20 juillet 2020 — 3 min read
Sometimes, the unexpected happens. Whether there’s an unexpected death or illness in the family, you need to pay a bill before a certain date, or you need to make a quick purchase, you could find yourself in a situation where you need to get a sum of money overseas sooner rather than later.
You may not be able to change the distance between yourself and your recipient, but we have some good news: when making an online money transfer, there are a few things that you can do to minimize your money’s travel time and get your funds to your recipient as soon as possible.
In a pinch, you might be tempted to run down to your local bank or set up a wire transfer. You’re in a rush, so you’d rather go with something familiar rather than try to learn the ins and outs of a new system when you’re already feeling frantic. We can understand that, but between bank holidays and limited business hours, choosing these providers for your money transfer could add extra time—days, even—to your money’s journey.
Is it after 5? Is it a Sunday? No problem. You can initiate a money transfer 24 hours a day, 365 days a year, without having to stand in line or even leave your desk. As soon as you know what you need to send and where you’re sending it, you can start the process.
Is initiating an online money transfer complicated or time-consuming? No, not particularly. As long as you have your recipient’s information and your payment information ready to go, it’s simply a matter of filling in the details and confirming that everything’s correct. But if you don’t have the information, pausing the transaction to dig around your paperwork or make phone calls could slow you down.
Not sure what you’ll need? Don’t worry, we’ve got you covered. Read our blog post about it for all of the details, or use this quick list:
Your chosen currencies
Your recipient’s information (full name, address, bank name, bank account number, BIC/SWIFT code)
Your payment details
It’s true—how you send the funds for your money transfer can have an impact on how quickly your money reaches its destination.
We go into it in more detail in our blog post about paying for your money transfer, but here’s what you need to know: if you want your money transfer sent out ASAP, use a wire transfer or a card payment.
Card payments and wire transfers have quick turnaround times, often reaching us within 24 hours of confirmation. ACH direct debit is another way to supply funds for a transfer (and it’s a method that doesn’t have any extra service fees), but since more parties are involved in ACH payments, they’ll take much longer to settle, and subsequently take much longer to be sent to your recipient.
Need to make a transfer? Got everything you need? If you’re ready to start the process, sign in to your account now to get started.