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.