According to Investopedia, bank deposits consist of “money placed into banking institutions for safekeeping.” While this is true, it’s the tip of the iceberg for what bank deposits can do both for money transfer customers and financial inclusion as a whole.
Whether you’ve been sending money for some time or are new to the world of money transfers, this article is for you! We’ll go over how bank transfers work and what they can do for your finances and that of your loved ones.
Ways to transfer money via bank deposit
If there’s one thing we’ve learned in the past 30+ years in the industry is that every money transfer is different. The needs of both the sender and the receiver can be vastly different, even for people sending money to the same location or from the same city. Below is a list of all the ways you can use Ria Money Transfer to reach your loved ones with or through a bank account.
Bank to Bank. You use your bank account to send money from a Ria location, online, or through our app. The money can then be deposited directly into your recipient’s bank account. This is a great option for people looking for a smooth and cost-effective way to make an international bank-to-bank transfer.
Cash to Bank. Just because you’re paying for your money transfer in cash doesn’t mean your family has to receive it as such. If you prefer, you can opt for a cash-to-bank transfer by simply providing your recipient’s bank account information.
Bank to Cash. While this option leaves the realm of bank deposits, it still functions as a bank transfer. As with a bank-to-bank transaction, provide your bank account information to pay the transfer. Then, select the pick-up location where you’d like your recipient to receive their money.
As you can see, there are many ways in which you can Ria’s services to power your bank transfers!
How does a bank transfer work?
As a money transfer company, our job is to help you move funds from one place to another, regardless of how far they need to travel. Bank transfers are no different.
If you’re looking to pay for your transfer using a bank account, we’ll deduct the funds and transfer the money on your behalf. This way, we can ensure the best exchange rates and transfer fees.
Here’s all you need to make a direct bank deposit:
- Recipient’s full legal name
- Recipient’s bank name
- Recipient’s bank account number/IBAN number
How long does a bank transfer take?
Delivery time will vary by bank, but it goes from instant to up to 24-48 hours for the funds to become available. You can check the status of your transfer using our Track-a-Transfer feature.
What can bank deposits be used for?
While some of the upsides are evident, bank transfers might have other uses you hadn’t even considered. For example:
1) Sending money to your loved ones. Helping a loved one pay their tuition in another country or providing your parents back home with funds for their doctor’s appointment is one of the primary reasons for sending money via bank deposit. By using an international money transfer service like Ria, you can reach international bank accounts without a problem.
2) Transferring money to your savings account back home. Popular amongst younger migrant workers, doing a direct bank deposit to your own account in another country is a great way to ensure your savings and possible investment funds are available in the country and currency of choice.
The long-term benefits of bank deposits
We mentioned financial inclusion before, and it wasn’t only because it’s an important topic. Money transfers are a great way to widen the access to financial services, especially in rural areas with limited financial infrastructure. Bank deposits take this a step further, promoting the use of formal financial tools.
For example, if you often send money to a loved one’s bank account, you are helping them build credit and providing them with an easier way to track their expenses. At the same time, when money is deposited into an account instead of paid out in cash, the person on the receiving end is more likely to save some of the money since it’ll already be put away safely in their account. The small change that might’ve ended up spent on more spur-of-the-moment purchases will be tucked safely away in your recipient’s bank account.
Bank deposits are also incredibly safe and convenient. There is no travel involved to collect the money and no need to carry cash around.
While all forms of money transfers serve their fundamental purpose, to get money where it matters, bank deposits take it a step further when it comes to financial education, safety, and, ultimately, inclusion.
Why choose Ria?
When it comes to bank deposits, Ria has the largest network in the world, reaching over 3.6 billion accounts across more than 125 countries. Not only that, but our service is designed to work for any and all customers, regardless of where they are, where they are sending, or their payment preferences.
- We’re affordable: we offer low fees on international money transfers, always.
- We’re simple: whether you’re visiting a Ria location or using one of our digital solutions, we put great care into offering you a hassle-free experience.
- We’re quick: we understand a fast money transfer is imperative during emergencies, so we take every measure to ensure your money is delivered as quickly as possible.
- We’re safe: we make sure your hard-earned money reaches its destination safely by following all the appropriate regulations and best practices.
Ready to get started? Download our app today for iOS or Android!