Are you someone who works in a foreign country but your family living in your native place? Then, you need to make a lot of changes to our lifestyle based on that country. For example, you might have to speak a foreign language other than your native language or you should get adjusted to the climatic conditions in that country. If you are a vegan and bachelor, then living in a foreign country will be miserable because there will be only limited options available to you. Learning cooking will be the smart option to keep yourself healthy. It will take up to a year or so to settle in a foreign country. Back home, you will be missing many of your family occasions like birthdays, anniversaries etc. Right?
Apart from all these struggles or discomforts, you need to send money monthly or once in few months to your family. After all, that’s the real purpose of you living in a foreign country. Right? There are many methods available for international money transfer and the most popular ones are below:
- Bank accounts – Money transfer between bank accounts is the safest and easiest option. You need to open a bank account in the country where you work, and it will take some time to start the transfer as you won’t have the necessary documents in the beginning. But, the processing time for bank-based transfers is not fast as it takes 4-5 business days for the receiver to get the money in their accounts. Also, the exchange rates and transaction fees will decrease the value of the transfer.
- Online Money transfer – It is the popular option for third-party money transfer (PayPal, Western Union) that is widely used for sending money across the globe. It involves the sender, recipient and the third-party company that initiates the transfer. Even though you have a variety of withdrawal options like credit card, debit card, bank account, cash etc., you need to pay 1% to 5% of the total money as a transaction fee. Also, these transfers will usually have withdrawal limits in a day. So, it will not be possible to send the entire money in a single transaction to reduce the transaction fees.
While you get so many things for free from the internet, why not for money transfers too? That’s exactly the idea behind the platform named BABB which helps to send money across the globe with almost zero fees. BABB allows anyone to open a UK based account from anywhere in the world provided they have a smartphone and internet connection. It also provides an innovative way for exchanging various currencies. Let us say that you need 100 Euro quickly, but you have got only 85 USD. Luckily, your neighbor has 100 USD. What will you do? Gently tap the door of your neighbor, exchange the Euro for USD. That’s it. Sounds easy? Right. That’s how money exchange works in BABB. You can easily convert one currency to another without a middleman. To learn more about the interesting features of the platform, https://getbabb.com/