The antiquated method of sending funds from bank-to-bank for cross-border payments has been in a decline especially in Europe for several years. The reasons why many opt no longer to use the cross-border banking method include the high cost of transaction fees. Another reason why people no longer choose to send B2B international wire transfers is that it takes time for the funds to be credited into the recipient’s account.
The requirement of sending money cross-border includes the sender having to obtain sensitive information like the bank account details of the recipient. The recipient does have the control to know where and how they will get the funds. A sender can authorize a payment by knowing the name of the recipient as well as the amount to send.
Nowadays, we no longer need to rely on what was once the only way to move funds which were through banking institutions. We no longer have to release our sensitive banking information. There is no need to pay the high cost of bank transfer fees nor wait for days for the funds to be credited into our accounts. There are effective alternatives for sending a payment transaction. These multiple payment methods are available to us on a global scale.
Better payment methods
The financial industry has provided alternative solutions – like Paxum – to cross-border payments, enabling people to send money quickly to nearly any place in the world. Correspondent banking is on the decline due to the demands of the global economy for better payment methods. The advanced payment solutions of a money services company solve the deficiencies of the corresponding bank transfer method.
The decline of bank-to-bank transfers
There will be the need to use traditional banking methods such as sending an international wire transfer if the recipient requires that the payment be sent to their bank account. However, as most of us are aware, there are key flaws in using correspondent banking for money transfers. As the network of international correspondent banking expands to local banks, the decline will continue due to the senders choosing the alternative methods to save both time and money.
Going to a money transfer service office
Many no longer send international wire transfers as they use a money transfer service. Having to go to a remittance agency and make the recipient cash out at the destination office also takes time. If you use this money services mobile app to transfer funds, you don’t have to go to a money transfer service office at all.
Advanced payment solutions
There are far better cross-border advanced payment solutions than traditional methods. However, since there might be a need to send funds using bank-to-bank transfers, you may use a money services company app that has these methods. This app has the ease of use and the effective alternative payment methods for sending money internationally. There are several options to choose from that will enable the sender to cut down on the cost of transfer fees. With this money services app, you’ll have the ease of use of the effective alternatives for cross-border banking.