How New FX Services are Speeding up International Money Transfers
- Written by News Company
As recently as last year we saw a massive shift in the way we send money online. Blockchain and digital assets went from a niche concept that only experts understood, to something much more mainstream and accessible.
We’re living in a world where time equals money and no one wants to wait around for anything, especially not financial transactions. Technology from businesses like Ripple are transforming the way consumers sent money, overtaking banks by offering the fastest alternative for international money transfers.
What are FX Services?
FX services, or “Foreign Exchange” services are a means of exchanging money into a different currency. This includes all transactions that include a currency conversion, from a traveller visiting an airport kiosk before their overseas trip, to processes made by major financial institutions and governments.
The international foreign exchange market (also referred to as ‘forex’ or ‘FX’) is the largest financial market in the world. It’s open 24 hours a day, 5 days a week, so consumers are able to buy and sell currencies at any time during business hours.
How is the FX Market Changing?
The FX market has been shaken up by online international money transfer services. These online systems are available to anyone with a bank account and valid ID, and it takes just minutes to sign up to access the services, at no cost.
While bank transfers take time and cost the payer a fee, new online international payment methods use technology that can get the funds into an overseas account within seconds. By eliminating the middleman, transfers are faster and more secure than they are with any other method.
How You Can Benefit
Do you want faster international transfers and rates that beat your bank rates? Of course you do. Modern methods of international money transfer also provide the following advantages:
- * Processes are fast and free to set up, and streamlined to use. There’s no delay as you’d experience with bank transfers, so funds make it to your recipient’s account instantaneously.
- * You can get the best rates. With currency rate alerts and and clearly-displayed currency rates, you can make fluctuations work for you and avoid the feeling of being “ripped off” when you transfer money.
- * Transfers are completely secure so you can be confident that your money is in safe hands and will make it to the desired location, without being used or traded elsewhere.