Five ways to transfer money around Spain and abroad
People should not always rely on one method when it comes to financial transactions. Although people prefer banks for transferring money, there are many other more useful services. There are also many websites and mobile applications that can be used for these things. Here are five easy methods to send or receive money.
Digital Wallets
The user has to deposit money into their digital wallet and send to whomever they choose around and outside Spain. The payee should also have an account with the same company or with a supported bank. Digital wallets allow to conveniently send money within minutes from a mobile or a computer. Before opening an account with any company, compare the different rates and fees.
Online Payments
Internet has made many parts of our life easier for us. Paying bills, purchasing vouchers, and even buying tickets to any event can be done online. Banks and other companies have mobile applications and websites that help people access these services while in the comforts of their home. You only need to create an account once and transfer money whenever you want. These services also have other features to help you manage your bank account.
Money Order
Money can also be sent without a bank account using money orders. Several companies use the money order method to transfer money, and they have offices all over the world. It is a straightforward process, and it only takes one business day for the money to reach its destination. People who don’t know how to start a money order should visit an agent of a financial service like Western Union and give them the name and phone number of the recipient. The recipient will have to visit an agent in his area, show them the money transfer control number, and proof of identity to get the cash.
Inter-Bank Transfers
Anyone with a bank account can transfer any amount of money, within the limits of their contract, to other local or international banks. The sender may have to visit his bank and tell its representative the amount and reason for the transfer. The banker might also need some information about the beneficiary’s account. Banks usually take up to a week for international transactions. The sender also has to pay the appropriate taxes and bank fees. This method is generally used to transfer large sums of money. It is not suitable to transfer small amounts of cash this way.
Online Wire Transfers
Many companies nowadays offer simple wire transferring solutions. They can be used to send any amount of money all over the world. The sender has to create an account with the company and link their bank accounts or use any other method listed. Once the account is ready-to-use, the payer only needs to enter the details of the payee’s bank account and transfer money. It’s similar to a bank transfer, but these services charge less and move the money faster.
Alan, along with Elle, is the owner of Spain Buddy. He was born in the North of England (Lancashire) and travelled extensively before eventually settling in Almería. Alan has 3 sons from the first of his 18 marriages, (Sam, Joe & Ben) who are all now adults. You can read more articles by Alan on his personal blog at AlanGandy.com and see more of his photography on his photography website as well as on Flickr and Instagram.
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