There are many ways to send money from one person to another. If you want to support loved ones, pay bills or transfer funds you can now do all that from the comfort of your home. But which method should you use? The particular payment method you choose will depend on your needs and those of your beneficiary.
Now with all the international payment methods it is easier than ever to send money overseas to support family or friends.
But which tool should you use? If you’re a small business wanting to pay your overseas supplier, should you use a bank deposit, a cash pickup service or a simple credit card payment? In this blog we’ll briefly explore the various types of payment methods so that you can manage your money easily and efficiently.
The most common payment methods:
Credit Card / Debit Card
This payment method allows you to make an online transfer with the numbers on your credit or debit card.
It is a secure, easy and quick way to send money wherever you are in the world. The benefits of credit or debit cards payments are that they are trackable and simple to complete.
For many people, convenience and security are high on their list of priorities when considering what payment method to choose. In this regard, credit card or debit card payments score high which is why they are one of the most common payment methods.
To choose this payment method with Small World, you only need to register, choose the country where you want to send money and the amount. When setting up the transaction, you need to enter your card details and who you are sending money to and within minutes you will have your money sent!
Mobile Top-up
The mobile top-up is a payment that has experienced a sharp rise in popularity over the last twenty years, for example in Kenya. It has emerged as one of the most convenient and simple ways to make payments.
Mobile top-ups enable you to recharge the balance of your or third parties local mobile from abroad to avoid the expiration of your SIM card. Payment is made online by entering the phone number of the beneficiary and the amount of credit. You will receive immediate confirmation through email or SMS. It’s a no-fuss method of transferring funds!
Small World supports mobile top-ups to countries around the globe, and it has proved to be one of the most popular methods especially for users sending money to, or living in, African countries, such as Kenya.
Bank transfer
You will probably be familiar with a bank transfer and this payment method is exactly what it sounds like. You can transfer money from your bank account to the beneficiary online. The time it takes for the money to arrive depends on the countries of origin and destination and the existing agreement between the banks of both users.
The process begins by creating an order of the amount determined for the recipient. After confirming the order, you have to make a bank transfer to the account of Small World with the same country of origin for the exact same amount of money that the order was made, including as a concept, the order number.
Once the money arrives to your account, within 24-48 business hours the money is sent to the payer.
Direct Debit
Allows you to make a direct debit payment in your bank account which can occur at regular intervals, often, weekly, monthly. It is often used for the payment of the rent, electricity, water, gas, internet services, etc. This is a good option if you want to send or spend a recurring amount each month.
The payment of these bills is deducted directly from your bank account without you doing anything, once it has been authorised. Making payments via a direct debit is a tried and tested method. It is ideal for regular payments like bills because you can set it up and then not have to worry about it anymore. It is a simple banking payment method that many people will experience at some point in their financial lives.
Bank deposit
Bank deposits are used to deposit cash into the account of a third party. A receipt with the data of the sender, the recipient and the amount of money that you have deposited is issued once the translation is completed. It is made directly in the bank account of the beneficiary. You can accomplish this quite simply online and rest assured that your funds are securely and quickly transferred.
Cash
Used for sending cash to a third party.
Cash is often the most useful method of payment when you need to make quick or flexible payments or if you are paying someone who does not have an established financial set up. Also, unlike other methods, cash is tangible, you can hold it in your hands and for some, this is a great part of receiving a payment.
A cash pick-up is a reliable and simple way to transfer funds. With Small World, you can send money for cash pick across the world. The person you send money to can pick it up at our branches, agents and partners. You can pick whichever location is easiest for your recipient.
Sofort
It is another tool that offers the service of online payment. There is no need to register or create a virtual account as it is made through bank transfer and directly online.
When selecting your bank, your data is automatically filled and you will need to authorise the transfer with your password. Your sensitive financial details are protected and are never visible to third parties. If cash, a mobile wallet, a direct debit or a bank transfer is not your style then you can use Sofort.
It is worth mentioning, the disadvantages of using Sofort are that you need to have a bank account that supports the recommended payment system and the currencies available for Sofort integration are currently quite limited.
Send Money with Small World
There are pros and cons to all of these payment methods. Everyone’s needs are different. In some places, cash is still king. However, in many countries it may be more convenient for you to make a bank transfer, top-up a mobile or set up a direct debit.
Small World offers you most of these payment methods to send money quickly, safely and best of all, we always compare our rates with the market to make sure we offer the best possibilities. For many years we have been people helping around the world send money, make payments and support their loved ones.
Life is already hectic and busy. With Small World, we make it easier for you to support and help your family, friends and business partners abroad.
Your first transfer is always fee-free online with us!
