A Comprehensive Guide to Selecting the Right Money Transfer Services

With an upsurge in the need for international money transfers, securing cost-effective methods for online remittance and cross-border payments is pivotal. When it comes to sending money across borders, a smooth and secure transaction is of utmost importance. To ensure a hassle-free experience, it is essential to consider key factors such as security, transaction fees, and speed. Choosing a trustworthy and cost-effective service can significantly impact the reliability of your money transfer.

1. Security
2. Transaction Fees
3. Speed and Efficiency
4. Financial Inclusiveness
5. Your Specific Needs

Demystifying the Guide: Aspects and Alternatives for Secure Global Money Transfers

In this comprehensive guide, we will explore the factors to consider for secure money transfers, including low transaction fees and competitive exchange rates. Additionally, we’ll delve into emerging alternatives like Orokii, Remitly, OFX, Wise, and more,  which offer convenient and reliable solutions for swift international remittances.

Why – Understanding the Role of Remittances in International Money Transfers?

Before we delve further, it is essential to understand the concept of remittances in the context of international money transfers. Remittance refers to money sent from one party to another, often describing funds sent by individuals working abroad to support their families back home. Remittances play a significant role in many economies, providing financial support to families and contributing to overall economic stability. Meanwhile, remittance transfer is subject to an excessively complicated cross-border process and higher security concerns. Remittance providers work to assist and simplify this important process. 

What are the Key Factors to Consider for Your International Money Transfers

1. Security: In the era of growing cyber threats and scams, prioritizing security in international money transfers is crucial. It is best to choose reputable money transfer providers with a proven track record of handling significant transaction volumes safely and securely. Reputable providers with transparent security measures and robust customer protection policies offer safety for your funds.
   • Orokii provides strong security layers and advanced encryption mechanisms to ensure our users’ funds and personal information remain protected
     
2. Transaction Fees: The cost of international transactions can be huge, making it another critical factor to consider. Traditional banks often impose higher fees, making it worthwhile to explore alternative secure providers to potentially save on costs without compromising safety and security. Emerging online money transfer platforms are gaining traction as credible alternatives to traditional banks. They offer competitive rates and lower fees, making them an attractive option for cost-conscious individuals. Compare transaction fees to find the most cost-effective option for cross-border payments.
   • Enjoy lower fees and faster delivery for international payments, 3X cheaper than most competitors
     
3. Speed and Efficiency: Cross-border payments can sometimes be accompanied by issues, such as high costs and slow transaction processing, which can be exacerbated by intermediary banks. Carefully consider the exchange rates provided by different services and explore alternative payment methods to ensure faster and more efficient transfers. For fast money transfers, consider using modern peer-to-peer money transfer apps.
   • “… she used the App to send money to the Philippines, it took three seconds ”
     
4. Financial Inclusiveness: In a lot of developing countries, financial exclusiveness may exist for people residing in remote areas. If your recipient has difficulty obtaining regular access to physical banks, financial inclusiveness is something you definitely need to care about. This means the recipient has to withdraw the money easily without having to visit a bank. Under such circumstances, you would prefer a platform that takes financial inclusion into consideration, hence eliminating the necessity to visit a physical bank. 
   
5.  Your Specific Needs: To choose a platform that provides a best-fit service to you, the foremost issue is to understand your personalized specific needs. Here are some questions you may want to think of: Do you prefer transfers directly to existing bank accounts or do you potentially need multiple transfers? Which countries will you transfer to? Does the platform serve all countries I am concerned about?

What makes traditional international money transfers slow and pricey? 

Traditional remittance transfers are usually conducted by one or more correspondent banks. These are third-party banks that facilitate cross-border payments between domestic and foreign banks. They eliminate the need for a domestic bank to have a physical presence in another country, making it easier to handle global transactions without setting up direct ties with banks worldwide.

Traditional remittance transfers are generally slower and more expensive because the money has to go through the correspondent banks to process. Each correspondent bank charges a fee for its services. Additionally, customers risk paying hidden fees in the form of a marked-up exchange rate which shows a lack of transparency in remittance fee structures. 

What are Some Modern Best Practices for Efficient International Money Transfers?

Mobile phones and communication technology can help reduce the cost and effort of sending money abroad. Some remittance providers use essential cellular services in the city to achieve a better international transfer service for their clients. Cellular services can support the whole process to initiate, send, and receive payments. It has also made the process safer since the users will automatically receive an SMS message regarding every process of the transaction.

Distributed Ledger Technology (DLT) is introduced to set up a new money transfer system different from the existing Society for Worldwide Interbank Financial Telecommunication (SWIFT). A distributed ledger is a decentralized database spanning multiple computer networks, geographic locations, or participants, eliminating the need for a central authority. Enterprises use this technology for transaction processing and data exchanges.

Blockchain is the most popular type of DLT. Only in use for a couple of years, blockchain redefines international money transfer to a large extent. Blockchain eliminates correspondent bank interactions and ultimately lowers the transaction fee. The technology also reduces financial exclusion by including people not having access to banks and loans due to their location. Some companies even introduced cryptocurrency to the transfer, which points to a futuristic idea of money digitization. 

Orokii Shatters Barriers to Global Money Transfers with Blockchain Innovation: Pioneering Affordable, Fast, and Secure Cross-Border Remittances for Diasporas

How to Assess Different Money Transfer Platforms?

It is of vital importance to research and compare to choose a remittance platform that meets your needs. It is generally easy to get important information through the official website and customer service. Be sure to learn the fees, speed, security, types of service, and in what countries they provide services. Once you start using one, check your transaction history to make sure there are no hidden fees.

Considering all factors, we have made you a list of top digital platform services that allow you to send money to friends, family, or businesses abroad:

List of Top International Money Transfers:

1. Orokii: Orokii This platform offers peer-to-peer and business-to-business payment remittance solutions, enabling secure and expedient domestic and international transactions. With support from over 50 countries, including Nigeria, the UK, the Philippines, and China, Orokii ensures minimal costs and employs blockchain technology to enhance security and reduce financial exclusion.
   
   For remittances, Orokii’s user-friendly interface and dedicated remittance corridors cater to individuals who need to support their families back home with ease and at competitive rates.
   • Lower fees – Enjoy lower fees and faster delivery for international payments, 3X cheaper than most competitors. 
   •  Faster delivery – With Orokii, funds can be received instantly into the recipient’s Orokii account and subsequently transferred to a bank account as early as the following day. Thanks to its blockchain platform. Digital Wallet to Wallet (W2W) payment transactions can settle in seconds, and direct payment to businesses can occur in near real-time
   • Security – Robust layers of security and encryption to safeguard against fraud. Powered by blockchain & cutting-edge global payment system that allows users to send money securely to their loved ones in Africa, Asia, and across the globe. Orokii tops other peer-to-peer (P2P) money transfer apps.  

2. Remitly: Remitly is a renowned digital money transfer service that excels in providing fast transfers, competitive exchange rates, and transparent fees. With extensive coverage to numerous countries and various delivery methods, Remitly offers a reliable and efficient choice for sending money globally. Specifically for remittances, Remitly’s user-friendly interface and dedicated remittance services ensure individuals can support their families back home easily and affordably.
   
3. OFX: OFX is a prominent online foreign exchange and money transfer service, offering competitive rates and transparent fees for international transfers. With a global reach spanning over 190 countries, OFX ensures swift transactions within 1-2 business days, making it an ideal choice for efficient money transfers. While OFX serves various customer needs, it also caters to remittances, providing a cost-effective and reliable solution for supporting families across borders.
   
4. Wise (formerly TransferWise): Wise is a top money transfer app known for its transparency and cost-effectiveness. Operating on a peer-to-peer model, it provides the real exchange rate with minimal upfront fees, eliminating hidden charges. Supporting various currencies and countries, Wise simplifies managing money abroad and offers a secure, fast, and user-friendly experience. This makes it an excellent choice for international money transfers, including remittances to support loved ones.
   
5. Sendwave: Sendwave is an online platform for international money transfers. It aims at helping global immigrants and cross-border communities using finance and technology. Up till now, Sendwave has served clients from 50 countries to 130 countries, with African and Southeast Asian countries being the most popular recipient countries. It maintains a 24/7 service hotline to answer questions from users. 
   
6. World Remit: World Remit offers multiple payment methods for international transfers. Apart from traditional transfers to bank accounts, World Remit also provides services in mobile phone top-up, cash pickup, and mobile money transfer. The APP focuses on a fast and secure way to send money from the US to  88 destination countries, including Cameroon and Nigeria at the top of the list. 

Making Informed Choices for Your Global Money Transfers

Selecting the right money transfer or remittance provider is a crucial decision when sending funds across borders. By considering factors such as security, transaction fees, speed, and understanding the purpose of remittance providers, individuals can make informed choices. The emergence of modern solutions like Orokii, Remitly, OFX, and Wise offers users convenient and reliable options for swift international remittances. Whether you need to support your family or manage funds globally, choosing the right money transfer service ensures a seamless and secure experience.

Download the Orokii app from the App Store or Google Play Apps.

This article is sponsored by Orokii

Written by Philip Kulubya, Tina Zhang, Edited by Abolaji Omitogun