In the digital era we live in, the options for sending money have evolved significantly. While traditional banking has been the conventional method for making international transactions for decades, fintechs and digital platforms like Zulu Transfer have gained popularity due to their high efficiency and low costs. In this blog, we will explain why making transactions through money desks can be much more costly and the advantages Zulu Transfer offers to make sending your money easy, fast, and secure.
Disadvantages of Sending Money Through Traditional Banking
- High Fees: Money desks often charge considerable fees for transfers made through their channels. These fees can vary depending on the amount sent, the destination country, and processing time, but rates generally range from 1% to 5%. In many cases, additional charges are also applied, which can result in a higher overall cost for users.
- 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 local currency, as the bank takes part of the transferred amount through an opaque conversion margin.
- Slow Processes: Compared to Zulu Transfer, traditional banking often involves slow processes for transferring money. Multiple stages, verifications, and approvals are required, which can delay fund delivery. This is especially problematic when money needs to be sent urgently or for emergency situations.
Advantages of Sending Money Through Zulu Transfer
- Lower Fees: At Zulu, we offer much more competitive fees than traditional banks. By operating digitally and optimizing our operating costs, our platform can pass the savings directly to users. This means you can send more money to your recipients without incurring excessive fees, as we won’t charge you any commission or additional fees.
- Favorable Exchange Rates: One of our standout 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 the recipient receives the exact amount sent.
- Transfer Speed: At Zulu, we complete international transactions in just a few hours, which is especially useful for urgent situations.
- Security and Protection: While security is always a concern when 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 secure. Additionally, we comply with all current financial regulations, which are subject to regular audits, providing an extra layer of trust.
As technology continues to transform the financial industry, sending money through traditional banking becomes less attractive compared to digital options like Zulu. High fees, unfavorable exchange rates, and slow processes are just some of the disadvantages users may experience when choosing traditional banking. On the other hand, with our tool, you will benefit from lower fees, fair exchange rates, faster transfers, and a simple digital experience. With Zulu, sending money becomes more economical, convenient, and secure. If you are looking for an efficient and cost-effective alternative to send money, our tool is definitely the option you should consider.
