money

Whatever size of business you operate there are likely to be scenarios where you need to pay people for goods and services. On some occasions, there will even be a need to transfer money instantly internationally for goods and services. Whether you’re paying an invoice or you need to transfer to a bank, it stands to reason that you are going to want to do so safely and securely. After all, the last thing you want is for money to leave your bank account and not reach the recipient it was intended for.

Deciding How to Send Money

There are loads of ways that you can send money and pay invoices, so the best thing you can do is spend some time doing some research and working out what is best for you and your needs. This could be that you decide to do a bank transfer via BACS using your existing platform, you might decide to pay them via an e-wallet provider such as PayPal or you might decide to do a money transfer. They all have their own merits and drawbacks so you need to work out what is best for you and your business – and of course, find out the methods that your client is happy to accept payment via.

Bank Transfers vs. Money Transfers

Two of the most popular ways to send money are either by a bank transfer or via a money transfer. Most of us have probably done a bank transfer before, especially because online banking makes it so easy. You only need to know the details of the person you want to pay and then you’re good to go. Sending money to a UK bank account is free of charge and usually, the money reaches them instantly – so it’s a good way of sending a payment to someone if you want it to reach them quickly.

Bank transfers for sending money abroad can be a little more tricky and sometimes have fees attached to them, so it is worth checking beforehand to make sure that you don’t get caught out.

One way around this is to look at the options surrounding money transfers; as they often offer a quicker and cheaper alternative way to send money abroad. Whether you’re paying for services you have received or goods you wish to order, no one wants to pay more than they need to. When you pay to transfer money, it simply means that you have to consider what you’re buying more carefully, so the amount you need to pay overall is increased. Another great benefit of money transfers is that many of them ensure that the money you send reaches its intended recipient within minutes, which is much quicker than sending money internationally using a bank transfer.

Which is Right For Me?

When it comes to choosing the right way to transfer money as a small business, it is vital that you choose the right method for you. You need to research all of the options and make sure you know what each one involves. It can also be a good idea to be set up to use more than one method, as you never know what methods your client is going to be happy to accept. Some will be happy to take payment via PayPal for example, whereas others will insist that you send a BACS payment. There is no right or wrong when it comes to sending money internationally, it is just wise to look at what suits your business the best and what is likely to mean that you pay as little in fees as possible.

Money transfer stock photo by Who is Danny/Shutterstock