International money transfer

Sending money internationally can raise a lot of questions and concerns. Whether you’re sending money to your family and friends or sending money for business, the last thing you want to worry about is how long it will take for the money to arrive. So, how long does it take to send money internationally?

While there is no clear answer to this issue, we can provide you with some insight into what to expect.

How does international money transfer work?

The SWIFT network, which stands for Society for Worldwide Interbank Financial Telecommunication, is commonly used for international money transfers. Banks and other financial institutions can use this network to securely interact with one another in a timely and accurate way. Thousands of banks across the world utilize the SWIFT network to send wire transfer information.

International money transfers are made for a variety of reasons, including sending money to someone who lives abroad, conducting a financial transaction, and so on. Regardless of the reason, many people may struggle to understand how to transfer money internationally, so it is important to know the best ways to do so.

Does the MENA region have alike SEPA system?

The answer would be no because SEPA (Single Euro Payments Area) is a system of money transfer of European countries’ networks that lets them send and receive payments in euros (€) between two Eurozone bank accounts. Sending money inside the Eurozone is as simple as making regular domestic bank transactions with SEPA.

The Middle East’s payments environment is approaching a turning point. Despite having a technologically aware population (with smartphone penetration reaching 80 to 90% in major markets), the region is still primarily reliant on cash. Due to issues such as inadequate digital payments infrastructure and services, underbanked customer and merchant groups, and a cultural predisposition toward cash, only roughly a third of retail transactions are completed electronically. The new government and regulatory measures, as well as the introduction of new local, regional, and worldwide payment providers, are causing fast change. Furthermore, like in other places, the COVID-19 epidemic has accelerated digital adoption and led to a flight from cash and this fosters the use of Westernunion and PayPal services-like when it comes two sending and receiving money in the MENA region.

Transfer fees

Because foreign exchange rates (FX rates) fluctuate throughout the day, the sender should compare alternative offers within a short period of time. These are costs that the receiver of funds must pay in order to get the cash, and the recipient might request that the sender pay these fees on their behalf.

Fees vary depending on the amount of money transferred; some businesses provide better exchange rates if the amount is significant or exceeds a specific threshold. 

On a SWIFT transfer, the main money transfer bank in the world itself, you may anticipate being charged 3 per cent to 5% in exchange rate expenses as an approximate estimate. Depending on the amount you spend, the exchange rate will fluctuate. It’s worth noting that the exchange rate expenses are typically significantly greater than the fees for bigger overseas transactions.

Can cryptocurrency be the solution?

Money transfers from one country to another can be time-consuming and costly. It might take days and include many intermediaries, and payments for each of them

This makes cryptocurrency transfers an appealing alternative to standard money transfers in terms of reducing costs and constraints. Money transfers utilizing cryptos on the blockchain result in greater financial independence, lower expenses, and increased privacy, as well as fewer limits, fewer fraud concerns, increased security, and rapid settlement for each transaction.

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