Transfer Money Internationally

How to Transfer Money Internationally in the MENA Region

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 if you live in the MENA region (Middle East and Northern Africa)? 

While there is no clear answer, unless you have a good piece of reading, we can provide you with some insight into what to expect.

How does International Money Transfer Work?

international money transfer

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 Western Union and PayPal services-like when it comes two sending and receiving money in the MENA region.

High Transfer Fees are a Big Barrier to International Transactions

Because foreign exchange rates (FX rates) fluctuate throughout the day, the sender should compare alternative offers within a short period. These are costs that the receiver of funds must pay 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 percent 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?

international crypto money transfers

Unlike Fiat money (SAR, USD, UAD, etc.) Cryptocurrency is a decentralized structure to have access to your own money without the involvement of banks and government bodies. Modern finance experts believe that Crypto and Blockchain technology will disrupt almost all industries and will be the only best solution to transfer money. It’s because of the so powerful system that will never collapse due to a single point of failure. Also, the instant fast transitions (in case of buying, exchanging, or selling) with ignorable transaction fee all across the globe, makes cryptocurrency transfers the first preference.

Cryptocurrency Transfers in MENA Region

Money transfers from one country to another in the MENA region can be time-consuming and costly. It might take days and include many intermediaries, and payments for each of them.
This makes cryptocurrency transfers the best choice and 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. So, if you live in the MENA region, Congratulations! You can buy, sell, exchange, and trade your favorite cryptocurrencies around the globe.

What Are the Supported Cryptocurrencies in MENA?

Whether you live in the MENA region or not, you can buy, sell, store, exchange, and trade your every type of crypto money on your own terms. Form Bitcoin to Ethereum to the USDT every crypto is legible and legal in the MENA region (Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen).  That’s the beauty of the modern money transfer method which is cryptocurrency transfer. The only thing you will need will be a beginner-level knowledge of crypto exchanges. Where to store cryptocurrencies? How does it work? What things to be aware of when trading? You can also learn and update your knowledge in our basic cryptocurrency exchange platforms course in Arabic. The affordable course cover covers everything from starting to master your skills to trading money in the crypto world. Get your basics covered in the course now!

Are Crypto Currencies Transfer Secure?

Absolutely Yes, Cryptocurrencies are the most secure form of currency in the world. Thanks to Blockchain technology makes it decentralized. It means, no third party is involved between. You can pay or buy crypto anywhere around the globe you want. There is no chance of transaction failure due to the one-point system failure anywhere in the world. IqraCrypto is a leading platform where you can learn everything in affordable online courses from introduction to cryptocurrencies to the Bitcoin Basics, and blockchain to the fair data society. 

What are Benefits of Cryptocurrency Transfers?

Some of the most benefits of Cryptocurrency exchange in the MENA region include; 
• Instant Fast Transitions
• No Transition Costs (relatively low compared to other financial services)
• Ultimate Security
• Transparency and Privacy Protection
• Highly Accessible (anywhere around the globe)
• Community Support
With a lot of benefits that cryptocurrency transfer offers, some intruders are always there to trick potential users. So, beware of the challenges that you can face when you are new to the crypto space. It’s always recommended to take help from professionals in the field. Once you know the cryptocurrency terminologies and how the basic principles, you are all set to transfer money around the world.
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