Why is sending money through traditional banking more expensive than using Zulu Transfer?

In the digital age in which we live, the options for sending money have evolved significantly. While traditional banking has been the conventional method for conducting international transactions for decades, fintechs and digital platforms such as Zulu Transfer have gained popularity due to their high efficiency and low costs.

In this blog, we will explain why making transactions through cash desks can be much more expensive and the advantages we can offer you in Zulu Transfer to send your money easily, quickly and securely.

Disadvantages of sending your money through traditional banking:

1. High rates: Money desks usually charge significant fees for transfers made through their channels. These rates may vary depending on the quantity shipped, the destination country and the processing time, but regularly the rates range from 1% to 5%. In many cases, additional charges also apply, which can result in a higher total cost for users.

2. Unfavorable exchange rates: When sending money through traditional banking, it is common for banks to apply unfavorable exchange rates. This means that the recipient will receive less money in their country's currency, since the bank keeps a part of the amount transferred through a non-transparent conversion margin.

3. Slow processes: Compared to Zulu Transfer, traditional banking often has slow processes for making money transfers. Multiple steps, verifications and approvals are required, which can delay the delivery of funds. This is especially problematic when you need to send money urgently, or for emergency situations.

Benefits of sending money through Zulu Transfer:

• Lower rates: at Zulu we offer much more competitive rates than traditional banks. By operating digitally and optimizing our operating costs, our platforms can pass savings directly to users. This means that you can send more money to your recipients without incurring excessive fees, as we will not charge you any commission or additional fee.
  
  
• Favorable exchange rates: one of our most outstanding advantages is that we offer our users low, fair and transparent exchange rates. By using innovative financial technology, our tool can provide exchange rates close to the real market, eliminating hidden margins and ensuring that the recipient receives the exact amount that has been sent.
  
  
• Fast transfers: At Zulu, we carry out international transactions within a few hours, which is especially useful in urgent situations.
  
  
• Safety and security: Although security is always a concern when it comes to transferring money, we strive to ensure the protection of your data and transactions. We use advanced encryption and authentication technologies to keep your personal and financial data safe. In addition, we comply with all current financial regulations that are subject to regular audits, providing an additional layer of trust.

As technology continues to transform the financial industry, sending money through traditional banking is becoming less and less attractive compared to digital options such as Zulu. High fees, unfavorable exchange rates, and slow processes are just a few of the disadvantages that users may experience when choosing traditional banking. In addition, through our tool, you will get lower rates, fair exchange rates, fast transfers and a simple digital experience.

With Zulu, sending your money becomes cheaper, more convenient and more secure. If you're looking for an efficient and cost-effective alternative to sending money, our tool is definitely the option you should consider.