Are you Using Credit Card to Send Money from UK?

Looking for a quick option to send money back home? You can use your credit card to transfer money from one country to another. However, there are few things you need to remember. If you use the card for sending money on a monthly basis, it will prove to be an expensive option. The transfer fee will also be higher compared to a wire transfer. Even though credit card money transfer is expensive, it is very useful if you don’t have cash in your account and you need to send money back home urgently.
When you send money from UK from your card, the funds debited will be treated as a cash advance and not as credit charge. Cash advance is basically a service that allows the card holder to borrow cash from the card issuer up to a certain limit. When you make a transfer, you are actually borrowing money from the card issuer rather than using your credit. This advance or short-term loan needs to be repaid within the billing cycle.
Compared to a purchase made from your credit card, interest rate of cash advance is higher, especially if you don’t repay on time. You will not be given any grace period to pay this loan. You also need to know that you cannot take cash advances for the full amount of your credit limit.
If you send money online from a remittance agency, you will be getting the option to make the transfer from your credit card or bank account. It is important to know how much the card issuing bank will be charging if you use the credit card for funds transfer. You also need to know the transfer fee being charged by the remittance agency.

Transfer Money to China- Benefits of Online Remittance

Compared to banks and money transfer companies, online remittance agencies offer low exchange rates. Their transfer fee is also less which makes them one of the most cost-effective modes of sending money abroad.
If you wish to transfer money to China, there are several benefits of choosing an online remittance agency, especially if you make regular transfers. Since these agencies offer competitive currency exchange rates, your family or friends will get maximum of what you send.
Online mode of remittance is not only cost-effective but also convenient. You don’t need to go to the bank every time you wish to send money to another country. All you need is your laptop, tablet or smart phone with internet connection to initiate a transfer from the comfort of your home. When registering with an online agency, you need to provide required details such as name, phone number and so on. This eliminates the need to fill in the required details every time you send money.
This remittance mode is convenient as well as safe. You don’t have to worry about the safety of your money or hackers getting to know your account details. If you have chosen a reputed online agency, they follow strict security measures to ensure that money reaches the beneficiary in a safe and secure manner. Since data travels on the internet in an encrypted format, even if someone hacks it, they won’t be able to decode and misuse it.
During festivals, online remittance providers offer discounts when you send money through them. For instance, their transaction rates are quite low during Christmas. You can also send money to China free as many such agencies waive off transfer fee if you avail their services for sending a huge amount to your family or friends in China.