Choose the right payment platform to make international transactions
Whether you’re a freelancer, a digital nomad, or a business that runs remote teams in India, Bangladesh or the Philippines – you need a payment partner that makes your cross-border payments as hassle-free as possible while being the most affordable in the market.
Today, let’s find out the best payment partner for you!
5 Things to Consider Before Choosing a Payment Partner for Global Payments.
- Foreign Exchange Rates
- Service/Processing Fees
- Processing Times
- Currency & Region
- Compliance with Local Regulations
Traditionally, these payments have been processed through banks, often leading to high fees, 6.20% on average, and varied processing times up to 5-7 business days. Alternatively, money transfer services provide a more cost-effective solution, though their availability can be limited in certain regions & currencies.
Foreign Exchange Rates 💹
The volatile nature of currency exchange rates can significantly affect transaction costs. Though private money transfer companies don’t possess much power over the ForEx rate, they often offer better rates to attract new users.
Service/Processing Fees 💸
Different financial institutions and payment services have varied fee structures for international transactions. While many money transfer platforms offer cheaper service fees, none can beat the rate of Wind.app
The traditional transfer system requires the physical movement of money through a correspondent bank from one place to another. Which makes it costly.
Whereas the fund transfer on blockchain technology moves transaction info from one block to another and allows them to cash out locally. Which makes it incredibly cost-effective.
Looking out for the services that offer rates close to the mid-market rate can provide savings.
Processing Times 📅
Where the usual transfer through banks may take 5-7 days, there the money transfer platforms promise to send money within 2 days. That is what they say to you, but what they don’t say is that it takes 5-7 business days in reality because of the timezone difference, holidays, and intermediary bank delay.
Currency & Region 🪙
Knowing the preferred currency & region availability of your international partner can help streamline the transaction process. Like others Wind.app is available in 40+ currencies, 100+ tokens, and is available almost everywhere in the world.
Compliance with Local Regulations 🏛
Ensuring compliance with local laws, such as the Foreign Corrupt Practices Act (FCPA) in the U.S. is vital to avoid legal issues.
That said, most of the known money transfer platforms are licensed somewhere but not all of them are in compliance with Local Regulations.
However, Wind.app is licensed locally in most countries, and has partnerships in places to ensure convenience for the users.
– Wire Transfers: Ideal for urgent or large payments due to their speed and security, albeit at a higher cost.
– ACH Payments: More cost-effective for regular, smaller transactions, though it takes longer processing times.
– PayPal: Convenient for smaller, less urgent transactions, offering quick processing but variable fees.
– Wind.app: Ideal for individuals, businesses, or Web3 Enterprises, that need to make instant fund transfers globally at near-zero processing cost.
Download the Wind App today if you’re sending money to your friends and family. Or sign up as a business to pay your remote team or international vendors.
Book a Call! 🧑🏻💻
Schedule a consultation with our co-founder, Simo Figuigui, to explore how Wind.app can streamline your international payments via our business dashboard or enhance your web3 product through our API integration.
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