If you’ve ever had to send money to another country online, you’ll know the drill: you endlessly compare forex rates, hoping they’ll go up or down in your favour, and then sift through a ton of options while trying to pick the best way to send currency. The big banks may seem like the safest option, but they often come with sky-high fees, and they’re not always up front about what you’ll be paying to send money abroad.
That’s where SWiM PAY comes in, acting as the perfect go-between for any time you need to send money overseas – minus the forex hassles. How can SWiM PAY outpace even the major banks and offer a better rate? Let’s break it down.
Forex Rates
Forex rates, or ‘FX rates’, are always changing and a key piece of info when sending money overseas to a country that uses a different currency. Business forex is an especially important sector, as most businesses are sending far larger amounts than the average individual. The bottom line is that global finances never stand still, so for every currency rate comparison, you need to make sure you’re always getting the best deal.
The world’s largest banks all have their fees for sending money abroad, and if you consistently use them for this purpose, these fees can really stack up in the long run. In contrast, SWiM PAY’s rates are far cheaper than big banks, which can make a huge difference for both individuals and businesses – but with traditional finance having so much history backing it up, how does SWiM PAY outpace the banks?
Traditional Banking – The Downsides
‘Traditional’ banking is exactly what it sounds like: banks with physical locations, complete with tellers, vaults and ATMs. It’s the way banking has been done for centuries, but this just doesn’t cut it when it comes to modern finances. That’s because…
Large overheads: Those locations aren’t cheap. Physical bank branches come with all sorts of admin costs, and when you need to send money overseas, those costs get transferred directly to you.
Broad focus: Traditional banks are involved in a massive scope of activities, from home loans, to credit cards, to insurance, and more. They don’t need to offer competitive forex rates, because they have so much else going on.
Trading on reputation: Big banks know full well that they’re ‘big banks’. They can afford to have murky, complex fee structures and pricey exchange rates because they know they’re often the default option, based on brand recognition.
While big banks have their place, their huge size makes adopting modern financial technology a clunky process – and when it comes to forex rate comparison, they often come up short.
Fintech – The Pros
‘Fintech’, in a nutshell, refers to the newest financial technologies that are changing the way people do banking, including your ability to compare FX rates in real time, and especially online – which is exactly where SWiM PAY shines. How fintech has been disrupting international banking is a hot-button topic and it’s all happening in a few key ways:
Lower Overheads: SWiM PAY isn’t anchored to any physical location, massively reducing our costs, and letting us transfer those savings to you.
Fintech and Automation: We focus on modern global payment technology, with a simple, streamlined platform that’s entirely focused on a single task, instead of juggling a hundred different focuses. Instant international money transfer is now possible, thanks to the fintech we use here at SWiM PAY.
Focused on digital: While traditional banks are anchored to locations, SWiM PAY can entirely focus on digital and online payments – especially helpful when sending money across borders.
E-Wallets: What is an e-wallet? They’ve become the go-to option when making payments online, especially for transactions that cross borders and currencies. SWiM PAY’s e-wallets offer a ton of benefits, including multiple currencies, instant global transfers and cutting-edge security.
The Bottom Line: Fintech Makes the Difference for Forex Rates
SWiM PAY’s lower foreign exchange rates aren’t a corporate secret, and we don’t bury them in financial jargon. We focus entirely on digital payments and specialise in business forex, letting us offer far more competitive rates than big banks. That’s the huge, game-changing advantage of a streamlined, digital-payment-focused business: we’re specialists, focused entirely on global payments, and that gives us the edge.
You can compare FX rates right here on our website, with options to check out the rates offered by the world’s biggest banks, see how they compare, and confirm that SWiM PAY’s forex rates really do live up to the hype.
