{"id":281,"date":"2021-12-13T10:53:07","date_gmt":"2021-12-13T09:53:07","guid":{"rendered":"https:\/\/rwp.codeseed.io\/?p=281"},"modified":"2023-03-16T15:55:23","modified_gmt":"2023-03-16T14:55:23","slug":"money-transfer-alternatives-that-work-instantly","status":"publish","type":"post","link":"https:\/\/www.recharge.com\/blog\/en-gb\/ie\/money-transfer-alternatives-that-work-instantly","title":{"rendered":"4 money transfer alternatives that work instantly"},"content":{"rendered":"

Are you moving to Ireland or have you recently moved here? Chances are you\u2019ll send money back home. Perhaps you\u2019re already doing it, making sure your family back home has what they need. The question is, what is the best way to send money back home? Money transfer is the best-known method of sending money across borders. In this article, we\u2019ll explain what it is and how you can use it. We\u2019ll also talk about some of the up and downsides to money transfers.
\nLastly, we\u2019ll look at some alternatives to money transfers. If you\u2019re looking to find the quickest, easiest and cheapest way to send money back home, read on.<\/p>\n

What are Money Transfers?<\/h2>\n

A money transfer is when you send money from one bank account to another using your (online) banking service.<\/p>\n

This can be done domestically, or internationally. Domestic money transfers are often quick, cheap and easy. In the case of the EU this even extends across EU countries with the implementation of the SWIFT system. International money transfers take longer, and cost more. Banks need to communicate with each other to verify the funds. This makes it more complicated and costly for them and ultimitely for you.<\/p>\n

Pros and Cons of Money Transfers<\/h2>\n
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As mentioned above there is some criticism of international money transfers. But what are the pros and cons exactly to using the service?<\/p>\n<\/div>\n

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Money transfers are popular because they are quick and easy in a lot of cases. You can do a money transfer in your regular online banking environment. So it\u2019s not a new system to learn. Money transfers are also a way to send money online instantly, at least domestically or across the EU.<\/p>\n<\/div>\n

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One big downside to money transfers is that they are not free. Costs come down on two sides. Of course your bank charges you administrative costs to send the money, but they can also use unfavourable exchange rates when sending money and exchanging it from one currency to another.<\/p>\n<\/div>\n

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Another downside to Money transfers is that you can\u2019t send money online instantly, at least not always internationally. It takes a while for a money transfer to arrive at your intended target. If the person your sending it to needs the money now and lives outside the EU, a money transfer will turn up too late.<\/p>\n<\/div>\n

The last downside comes down to the recipient. A money transfer shows up on their bank account as regular money. They can spend it on anything they like. If you specifically send them money for their mobile phone bill or for school, you can\u2019t be sure they won\u2019t spend it on something else.<\/div>\n
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So what are the pros and cons of money transfer?<\/span><\/div>\n
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Pros<\/b><\/span><\/h3>\n
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