Money transfers: their types and how they work

Nowadays, money transfers between cards have become an everyday part of our lives. So many people resort to it. After all, if earlier it was necessary to stand in line for hours at the bank, now this procedure takes a minimal amount of time. Now there is no need to collect a countless number of documents, especially when it comes to international transfers. WestStein money transfers, as well as other similar ones, allow you to transfer sums of money to another country to relatives, friends or business partners as safely as possible in a few minutes.

Types of money transfers can be divided into two large groups: external and internal. Often, the sender transfers money through an intermediary who charges a fee for the operation.

What types of remittances are available in Ukraine?

Let’s take a look at the most popular money transfers, including MasterCard:

– Urgent transfers are among the most popular in our country. With their help you can instantly send money to almost any other country. Among them we can mention such as Western Union and MoneyGram. But there are others. In order to use them to send money, you only need to know the name and surname of the recipient, as well as the country in which he lives.

– SWIFT transfers. Despite the fact that such transfers are less common in Ukraine, they are used by residents of many countries, including European countries. This is a very convenient and comfortable way without having to go to the bank or receiving office. In this case, the money are immediately credited to your bank account. However, such transfer can take from 3 to 10 days. It all depends on the recipient country.

– PayPal has been gaining tremendous popularity lately. Indeed, it is a very fast and reliable way of such transactions. However, it does not work in all countries.  To use it, it is enough to register in the service, specifying the full details of your bank card, including a virtual card.

– Transfers by mail. This is the easiest way to send money to someone, so many people do it the old-fashioned way, not trusting modern technology. If you want to perform such an operation, you should go to the nearest post office, taking your passport and the required amount. On the spot you will also need to fill out forms for sending. It is worth noting that you may be offered several types of funds transfers. The fee will depend on the amount to be transferred.

– Transfers using electronic systems such as Qiwi, WebMoney and many others, which are less common in our country, as well as in a number of others.

Of course, all money transfers differ not only in the way in which the transaction is made, but also in the rates charged to users. If you have to transfer funds to another country, be sure to pay attention first to the exchange rate billed by the institution and the sending fee, which can vary from 0.5 to 30%. Sometimes you may encounter double conversion. To do this, it’s worth checking what currency you’re making the transfer in. And to avoid unnecessary misunderstandings, it is always worth indicating the payer of the commission in advance.

Benefits of remittances and how they work

One of the most common methods of transferring money is card-to-card transfer. It is based on the use of the Internet with card details, including virtual debit cards. To do this, it is important to have your card with you and know the recipient’s details.

Advantages include:

– No physical contact with money and banking institutions during the transaction.

– Round-the-clock operation of services.

– Fast crediting of money.

One of the popular ways to transfer money is WestStein service. The service offers its customers quite favorable conditions when opening a free online account. With his help, you can get not only a WestStein prepaid card, but also the opportunity to perform many operations with your money in the bank account. Among other things, each client can make money transfers in Euros to various countries around the world. It is not only fast and comfortable, but also really reliable. A free online account implies security of all your data and the use of all the advantages of the payment service.

Of course, with any money transfer there are nuances, for example, in the form of commission or timing of the transfer. You should study everything carefully, not only to save time, but also to protect your personal data.