For individuals and businesses, sending large sums of money abroad is a common practice because people transfer money internationally for a myriad of reasons that include covering tuition fees and other educational costs, relocation purposes, planning a destination wedding, making investments overseas or buying assets. It is general knowledge that sending money abroad has its difficulties especially because multiple currencies are involved. This simply means that knowing better ways to send large sums of money abroad is vital.

Although traditional banks top the list of the most common ways people transfer huge amounts of money abroad, It might not be such an ideal choice because traditional banks operate slowly and charge very high fees on international money transfers. And this is why people tend to tilt towards alternatives when sending huge amounts of money from one continent to another.

A good payment platform provides you better ways to send large sums of money abroad. These means are safer, faster and secure compared to traditional banks. They include;

Crypto Based Remittance — In present times, crypto-currency has become a universal language spoken by millions of people across the globe because it is a flexible and secure way of sending large sums of money regardless of the distance between the sender and receiver. Also, sending huge amounts of money in cryptocurrency is an ideal way to avoid lengthy processes and ridiculous charges incurred on international money transfer by conventional banks. In Nigeria, banks have been banned from trading in crypto currency and some digital payment platforms do not permit cross-border payments in crypto currency so if you are going to opt for sending huge amounts of money via crypto currency, you should ensure that you use a digital payment provider like Vella that enables cross border remittances in Crypto currency. For individuals and business owners who use Vella, transferring huge amounts of money internationally via crypto comes with guaranteed security and convenience. Vella enables users to fund their multi-currency wallets, pay bills using crypto, swap currencies (NGNT to USDT and vice versa) and also send crypto to anywhere in the world using the recipient’s Vella tag or crypto wallet address. If you are someone who would rather send large sums of money to family or friends abroad in crypto, Vella is the perfect digital payment platform for you. Download Vella on Google Play store or Apple Store to get started.

Mobile Payment Services — With mobile payment services providing ease for its users, trips to the bank are becoming extinct because online money transfer services have become a convenient way through which people send and receive money globally. These online money transfer services charge lower rates than traditional banks, give users total control of their finances and provide convenience because all financial services are carried out on a laptop or mobile device. Digital payment platforms like Vella, PayPal, World Remit, Send wave, Western Union and a host of other digital payment solutions have made sending money internationally convenient, secure and at a reduced cost compared to traditional banks. Now, from the comfort of your home and mobile device, you can send large sums of money to your loved ones in another continent within minutes. Although sending large sums of money abroad comes with ease on digital payment platforms, some of these platforms set daily transfer limits for users. For instance, World Remit has a daily transfer limit of $5000 to Nigeria. So, choosing the right digital payment platform for sending large sums of money abroad is essential.

Cash-to-Cash Transfer — Although not common, A cash pickup service is another way people can send large sums of money abroad. Factors like speed, pickup location, exchange rates etc. should be taken into consideration when sending money abroad through a cash pickup service. The good thing is some fintech institutions enable their users to send large sums of money abroad via the cash pickup as a payout option. For instance, if you live in Nigeria and need to send a large amount of money to someone based in the US, you can simply walk into a physical money transfer center e.g. Western Union closest to you to send the money to an international money transfer center for the recipient to receive the cash conveniently. Cash pickup services are a better way to send large sums of money abroad because they are secure, fast and eliminate trips to the bank.

Sending large sums of money internationally should not be difficult and that’s why choosing a payout method that is secure, fast and low cost is very important.