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The widespread use of the Internet has simplified how you can send money overseas. Whether you wish to send money to a loved one, pay for a product or service or even pay an outstanding overseas bill, sending money internationally on the same day is easy. There are various money transfer companies to choose from, so do your research first.
When you send money from New Zealand to another country, while you send New Zealand dollars, the recipient receives the money in local currency. If you transfer funds using the services of a bank, the process can take up 10 businesses days or more, depending on the bank you choose.
Money transfer companies don’t follow the same lengthy process as the banks, which is why some transfer funds on the same day. The easiest way to make sure the recipient gets the money on the same day is to transfer the funds to a cash pick-up location. This is because these kinds of transfers are normally the quickest.
You can initiate the process in person, by visiting a money transfer company’s store or kiosk. You can send cash or you can pay using your bank account, debit card or credit card. While the recipient can collect the transferred money at a desired cash pick-up location, you can transfer the funds directly into an international bank account as well.
Jordan Smith had to send some money urgently to a friend in Indonesia. While his bank allowed him to transfer funds to Indonesia, the process could take days. He turned online to look for money transfer companies that provided same day transfers. This is what he found.
|New Zealand bank||Money transfer company|
|Exchange rate||$1 = Rp8,692.134||$1 = Rp8,525.57|
|Transfer options||Bank account||Cash pick-up, bank account|
|Transfer time||5-7 days||Same day (cash pick-up), 1-2 days (bank account)|
|Transfer fee||$22||$74 (cash pick-up), $10 (bank account)|
|Amount received for $1,000||Rp8,338,007.00||Rp8,049,000.00 (cash pick-up), Rp8,605,300.00 (bank account)|
|Difference of||– Rp289,007.00 (cash pick-up), + Rp267,293.00 (bank account)|
If Jordan opted to send money to a cash pick-up centre, he would have to pay a tidy sum in fees. This would mean his friend would receive less money compared to receiving it directly into his bank account. However, since this was an urgent matter, Jordan decided to pay the additional fees and use the same-day cash pick-up option.
Same day transfers can be cheap if you work with a money transfer company that provides same-day transfers to international bank accounts. This is because some such companies offer fee-free services, whereas some others charge considerably lower fees when compared to banks. However, even money transfer companies typically take one to two business days to process transfers to overseas bank accounts. If you wish to send money urgently, this may not be your best option.
Using the services of a money transfer company that lets the recipient collect transferred funds from a cash pick-up centre is the best way to ensure that the transfer goes through on the same day. Remember that this service can attract a higher fee in comparison to a bank account transfer, so it may not be cheap. This may depend on the destination country.
When comparing same day specialist money transfer services, there are various things to consider.
If you’re sending money directly into the recipient’s bank account, remember that the turnaround time typically excludes the receiver’s bank holidays. In such a scenario, the transfer can take longer than a day to go through. Bear in mind that this field is not devoid of unscrupulous elements, so stick to dealing with established and credible businesses.
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