How Changera Helps You Send Money Faster

It’s a fast-paced world that we live in today; hence, speed is crucial to many activities. People want to handle situations and transactions in the shortest time possible. This also applies to financial transactions. When people have to send or receive funds, they want to do it quickly. 

Life is full of surprises, and sometimes these surprises can present difficult situations requiring financial solutions. It’s crucial to prepare and understand your options for transferring money. Moreover, if you have loved ones living overseas, knowing how to execute rapid bank transfers becomes even more important should an urgent need arise.

In the past, traditional brick-and-mortar banks exclusively handled the transfer of money between bank accounts. However, nowadays, we have a diverse array of options for moving funds. Some of these available options offer swift services, while others are slower. Nevertheless, we’ll show you the best ways to transfer money quickly between accounts. 

This article will introduce you to Changera, a premium money transfer service, including insights on how Changera helps you send money faster. Keep reading.

How to Transfer Money Between Banks

For international money transfers, various choices exist, each with its own unique features and hurdles. Despite these challenges, they all represent legitimate ways to transfer funds from one bank account to another. Here’s a summary of some of these options:

Electronic Transfers

Electronic money transfers are the fastest way to send money. Any time you transfer money over an online network, it’s considered an electronic funds transfer (EFT).  Usually, these are transfers made via apps or websites, but they also include payments made with your debit card.

Although electronic money transfers are highly convenient, keep in mind that some fees apply to them. Some of these may include:

• ATM fees
• Transfer fees 
• Currency exchange rates
• Processing fees 

Sending Money Abroad

Sending money across international borders is inherently more complex than domestic transactions. Factors such as time zone differences, varying regulations, fluctuating exchange rates, and the involvement of intermediary banks complicate the process. Therefore, the strategies for transferring money overseas differ. Below are some of the most common methods for sending or receiving money from other countries:

Using a Domiciliary Account

A domiciliary account is an account that allows the operator to hold money in currencies other than Naira. Usually, it is used by Nigerians for the transfer of funds directly to foreign receiving accounts for either business or personal transaction purposes. Sending money from one bank to the other using a domiciliary account will involve presenting the recipient’s bank details. These details include account name, account number, bank name and branch, Swift Code, routing number, and amount of money to be sent. Keep in mind that the sum of money to be transferred will first be converted to the destination currency using current foreign exchange rates. 

Wire Transfers

A wire transfer is a form of electronic payment that sends money directly from one bank account to another via a secure network. In theory, it can refer to both domestic and international transfers, but wire transfers are realistically used for transfers abroad.

Typically, you’ll need to supply the following information when making an international transfer:

• Name and address of recipient’s bank
• Recipient’s IBAN (International Bank Account Number)
• BIC/SWIFT code of the recipient’s bank
• Reason for the transfer
• Transfer amount and currency
• Who will pay the associated fees: You, the recipient, or a split between you and the recipient? 

Note: Wire transfers are usually carried out over a SWIFT network. SWIFT stands for Society for Worldwide Interbank Financial Telecommunications (SWIFT) Network. It is a secure network that banks and payment platforms use to allow individuals and companies to conduct payments electronically. 

Mobile Payment Platforms like Changera

Additionally, you can move funds to either a domestic or international account through a cross-border payment platform, such as Changera. Changera enables users to create wallets in various currencies, converting them into the desired currency of the recipient. Then, you can transfer the funds to the specified account. Moreover, it allows for the setup of wallets in multiple currencies. This facilitates the easy exchange of your local currency among these different currency wallets.

How Changera Helps You Send Money Faster

This post explores various methods for transferring money between bank accounts, but we’ll focus on the swiftest option available: Changera! Changera is a social fintech application that offers cross-border payment and remittance services to both individuals and businesses worldwide. It allows for instant money transfers and receipts globally with just a click. If you’re looking for competitive exchange rates and quick transfer speeds, Changera excels in these areas. Furthermore, its app features a multi-currency wallet, simplifying currency conversions. This means you can avoid the complex and challenging aspects of sending money to various recipients. Also, for speed and security in your international transactions, Changera is the go-to solution.

Takeaway 

If speed is crucial in sending money, an application such as Changera is your optimal choice. The advantage here is the absence of ridiculous bank fees or unfavorable exchange rates. Simply gather the recipient’s accurate information, and you’re all set. Experience fast and seamless transactions now. 

Begin by downloading the Changera mobile app from either the Google Play Store or the App Store today.