The Internet has transformed the way we communicate, stay in touch and also the way we do business or perform commercial transactions. A few years ago, the process of transferring money from one bank account to another was a long, cumbersome process. This was especially true when one needed to send money abroad. But mobile and net banking facilities that are now offered by banks have made it possible to send money instantly.

When you send money over the Internet, you can conveniently transfer it to another account in the overseas branch of your bank. If the person who needs to receive money overseas has an account in the same bank as yours, it becomes really convenient to send money electronically. You can also send money over the Internet to accounts of business organisations. There are no transfer charges and no commission fee involved in international transfer of money.

You may also send money online with credit card. This is possible and a very convenient way to send money abroad when your beneficiary has an add-on credit card. Sending money abroad with credit cards is a fast and cost effective process. This also allows an individual or business to take good control of money transfer.

You can send money from the UK to Australia, United States, United Arab Emirates, Pakistan and India in a hassle free way when you send money online with credit card. Your beneficiary can withdraw the money in the other country and the amount gets added to your credit card bill. The money received by the beneficiary is in the local currency of the concerned country (as per the existing exchange rates) and you make a payment in your country’s currency.

To compare and choose the best ways to send money abroad online, visit: https://www.sendmoneyhome.co.uk/

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Explore Certain Facts About The Various Forms Of  Sending Money Home

Sending Money transfer refers to the process of transferring money in three modes P2P (Person to Person), P2I (Person to Institution), I2I (Institution to Institution). This whole process can be done by both account to account transfer and direct cash deposit.

In the process for sending money transfers, initially the entity (person or Institute) has to approach bank and do the formalities required for money transfer. The entity must specify the exact amount he wishes to transfer to another party. At the end, entity shares the IBAN and BIC codes to the bank to avoid faulty delivery.

After this the bank sends message via secure system (such ass SWIFT or Fedwire) to the receiving bank, to state the transfer instruction. With this the process of transfer starts. The actual transfer of money takes from few hours to few days for actual transfer to take place from one account to another.

The payment of service is levied on both sender and receiver. There is different mode of deduction by sender bank, intermediate and receiving bank. Sender bank collects fees separately while intermediate and receiving bank levies their transfer charges on the money being transferred; as a result the receiver receives less money then what was initially transferred by the sender.

Today there are many methods of money transfer available in the financial industry as stated below:

1. FX Global Transfer – This is low cost transfer, depending on the exchange rate offered. In this method the currency dealer adds a spread around currency. So when someone wants to sell one currency and buy another, he encounters difference between   the price between the primary and the currency he intends to buy, here lies the transfer charges of the dealer.

2. Online Money Transfers – This is the most common, fast and widely used method mostly because of the increasing use of information technology and also because these services does not require any bank branches and actual physical transactions to take place. This low cost service requires that the sender uses the internet banking facility of the primary bank from which he wishes to transfer money.

3. Retail Money Transfer – This is common for people employed in international locations. Companies like Western Union Money Transfer provide such services. In this the sender need not to have any account with the bank and simply can send the money with the help of retail banking. But with increasing money laundering and terrorist attacks, Banks have been very careful with the sender’s information and money transactions.

4. Other Forms of Electronic Transfers – All transfers apart from wire transfer comes under this category, the two differ in important legal ways. Electronic Funds Transfer System (EFTS) is one of such system.  The major difference being-  wire transfer is more like an electronic cashier’s check  whereas an EFTS payment is an electronic personal check, This method is used when the sender sends money to receiver and either of them uses third party account (someone else’s account) for the transfer. These days this method is also very common for online bill payment option.

Interested To Know How To Become Foreign Exchange Brokers? Have A Look

Well, trading foreign exchange to make a living is not such an easy proposition. You need to have some real good skills to become a foreign exchange broker. Foreign exchange brokers actually are a boon in disguise, as they help customers who want to exchange currencies to get a good and decent rate of exchange. On the other way around, as a foreign exchange broker, an investor can make a contract with you and you can work for him on return of commissions.

Now, let’s see the ways by which you become a foreign exchange broker or trade:

1. You should hone your skills about this foreign exchange trade. This is a challenging field to enter. You always need keep yourself updated and upgraded, so resort to reading more books about this field and also if possible then take courses on foreign exchange. The market is open for 24 hours, and that means you can make huge profits and huge losses anytime if you get lucky. So, it is stressful and you need to be extremely focused and balanced in mind to score success in this field
2. Secondly, it is extremely important to think of future and then work. Make sure you save enough to cover losses incurred in foreign exchange trading. Profession of foreign exchange is risky and if you are new then you must have your finances covered to survive in this competitive market.

3. Before getting a broker, one checks or verifies his credibility in the market. So, make sure your are actively involved in the market of foreign exchange trade.
4. As a broker, initially keep a watch on not large but small set of currencies. Most traders target one or two pairs of currency, say pounds in UK or dollars in US. You also need learn more about the ways to secure trading positions when you are not trading but sleeping and is off line.
5. Don’t make poor trading decisions by losing track of fees and other tax expenses. Never mark on the profits and losses till they actually occur. A position being up in the foreign exchange market doesn’t mean it can be seen as money available in the bank.

Thus, stepping into the world of foreign exchange broker is not a matter of havoc risks. Only you have to follow these simple steps and be a little agile and careful before entering the world of foreign exchange brokers.

Money Transfer Overseas – A Brief Idea About How to Make a Money Transfer?

The act of money transfer is basically an action by which money is transferred from an account of any bank to the other one. The transfer is usually accomplished by the concerned bank. In the transaction either of the sender or the receiver of the concerned money can see or touch it. Facility of money transfer has greatly simplified the act of exchange of money across borders and helped to get access to cash at times of need.

Now, let’s zero-in on some of the ways by which you can make a money transfer:

1. First and foremost, you need to contact your concerned bank where you hold an account and provide them with necessary details via phone, or online. Details would include name of the receiver or firm your transferring money to. Furthermore, the account number of the receiver, and telephone and address details of the bank to which the money is being transferred to. Finally, you have to provide name of a person to whom any necessary questions can be addressed to.
2. Secondly, one you are done with all the necessary formalities, you need to fix the amount that you are willing to transfer and also the date on which you need the amount to be in the receiver’s account.

3. Thirdly, after the amount is fixed, you can now successfully transfer the money via your bank. Some bank allows to conduct the transaction via online, whereas in some banks you need to contact via telephone or fax.
4. Finally, make sure that you get a confirmation that the transaction has been done successfully. You can tell the bank to give send a confirmation e-mail or fax, stating successful transfer of money.

But you need to be careful and cautious of certain facts before making the money transfer:

1. Make sure that every information you provide to your bank is given in writing. This is necessary to keep away from errors and ambiguity. It also keeps an official record of the transaction.
2. Some money transfer may take a day or two, and some may take some more time. So, make sure you ask the bank the date when the money will be in the receiver’s account.
3. All said and done, make sure that you have money in the account from which money is being transferred. Or else money transfer cannot be done at all.
4. Every bank charges for making money transfers. Make sure you confirm the charges in advance before making the money transfer.

So, by knowing the pros and cons of money transfer you can enjoy the transaction easily.