Whether you wish to send money to partners across the globe or need to transfer your funds for other matters, it’s important to find a way to do this at the best rates possible. The first option that might come to mind is your bank, but is it really the wisest choice for international money transfers?
Hidden fees, security risks, and long transfer times – you may not even be aware of all the drawbacks of sending money abroad with your bank. Here’s why you should consider other methods to transfer your funds instead.
Expensive fees
Moving money from one country to another involves several intermediaries. Each of these parties charges a fee for their services, which ends up costing you a lot of money. To make matters worse, international transactions are not always transparent, so you may not even know what you are paying for.
Fortunately, there is a solution that doesn’t involve breaking the bank. When you create an Omega Business Account, you get access to competitive real-time foreign exchange (FX) rates for both currency conversion and international payments.
Lengthy transfer times
Whenever you send money, you want it to arrive at your recipient as soon as possible. International money transfers through traditional banks can often take days because the process involves several parties.
Let’s say you are hoping to send money to Spain. The transfer may first need to be accepted by agents in Germany or other countries before it arrives in Spain.
At Omega, we offer a solution that’s much more convenient. We streamline international money transfers to ensure your money arrives at its destination as quickly as possible.
Security risks
Did you know that in the US alone, the financial sector has suffered more than 20,000 cyberattacks over the past 20 years? Although banks are generally considered a safe place to keep money, the truth is that international transfer systems often experience security breaches. Unfortunately, if your money is stolen during a cross-border transaction, there’s no guarantee you will get your funds back.
With Omega’s business account, knowing your money is in safe hands. We are authorised and regulated by the Financial Conduct Authority (FCA), and all our clients’ data is encrypted with the highest security standards.
Final thoughts
For years, banks have been the top choice for sending money overseas. However, as we see it, it may be an outdated option that no longer serves the needs of our current, fast-paced world.
In a 2017 survey, 47% of people stated they want more visibility into the costs of sending their money. When you use Omega’s services, that’s exactly what you get. We don’t have unfavourable exchange rates, hidden charges, or long transfer times. Instead, we provide an international payment solution that’s easy, fast, and reliable.
