Importance of fastness on money transfers

Written by Davies on reduce time / Reading time: 4 minutes.

Importance of fastness on money transfers

When making money transfers, especially when they’re international and the destination is thousands of kilometres away, there are many things we assume. They’ve always been like that, it’s impossible to shift them, we have no other choice than taking them. That’s the mentality most people have, and it’s understandable: the force of habit has made these ideas widespread and very difficult to alter.

One of them, for example, is that money transfers are a slow process. It’s true that, according to experience with the systems available so far, thinks take quite a long time. If you use common bank transfers, the lapse will rarely be shorter than two days, and can extend way further depending on the destination you choose. Actually going in person to an agency may mean roughly similar times.

So, people who want to make money transfers are forced to wait for days until the procedures are completed? Not necessarily. There are alternatives which can speed up the process and manage to take the money to its destination quickly. Do you know them? Stay with us, we’ll tell you.

Why it’s convenient to make the money arrive quickly to its destination

One of the most valuable features for the users of money transfer services is fastness. Reasons are obvious: money transfers are made out of necessity. Sending remittances from one part of the world to another can become a complex and costly task nobody gets involved in if not absolutely necessary. Due to this, the quicker the annoyance passes, the better.

The receiver of the money must also be kept in mind. It happens often that, for example, the money that a migrant sends from the country where he has gone to work becomes one of the main legs in which stands the domestic economy of the receiver, maybe back home in a place where the socioeconomic level is lower. If that is the case, having that cash sooner or later can be the difference between being able to pay bills and food or getting into serious trouble. That’s why fastness is crucial.

Besides, with money transfers happens the very same as with any other transaction or any other bureaucratic procedure. The longer it takes to complete, the more possibilities there are to find any problem on its way, which could mean paying more in fees or commissions or even losing the money. It’s unlikely, but it wouldn’t be the first (nor the last) time that something like that happens. So reducing risks is basic in such a delicate situation.

Ultimately there’s another important reason: your money is yours, and it’s up to you to decide what to do with it. There’s no reason for it to be roaming around the world, in hands of people you probably don’t know, without creating profit for yourself or for your loved ones. Having a fast transfer process ensures that the money stays as long as possible under your control.

All these reasons make finding quick and reliable alternatives, which go beyond traditional means, a must. Of course, companies that usually handle these procedures do perfectly know how disturbing this lack of fastness is for their users. That’s why you can find “premium” services which promise money deliveries in only minutes. They actually do it… at the expense of increasing costs by charging disproportionate fees, which isn’t worthwhile at all.

This is the way cryptocurrencies can help you send money fast

In the last years a new technology has arisen, which, among many other benefits, solves the problem of fastness in money sending and also manages to keep affordable costs for everybody. We’re speaking about cryptocurrencies, that is, virtual currencies used to make exchanges on the Internet.

Since they work in a completely digitalised way and lack physical support, the need of making any procedure in person literally vanishes, including going to exchange agencies or bank branches. This, by itself, means great time saving, which even increases when we notice that, precisely due to this fact, we don’t have to care anymore about timetables. Money sending can be done at any moment, whenever it’s more comfortable for both the sender and the receiver. And the process is literally immediate: from the moment in which the transfer is boosted to the point in which money arrives to its destination, wherever in the planet it is, it only takes a few seconds.

Other main aspect is that all and every intermediaries are removed. Using cryptocurrencies such as Davies no external companies to manage operations are involved. The user becomes his or her own bank, which, apart from speeding the procedures, greatly reduces costs of fees and commissions.

Not less important is safety. It is based on blockchain technology, which logs all performed operation in such a way that they’re linked to each other, so the system is impossible to hack. No transfer can be cancelled or modified, a fact that ensures that the money will arrive to its destination and saves you a lot of time in hypothetical future complaints.

Would you like to know more about the cryptocurrencies world and learn how can they help you in your money sending to any part of the world? Follow our blog, in which we’ll provide you with useful advice about how they work, so that you can fully understand this new, useful and exciting service!