The business of international remittance services is big, and for a good reason: the fees associated with international money transfer services have helped big banks profit. These profits come in two forms: service charges for the service, and commission fees on the foreign exchange conversion from one local currency at the sending end, and possibly another conversion at the receiving end.
Bringing transparency to international wire transfer services
With a Wirex account, the business of international wire transfers becomes a lot more transparent for the consumer. With the elimination of international money transfer fees and offering account holders the ability to transact in multiple currencies, a Wirex account provides the kind of flexibility that highly regulated banking systems cannot.
Transfer money internationally in various currencies
One of the benefits to people sending international money transfers is that they can transact in multiple currencies, including Bitcoin, Litecoin and other altcoins. That means a Wirex account that gets topped up in USD can easily and seamless convert only what is required to fund an international money transfer in EUR, GBP, Bitcoin or Litecoin.
The ability to transfer money internationally in various currencies sets Wirex apart from traditional International Wire Transfer services that operate in local and/or a common currency, such as EUR.
With Wirex, an international wire transfer can also happen in Bitcoin or Litecoin, one feature that isn’t available with traditional banks. One key benefit to multi-crypto is that some remittance services will cause a second point of conversion. By way of example, the Philippines Peso is not an international base currency for wire transfers coming from, say, Canada. As such, the recipient’s bank in the Philippines would convert to the Peso from the Dollar, resulting in a second point of conversion.
If you transfer money internationally using Bitcoin or Litecoin, the Canadian in the example above can send only what is necessary and the recipient in the Philippines can either maintain Bitcoin or Litecoin in a Wirex account or convert only what it necessary, thereby controlling the conversion process and, likely, securing a timely exchange rate.
How to transfer money internationally
Using your Wirex account to make an international wire transfer to family, friends or colleagues can happen in two simple steps. Add the recipient’s email to your Wirex contact list, then send the remittance! The funds are available to the recipient the money they are accepted!
Using a free Wirex account for remittance services not only simplifies the international money transfer process, but it helps both parties eliminate services charges and conversion fees by placing the control of funds in the individual’s hands versus the financial institutions’.