Second PassportsSending Money Overseas? Consider Using a Dedicated Payment Service Provider - Lincoln Global Partners

May 17, 2024by David Lincoln0

Seven Reasons To Consider Using a Payment Service Provider rather than a Bank when sending money overseas

Sending or receiving money from overseas can be a crucial part of managing your finances, whether you’re supporting family abroad, investing in international property, or funding education expenses overseas.

It can also be a nerve-wracking experience, especially when large sums of money are involved. While banks have historically been the go-to option for international transfers, there are many compelling reasons to explore alternative solutions. Here are SEVEN reasons why you might want to think twice before using your bank for transferring money overseas:

1. Lower Fees

When transferring significant amounts of money abroad, every penny counts and unexpected fees can quickly add up. In contrast, reputable international payment service providers, like Caxton, offer transparent fee structures, ensuring that you know exactly how much you’re paying upfront without any hidden surprises.

2. Smoother and more streamlined Transaction process

Large international transactions are subject to stringent regulatory oversight and extensive documentation requirements. Banks may require detailed information about the origin, motive, and parties involved in the
transaction, leading to lengthy processes.

On the other hand, dedicated international payment providers often provide smoother and more streamlined transaction processes, reducing the burden of regulatory compliance on customers.

3. Banking rules and transfer limitations

Banks may impose limitations on the amount that can be sent, varying based on transfer type, destination, and account history. Understanding these restrictions, especially for transfers associated with higher costs, is crucial. Dedicated international payment providers often offer more flexibility and higher transfer limits, ensuring that you can send the required amount without constraints.

4. Favourable exchange rates

Banks often provide far less competitive exchange rates compared to dedicated currency exchange providers. This means you could end up losing a significant amount of money in the currency conversion process.

By using a specialized international payment service, you can take advantage of better exchange rates, maximising the value of your money when sending it overseas.

5. 5-Star Customer Support

When dealing with sensitive financial transactions, having access to reliable customer support is essential. Unfortunately, many banks fall short in this regard, offering limited assistance and long wait times for resolving issues. In contrast, leading international payment providers like Caxton prioritize 5-star customer service, offering access to dedicated account managers who can provide highly personalized assistance and guidance whenever needed.

6. Faster processing times

Traditional banks can often be bogged down by procedures, resulting in lengthy processing times for international transfers. This can be particularly problematic when you need to send money urgently or within a specific timeframe. Dedicated international payment providers leverage advanced technology and streamlined processes to facilitate fast and
efficient transfers, ensuring that your money reaches its destination both securely and promptly.

7. Additional benefits

Using a bank for international transfers typically offers few additional perks or benefits for customers. In contrast, reputable payment service providers often offer a range of value-added services, such as daily exchange rate notifications, email subscriptions on relevant financial topics, webinars, and access to dedicated account managers.

Choosing a provider that offers comprehensive support and additional benefits can enhance your overall
experience and provide greater peace of mind.

In conclusion, while banks may seem like a convenient option for transferring money overseas, there are numerous advantages to using a specialized international payment service provider. By opting for a specialized international payment service provider like Caxton, you can enjoy transparent pricing, competitive exchange rates, dedicated customer support, fast processing times, and a range of additional benefits designed to enhance your international payment experience. When it comes to managing your finances across borders, it pays to explore alternative solutions that prioritize your needs and offer tangible value.

Caxton – Making Moving Money a Pleasure

Caxton a partner of ours is a premier provider of currency exchange and risk management services. As well as delivering exceptionally competitive exchange rates, clients enjoy five-star customer service. They prioritize getting your money to the right place at the right time, securely. Safeguarding client funds is integral to the trust between Caxton and their clients, and they go beyond mere compliance; building a fortress of security and trust around our client’s assets.

Their expert safeguarding measures provide peace of mind and a secure foundation for your financial transactions. Send your money safely, securely, and simply with Caxton. Sign up to Caxton’s today using our link!

David Lincoln

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