What is a cross border fee?

10/09/2019



If you have never used money transfers before, then there were probably times when you had to think about it. If no, they will be so. The choice of a transfer, like any money transaction, must be approached responsibly and, so to speak, competently. We have reviewed the options and would like to offer you to find out what opportunities exist to send money abroad today.
Some time ago, the most common way was mail order. Mail order delivery takes several days. It’s not very pleasant, considering that money transfers often have to be addressed in special circumstances, and delivery speed plays an important role. And this is not to mention other problems, such as constant lines in the departments.
Today, many people use money transfer. It is carried out through international transfer systems such as Western Union and Money Gram. And many banks in the world cooperate with at least one of them. We are talking about existing ones, as some banks have stopped accepting international money transfers.
One of the significant advantages over bank wire transfer is speed. The transfer is carried out instantly, and within a few minutes a person thousands of kilometers away from you can receive money. The only exception is the S.W.I.F.T. system, the transfer of which can be received somewhere in 2 days. On the other hand, the tariff is appropriate. As an example, using a calculator, we calculated the cost of sending $ 2,000 to Italy through Belarusbank. According to the most common Western Union system, the cross border fee will be $ 91, according to the S.W.I.F.T system the cross border fee is only $ 16. Therefore, if time suffers, it makes sense to save. We want to note that in many banks for all transfers in the system S.W.I.F.T. there is a stable cross border fee of $ 16.
Bank transfer rates vary by country and amount very significantly. Therefore, it is almost impossible to determine the most profitable system. In each case, it is necessary to study as many options as possible, since the difference in the cross border fee can be significant. In the above example, $ 16 and $ 91 it is obvious.
But now let’s proceed to the modern way of payment and cross border transactions – on a digital market. With the appearance of digital currency, this way of payment is becoming more and more popular all over the world. Oero token, which is secured by euro, will provide you with the most transparent, fast and safe transferring in the world. There is no any cross border fees. The payment or transaction can be person-to-person, without any intermediates and additional payments. The time consumed by this process is shorten up to a few seconds, in comparison with the banks, where it takes a few days.
After all this information it is up to you, which way is more convenient for you. But while making decision, you should take into consideration all pros and cons. 
 

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