
Banking system and International Money Transaction
Banking system is one of the easiest and best ways to deal with
trade. You don’t need to go anywhere just spend few mints here and send
millions of dollars without any hesitation due to banking system security and
surety. The trust of people on this
system is permanent, not temporary. Many companies have started their banking
system with different rules but no compromise on users’ details and money
transaction security.
What is the
banking system?
The system which is used to make money transaction within
various banks across the world is the banking systm. The banking system is the best way to
make any business deal.
What is
money transfer?
This is an instant transfer of funds using payment systems,
which allows you to quickly, reliably and profitably carry out transfers both locally and abroad.
Name of digital
banks use internationally
Here is a proper list of the companies and online banks which
allow an international transaction to users.
PayPal
Payoneer
Xoom
Western Union
Transferwise etc
History of
PayPal
PayPal is one the oldest digital bank which is used
internationally. You can buy any product from any corner of the world and
payment can be made through PayPal. Paypal Company provides many features
to the users. Apple and Android apps are available for user convenience. Users can get important information from
support and help center any time when they need it.
PayPal
Transaction options and fees
Paypal offer two types of transaction Business transaction
and personal transaction. In business transaction, the seller pay the charges of
payment and in the case of a personal transaction, buyer pay the fees of the
transaction. A total transaction fee is about 1-1.5% of the total payment
required to send anywhere.
Payoneer
PayPal is not allowed all over the world. Payoneer fills up
this space and provides the facility for international money transactions. The
transaction system of Payoneer is same as PayPal. It provides various
facilities to the users.
Fees of
Payoneer Transaction
The charges of Payoneer transactions are not high but bit more
than PayPal. The money transaction security is 100%.
Xoom
Xoom is joint account of PayPal. It has full support of
PayPal. The system handles both accounts are the same. PayPal is used for shopping
internationally and Xoom is used to send or receive the money internationally.
Xoom
transaction Fees
The transaction fees of the Xoom are about 2%. Transaction
complete within 2 to 4 working days. Xoom provides 100% money safety. No one can
hack your account and provides 24 hours help and support.
Transferwise
Transferwise is most emerging digital online international
bank. The ways transfer wise team deals with its users are amazing. 24/7 support
is providing to users. Initially, people were unknown to it. But with the
passage of the time and facilities according to money transaction charges and
security, the users are increasing day today.
Fees of
Transferwise Transaction
The fee of transfer transaction is about 1% which is the best
thing makes it unique. The transaction is completed within 12 hours sometimes take
2-3 working days. You can compare transfer wise with xoom.
Western
Union
Western union was one the most using way to receive or send
the payments internationally. With the development and digitals online banks
like Payoneer, Xoom and Transferwise, the use of western union deceased. But still
it is using in various countries.
Charges of
Western Union
Charges of the western union are 4-5% which are very high as
compare to the other option. Due to high charges, the users of western union
are decreasing. Western union provides 24 hours support and solve the queries. It
takes 2-4 days to complete the transaction.
How to
avoid becoming a victim of scammers when making urgent money transfers?
Always remember that the security of a money transfer is in
your hands, we advise you to follow the following rules:
· Do not disclose information about the transfer to anyone other than the recipient.
· Avoid sending transfers to strangers whenever possible.
· Money transfers cannot be used as evidence of solvency. If a stranger asked for a copy of the transfer request or other transaction information, it might be a fraud attempt.
· Do not make a transfer long before you receive it, for example, when planning a trip abroad.
· Do not respond to calls/emails / SMS received on behalf of money transfer systems about the need to send a transfer.