Comparing the Upsides and Downsides of International Bank Transfer

Amidst the myriad of alternatives for sending funds abroad, international bank transfer is still one of the main options for this purpose. Many banks offer this service to serve the wider customer base and keep them from leaving their services. In this method, you send money from your bank account to another bank account instead of using a peer-to-peer method.

With so many options for transferring money to another country, why is international transfer using a bank account still a popular method?

The Upsides of International Bank Transfer

international bank transfer

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As a popular fund transfer method, international bank transfer offers several benefits, which include:

1. Convenient Transfer

International wire transfer is now more convenient than ever. Many banks have their own mobile apps, and all of them have official websites. You can transfer money from wherever you sit instead of finding the local branch of your bank.

2. Good Security System

Banks usually have a strong security system, which is also responsible for secure fund transfer. As financial institutions, banks also undergo regular security evaluation and system update. This is the major feature you need to consider before conducting any transaction.

3. Various Transfer Options

Modern banks offer various transfer options, especially if you use their online or mobile technologies. You can do electronic transfers, choose between various currencies, or set up automatic transfers. Depending on the bank services, you can get several options for customized transfer services.

4. Reliable Services

Most banks have reliable services and network systems that ensure consistency. Most of the world also recognizes wire transfer as a valid payment option. If you experience problems, banks already have standardized services and technology to solve your problems properly.

The Downsides of International Bank Transfer

Despite the benefits, international bank transfer is not without its downsides. Some of the most common ones include:

1. Service Limitations

Banks may have limitations about their services; from imposing minimum transfer amounts to not being able to transfer money to certain countries. International wire transfer is also nonreversible, which means you cannot withdraw the transfer if something changes.

2. Requiring Additional Fees

Additional fee is a common downside people have always faced with international bank transfer. The fees depend on various factors, from the destination and origin of transfer to the currency exchange rates. In some cases, these additional fees can be quite significant, which gives you extra financial burden just for transferring funds.

3. May Attract Scammers

International wire transfer is one of the most attractive fields for scammers. There are various factors in wire transfer features that attract scammers, such as the ability to make anonymous transfers. Scammers may also manipulate certain aspects in the transaction process, like the transfer codes or transaction ID.

There are many forms of scammers that employ international wire transfer as the tool, with “Nigerian Prince scam” and overseas love scam as the classic example. Despite being classic methods, these scams still manage to trap people.

4. Possibilities of Technical Problems

Banks work on a large, complicated system, and sometimes it experiences technical or human errors. They could affect the result of your transactions and other financial activities. Imagine being unable to send money because of something out of your control!

Is Bank Transfer the Best Option for International Transaction?

In general, international bank transfer is one of the best options for transactions. They are reliable, widely known, and acknowledged by various institutions and businesses around the world. However, it also has its downsides, such as additional fees, technical limitations, and long periods of waiting (several days to a week).

You can put bank transfer as one of your main methods to send funds. However, you can also use an app such as Flip Globe. Unlike banks, Flip Globe does not require you to open a bank account just to transfer money to other countries. Plus, you can send money to anyone in more than 55 countries, not limited by the service range of your bank.

Flip Globe fulfills some of the gaps in bank transfer. You can get the most competitive currency exchange rates, yet without hidden fees. Your money can arrive within 24 hours or even less, and you can track the fund and transfer status.

International bank transfer has its unique upsides and downsides. Want to send money more easily to 55 countries without relying on the bank? Download Flip Globe and start successful financial transfers to any countries you want.