroad to purchase property overseas, to forward your wages to family or to fund humanitarian or charitable projects. In the latter case, it is perhaps more likely that you’ll be sending money to a place like Africa, and there are specialist fast money transfer services that will handle this.
We’re talking here about companies that specialise in fast international money transfer. There are alternatives, for instance you might consider sending sums of money abroad via your bank however this, generally speaking, is more expensive.
One of the reasons why sending money via your bank is more expensive is that you will not necessarily be getting the optimal exchange rate. Specialist money transfer companies will have a deeper understanding about exchange rates, especially exchange rates in the context of their specialist destination, e.g. Africa.
Exchange rates aren’t static and they’ll change depending on currency markets. This is significant as foreign brokers will be able to better predict when the best times to send money abroad are. Alternative ways of sending money abroad may not be quite so apt at doing this.
Fast money transfer means “fast.” You can realistically expect the money to be transferred within 24 hours thanks to modern software. This means there’s minimal waiting around for the transfer to be made, and the receiver can benefit from your funds ASAP.
