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Bank Transfers: How to Get the Most Out of Your Bank Deposit

Bank Transfers: How to Get the Most Out of Your Bank Deposit

January 25, 2023 5 min read

Depositing money into a bank account is not just a convenient way to save your cash for later. Having a bank account is a crucial step toward financial inclusion and independence, and it makes other financial services like loans, credit, and money transfers much more accessible.

Whether you’re new to money transfers or you’ve been making transfers for years, bank deposits can make it easier for you and your loved ones to send money, save money, and achieve your financial goals.

Ways to transfer money via bank deposit

No two money transfers are exactly alike. In every case, the person sending the money and the person receiving it have their own unique circumstances that need to be considered. With that in mind, we offer a variety of different bank transfer methods to help ensure that your money gets to where you need it to go quickly, conveniently, and reliably.

Bank to Bank: Have money sent directly from your bank account by visiting a Ria location, going to our website, or using our app. From there, the money you sent gets deposited directly into the recipient’s bank account. This option is perfect for people looking for a hassle-free way to send money to one of the more than 160 countries served by our global bank deposit network.

Cash to Bank: Bring the cash you want to send to any Ria location, and we can deposit the funds directly into the recipient’s bank account. All you need is the bank account information of the person to whom you wish to send the money.

Bank to Cash: This isn’t technically a bank “deposit”, it’s really a bank transfer. Be that as it may, it can still be the perfect option for you and your loved ones depending on your circumstances. Sending money bank-to-cash begins much the same way as sending it bank-to-bank, namely by making the transfer in-person, online, or on our app using your bank details. Then, choose a convenient Ria location for your chosen recipient to pick up their cash.

With so much flexibility, there’s bound to be an option that meets your needs!

How does a bank transfer work?

Getting your money where it needs to go is the thing we do best. We work closely with banks all around the world, and our network reaches more than 3.6 billion individual bank accounts.

Making a bank transfer begins with having the funds you want to send withdrawn directly from your bank account. This way, we can be sure to give you the best exchange rates and transfer fees possible.

Having your funds deposited right into the recipient’s account only requires a few pieces of basic information:

  • Recipient’s full legal name
  • The name of the bank the recipient has their account with
  • Recipient’s bank account number or IBAN number

Whether you send money through our app, online, or at a Ria location, you’ll need to provide the same information to ensure your transfer is successful.

How long does a bank transfer take?

90% of bank deposits sent with Ria arrive real time, meaning funds are available almost instantly. You can check the status of your transfer every step of the way using our Track-a-Transfer feature.

What can bank deposits be used for?

We know that the money you send to loved ones matters a lot especially when they are far away. Bank transfers offer the peace of mind of knowing your transfer will arrive conveniently, reliably, and, in most cases, almost instantly. Some of the benefits of bank deposits include:

  • Helping someone you care about pay for education back home or abroad, or helping them pay for medical care. These are among the most important reasons for sending money internationally, and with a bank deposit, you can be sure that you money gets to where it needs to go.
  • For many people working abroad, depositing funds directly into your own account in another country is a perfect way to save your earnings and be sure they’ll be available when you return to invest in education, a small business, or whatever dream you’re working toward.

The long-term benefits of bank deposits

Money transfers are a great way to help more people access financial services, especially in rural areas where financial infrastructure is less readily available. The ability to receive bank deposits can encourage people to take the step of opening a bank account, which in turn opens new opportunities for achieving greater financial strength and stability.

Sending money to a loved one’s bank account can open the door for them to build credit, track their expenses, and plan for their financial future. Having money deposited safely in a bank account can help encourage saving and longer-term financial thinking. Money stored in a bank account is also much better protected from theft, damage, and loss than cash kept at home.

Getting your money where it needs to go, no matter what form it takes, is the top priority of any money transfer, but bank deposits do have some unique advantages that make them an option well worth considering.

Why choose Ria?

Ria has the largest bank deposit network in the world, reaching over 3.6 billion accounts across more than 180 countries and territories. We strive to serve all of our customers the best we can, no matter where they are, where they are sending their money, or the way they choose to pay for their transfer. Some of the advantages of sending with Ria include:

  • We offer low fees on international money transfers, always.
  • We put great care into offering you a hassle-free experience.
  • We take every measure to ensure your money is delivered as quickly as possible.
  • 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!

About the author

Madeline I. Carcamo

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