Receiving international payments is not as easy as it seems. There are a lot of problems which often occur during the process such as payment failures, payment delays, and fund seizures. Such issues impact business productivity, service levels, competitiveness, and more factors. Even banks, which are easy to use, charge a very high fee for each transaction, along with an extra administration fee.
There are various legal issues as well. International payments entail contact between two countries, which have their own rules and regulations. As such, international payment policies need to be complied with. Online payment systems have developed and changed over time, and there exists a lot of companies that help to simplify these transactions.
In this article, we discuss some of the facilitators that enable smooth and hassle-free transfer of payments across the globe.
#1 PayPal
It provides quick and safe online payments and is a very convenient option to transfer money overseas. PayPal lets you send 20+ currencies across 200+ countries by providing quick transfer processing time and low charges on small transfers.
When receiving payments from overseas, money is immediately credited to your PayPal account once the payment is processed. Depending on the PayPal account’s originating country, the PayPal balance is either automatically withdrawn to the linked bank account or it remains in the PayPal wallet.
Using PayPal is quite a good choice as it reduces the chances of any suspicious or fraudulent transactions. PayPal charges reasonable fees, up to 5.5% for business transactions.
#2 Payoneer
Receiving an overseas payment is very simple through Payoneer. Just provide the client with your Payoneer account details and get paid directly to your local bank account.
What Payoneer does is create a virtual checking account for the receiver. By doing so, the customers can pay via their company bank account or credit card through a simple invoice. After that, all the money that has been sent to your receiving account will automatically get transferred to your local bank account.
#3 Electronic Funds Transfer (EFT)
EFT simply means transferring funds from one bank account to another, which is done with the help of the computerized network. All that is required is the bank details of the person to whom an individual wants to send money. Once he/she gets the bank details, they can easily transfer money. Electronic Funds Transfer is used by a large number of people, as it is easy-to-use and also guarantees the secure transferring of money within the same bank or others.
#4 Google Wallet/Google Pay
These tools were created by Google to send and receive money from person to person. The benefit of using Google Wallet/Google Pay is that it does not cost a single penny either to the sender or the receiver. You can transfer money absolutely free of cost. Another advantage of using it is that it keeps your account information safe and encrypted. If the other person has Google Wallet/Google Pay and you don’t, then don’t worry, as your phone number and email address will work to receive the money.
#5 Skrill
It is an easy-to-use tool to help you with all your online money transfers. With the help of Skrill, one can easily send and receive money. It makes sure that your payment information remains safe. Also, the advantage of using Skrill is that you can link bank accounts and you can send and receive money with just an email address. You can easily move your money from Skrill to your personal bank account. Isn’t that great?
#6 Western Union
With the help of Western Union, an individual can send and receive money very easily. Its best feature is that it can transact money in 130+ currencies. It can send money in minutes and offers next-day delivery as well.
Once the transaction is processed, the sender sends the transaction details to the receiver. The receiver has to go to a Western Union center, show the transaction details and collect the money. You can find Western Union branches in more than 200 countries. Alternatively, some online banking systems have a Western Union collection option in the dashboard. Enter the transaction number and the money is credited to the account within seconds. A similar service to Western Union is Moneygram.
#7 Payza
You can transfer money and receive it with the help of Payza. It is completely safe and keeps your account and payment information secure. Also, you can transfer your funds for free. You can also shop online with the help of Payza, as it is accepted by many online retailers around the world.
#8 Xoom
Xoom is the easiest program to use for paying bills and sending or receiving money across the world. The service provided by Xoom is very fast, and an individual can send money to 70 countries. It makes certain that people can send money from anywhere and at anytime. Also, it helps people to pay bills with the use of an account number, which is very easy and convenient. Xoom uses advanced technology to secure the bank account and personal information. The best part of using Xoom is that they offer a money-back guarantee which means if the money is not received, they will refund the whole amount.
#10 Escrow
Escrow is known as the most secure payment method in the world. Escrow makes sure that the personal payment information of the sender and receiver remains completely safe by keeping the money in a separate secure Escrow account. If you want to transact a large amount of money, then Escrow is your best option as it easily transfers a huge amount of money without any issues. Escrow is popularly trusted by many people because it collects, holds and gives out the funds only when the buyer and seller agree to it.
If you are confused when thinking about the best option for receiving international payments safely and quickly, then you can take the help of iCompareFX. It is an online platform which allows people to review and compare the top international money transfer companies. Also, they will provide you with information about substitutes that suit your location. iCompareFX provides the best alternatives to you aside from the traditional modes of fund transfers.
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