Enabling Digital Payments - A Money Transfer Module

The world has experienced a lot of changes in the history of its payment modules. There used to be a time when transferring money from one person to another used to be a hectic job that required a lot of time. But now, in today’s world, due to the availability of the various options for payment, money transfers can be done from one account to another account almost instantaneously. These payment modules also make it possible for money to be received and transferred from anywhere at any given time.

A person can transfer money from one place to another in various ways. As technology is increasing in today’s world, the process of transferring money online has become the easiest money transfer module in today’s time, and all the needs of the people can be catered to without any difficulty.

Earlier, people used to wait in line to get their passbooks updated, but it is not required anymore, as now you can download your bank statements, receive money, send money, or get any other service for which you would need to visit a bank, with just the click of a button. After the demonetization in 2016, the majority of money transfers that take place in India are done through online mediums. There are many ways through which one can transfer money internationally, from one end of the world to the other.

For such situations, you can trust the services of ULIS FINTECH Corporation as we provide you with the best and premium quality money transfer solution that ensure the safety and security of your data. Our well-experienced and efficiently skilled technicians help to make each day of yours better by providing you with optimum solutions that can satisfy your needs. We provide you with the latest money transfer modules which help in making your money transfer experience quite efficient and easy.

Things To Consider in An International Money Transfer Provider

1. Mid-Market Value

When transferring money internationally through a service provider, you must find the best exchange rates. A fixed exchange rate that is agreed by everyone that engages in transferring money internationally is called the mid-market rate. It can be considered as the middle point between buying and selling prices of two currencies. This means that it is dependent on what the buyer can afford to pay and the amount that the seller demands.

2. Provides Safety

One of the most important factors that need to be considered during your international money transfer process is the safety and security that is being provided to you. You should make sure that your service provider should work according to the rules of the countries in which they are operational and where you want to transfer your money. They should strictly follow the global standards that are responsible for protection against money laundering, or any other formalities in the international money transfer process.

How To Transfer Money Internationally?

In your life, it is possible that at some point or the other, you would need to make international money transfers to your friends or family that live in another country, or are engaged in any business in a foreign land. Therefore, you would need an international wire transfer for sending money overseas.

In general terms, it takes around one to five business days for an international wire transfer to be completed, and this is applicable if you request a transfer before the cutoff date of your bank. There are some cases where it can also take longer. If you can make your transfer request on a business day before the cut-off time of your bank, then there are chances for it to be processed the same day. Or else, it will go into processing on the next business day. When the wire transfer gets processed, funds from your account get deducted along with any other transfer fees.

Information Required for A Wire Transfer Process

For the completion of any wire transfer, there is some information that you need to keep in handy so that you do not face any problem at the time of processing. The necessary information that you need to keep with yourself is listed below.

• The name and address details of the bank of the recipient.
• The account number of the recipient, also known as IBAN (International Bank Account Number)
• The BIC/SWIFT code of the recipient’s bank.
• The amount of money to be transferred to the receiver and the currency in which it has to be converted into.
• State the reason for your money transfer
• Choose among who will pay the fees, as you are given the option of paying it all by yourself, splitting it with the receiver, or having the receiver cover them.

ULIS FINTECH offers financial technology solutions with great expertise all around the world and it takes pride in its over-the-top IT infrastructure and naturally embedded, skillful, and qualified team of professionals that continue to provide you with top-quality services. To know more about the different kinds of digital payment methods and how you can implement them for your business, you can visit us at www.ulisfintech.com where you would get an overview about different kinds of services such as E-wallets, Digital Onboarding, Cash-back Managements, Mobile money Wallets, etc.