International money transfer is almost a nightmare in most countries. Freelancers, international businessmen and women, and expatriates are some of the classes of people who go through this challenge. Countries tend to exercise stringent policies about money transfers across borders due to illegal practices such as:
- Fraud;
- Money laundry;
- Human trafficking;
- Drug peddling;
- Terrorism funding;
- Acquisition of regulated items like weapons and clinical drugs;
- Sponsorship of prostitution and other unwholesome acts;
Even when there are transfer means, transaction costs are another impediment. Most platforms require incredibly high costs, which comes across as discouraging.
Why talk about money transfer to Moldova?
Moldovans heavily rely on the remittances of their residents from the US, sister European countries, and other prosperous nations of the world because of the weak status of their economy. Remittances constitute a substantial portion (over 15%) of the Moldovan GDP, making this possible through online transfers across borders. The easiest methods for transferring money to Moldova are outlined in this article.
4 Ways to send and receive money
With the advancement of money transfer systems across the world today, you can send and receive money from nearly all parts of the world. Some of the most inclusive ways include:
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Direct bank transfer
The US and most European countries allow easy cash transfers to and from Moldova. This is achieved by direct deposits to the accounts from a US bank or any particular country to the local bank account in Moldova. In the same vein, it is possible to send money from Moldova to a bank in another country using an international wire transfer system.
International wire transfers are done using the SWIFT network. SWIFT is short for “Society for Worldwide Interbank Financial Transactions.” International businessmen and women mainly use this system.
Before you make up your mind to use this method, kindly note that it takes between 1 and 5 days for the funds to arrive at the destination bank. This is quite a long time when compared to other systems. More than one bank may charge for this transfer. The reason is that the money may have to pass through more than one bank before arriving at the domiciled bank. As a result, the cost of transfer will be high. Your money will likely be converted into another currency, and you may have to deal with exchange rates.
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Internet transfer
Using online money transfer platforms, you can send and receive money from anywhere, including Moldova. As long as you have access to the internet, a laptop, or a smartphone, you can complete your transaction from the comfort of your home. Here’s why most people prefer online transfer systems:
- Safety and security: It is a very safe way to send and receive money, as long as you can protect your login details.
- Speed: It usually takes 24 hours for a transaction to be completed. In most cases, it takes less than a minute.
- Transactions can be done within the confines of your home. You don’t have to go to the bank to get it done.
- Ease of use: Most platforms are very easy to use. This is important because no one wants to take an extra course to know how to use a platform to send and receive money.
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Money transfer agents
Most money transfer agents have their representatives in some parts of the world. You can send and receive money at reasonable rates wherever their representatives are. Some of these agents in the US have their representatives in Moldova, where you can send and receive money.
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International check issuance
You can send an international check across from your country using postal services to Moldova, where it can be cashed. The downside is that it may take a long time before cashing out. If you are in urgent need, this isn’t the best way to transfer money internationally.
Is it safe to send money to Moldova online?
Internet money transfers are one of the best methods to send money online to Moldova. To send money online to Moldova, ensure that speed, convenience, and ease of navigation are a few of the factors that must be considered: How about the security of the money? How safe is the system to ensure that people’s finances are not at risk?
On a larger scale, the system is secure. However, fraud cases in the online cash transfer system have been reported. Frauds usually occur when fraudsters hack into a recipient’s email, intercept transaction information, and use the info to receive the cash. To mitigate against such an occurrence, kindly take the following steps:
- Most transactions involve the transfer of data. Ensuring that such data is adequately encrypted is key. When there’s a breach, the hackers may not be able to use the highly coded data.
- User verification is an excellent idea adopted by internet money transfer companies to reduce fraud to the barest minimum. Establish reputable independent agencies that protect the transmission of all financial information.
Final thoughts
Most countries are beginning to get more financially inclusive. Moldova is one of them. Enabling laws are constantly implemented to ensure that transactions are painless but secure. We have a future full of business opportunities and global alignments concerning financial dealings. So, you have already found some tips on how to transfer money across borders, and this process shouldn’t be an issue any longer. The methods have been adequately explained to you. All you need to do is to think of what’s best for you.
