Modes Of International Money Transfer

With the world becoming a global village and people migrating out of their home countries in search of employment leaving their families behind, international money transfer becomes inevitable. To the new migrant, choosing the right mode of transfer can be confusing. Listed below are the various modes of transferring money from the UK to Afghanistan.

Local Bank Transfer:

Most major banks will let you wire money to banks in Afghanistan. However, you might get weaker exchange rates and pay higher fees and experience a slower transfer. When you send money to an Afghan bank account, your recipient will need to wait for the funds to reach Afghanistan. If you have ordered a cash pick up, it is mandatory for your recipient in Afghanistan to show some form of photo identification to be able to pick up the funds. It is also important that you give them the transaction reference number to streamline the process.

Pros:

• Global reach
• Safe and secure
• Can be used for mass payments

Cons:

• Takes several days to reach recipient’s account
• Intermediary banks and electronic transfer fees may be charged to both payer and payee
• Unpredictable exchange rates

International Postal Order:

An international postal order can be used for making payments overseas without relying on digital services. However, it’s not the safest (due to frauds and scams) or the quickest way to send money abroad. A postal order is a paper document that is used as a method of payment, similar to a cheque. It can be cashed at a post office if it has not been crossed and deposited in a bank account when crossed.

Pros:

• Safer than mailing cash
• Does not necessarily need a bank account
• Being prepaid, it will not bounce
• Can be tracked internationally

Cons:

• Fees for both sender and receiver
• Exchange rates may be low
• Low sending limits (£250)
• Has to be physically delivered before it can be cashed
• Expensive cancellation/refunds that can sometimes take up to 30 days or more

Online Money Transfer Services:

Online companies like Baaz Money make international money transfers to Afghanistan easy with bank transfers or cell phone top ups or cash pay-out as easy delivery options. Of note, Baaz Money does not charge any transfer fees and offers pay-outs in three different currencies; USD, PKR and AFN. Again, for cash pick-up, photo identification is mandatory.

Pros:

• Easy access 24*7 through mobile apps
• Can be processed either through bank account or cash
• Does not bounce
• Can be tracked
• Exchange rates at par with the market rate
• Sending limits in accordance with FCA/HMRC guidelines
• Pay-out can be in multiple currencies
• Can use both debit and credit cards as well as internet banking

Cons:

• ID documentation is compulsory for both payer and payee
• Transaction fees vary from company to company
• There is a limit to the number of transactions that can be undertaken per month.

Transfer agents across the UK:

Many transfer providers have locations dotted all across the UK, making it easy for you to send money that can be easily picked up in similar agent locations in Afghanistan. Here you pay money to your agent in the UK whereas his partner agent will pay out to your beneficiary in Afghanistan. In such cases actual money does not cross borders nor is there any paper trail.

Pros:

• No bank account needed

Cons:

• No paper trail
• In grey area between legal and illegal
• Works only on trust and word of mouth

The ease of transacting cash coupled with the option of choosing the currency in which to transact makes Baaz Money a reliably safe and secure mode of transfer of funds to Afghanistan.

Also, the exchange rates at Baaz Money are at par with international rates coupled with zero transaction fees. Register now to have a hassle-free and absolutely free transaction experience and send money to your loved ones back in Afghanistan.