Transferring money abroad to an individual: the best ways

Modern person values their comfort above all else. This criterion applies not only to the work or home, but also to financial transactions. There are many situations when it is necessary to transfer money from abroad – it can be to help relatives, friends, or simply the desire not to keep all the finances in one account. WestStein specialists in this article will talk about what are the transfers of money abroad to an individual. The best methods of operations will also be disclosed below.

Before proceeding to the topic, it should be noted that the WestStein prepaid card is an excellent opportunity for consumers (individuals and legal entities) to control their finances and carry out 100% secure transactions due to the lack of binding to a specific bank account, as well as the Mastercard 3D Secure system. Getting virtual and real plastic card is quite simple. To do so, you must fill out the appropriate online form on our website. After confirming the data, the client will immediately be able to use the account – replenish it and make purchases.

How to transfer money abroad to an individual?

It may seem that transferring money abroad to an individual is a relatively new procedure, but in fact it is quite popular and in demand. Therefore, such a large number of ways to implement it have been formed.

Of course, not all of them are convenient or efficient, but different life situations force people to resort to one way or another. For example, it is possible to engage in self-exportation of cash abroad – this is one of the longest and most dangerous ways, but its advantage is that you do not need to declare funds (the amount should not exceed the equivalent of ten thousand euros), and also open a bank account. It is also possible to transfer money through carriers – not a very safe option, which has more disadvantages than advantages.

Best Methods for Sending Money

WestStein experts believe that sending money abroad should be done in a safe and legal way, so they offer customers the following options:

1. Money transfers abroad using a mobile application. This option allows you to send funds using the banking application. The client needs to have the details of the recipient: the name or name of the organization, account number, IBAN or SWIFT code. The money will be transferred to the account within 5 days, possibly faster – it all depends on the conditions of the intermediary bank.
2. Internet transfer (implies the presence of an online wallet). The sender and recipient use the same payment system, and the operation itself takes from a few seconds to a couple of minutes.

When choosing the method, consider:

1. Potencials of the addressee, for example, the presence of certain intermediaries in his location.
2. The amount sent – some systems have restrictions.
3. Urgency – how quickly the recipient needs money, how much time he is ready to wait for it.
4. Are you ready to pay a commission and how much.

Using the above tips, the consumer will be able to give preference to one or another method of transfer, while not spending a large amount of personal time.

Why is it recommended to order a virtual Mastercard from WestStein?

A current account from the WestStein service will allow consumers to control purchases, as well as carry them out with unlimited possibilities. To open it, you need to fill out an online form on our website, as well as confirm your email address and phone number. Immediately after that, the virtual debit card is available for use – you should replenish it and start using it safely. The real card will arrive at the client in ten working days.

Thanks to the online account IBAN (International Bank Account Number), the client can receive wages (which is especially important for freelancers), transfer money, including abroad, pay bills, and also make purchases on the Internet.