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Will Bank Accounts Still Be Necessary For Expat Workers In 2023?

Will Bank Accounts Still Be Necessary For Expat Workers In 2023?

22 Nov 2022

Are you confused about choosing bank accounts or an online money transfer as an expat worker? Lovers of credit card rewards are frequently the first to sign up for a new account whenever they come across one with a nice bonus or useful extras. Alternatively, you might be issued a new card because it better fits your lifestyle than your present cards.

However, very few people think about doing the same when it comes to bank accounts. Truth be told, there are just as many valid reasons to open a new bank account as there are to open a new credit card. In 2023, you may benefit from opening a bank account and using it to send money back home, but you should consider using another method instead. There are some additional excellent methods for money transfers that are most effective for workers from abroad.

Cheapest Methods Of International Money Transfers In 2023

Although it might seem convenient to transfer money through your bank, doing so is typically more expensive. Making an international bank transfer through a money transfer company can be significantly less expensive than using a bank because the exchange rates are frequently better, and the fees are typically lower.

A money transfer business can help you send money abroad more affordably than a bank by saving you between 3 and 4 per cent of the total amount. Though not every money transfer business is the same. Some money transfer businesses specialise in sending money to particular nations, making them more competitive on particular currencies. Others are merely apps or businesses that operate online only. Nobody interacts with you.

Additionally, because you can speak to someone at any time during the transfer process, some money transfer companies are better suited for larger transfers. People want to make the best decision; they don't want countless options. Therefore, let's help you make your choice much easier. Generally, there are three types of money transfer firms:

  1. Remittances – cash transfers.
  2. The use of online tools and apps for payments.
  3. Currency brokers that provide one-on-one service.

Remittance Companies 

According to some experts, remittance companies will be great for expat workers who need to send money to family members abroad quickly. You might be surprised to learn that transferring cash can often be the fastest method of doing so. Cash transfers do not need to pass through the banking system to be cleared, which is the cause.

Even without a bank account, the recipient of the funds is not required. Simply providing identification is all that is required. Cash remittance companies govern the maximum amount you can send.

Given that sending money abroad is more expensive, they are typically best for smaller sums (under £2,000). In the global remittance market, ACE Money Transfer is unbeatable. Nearly every region of the world can benefit from its physical presence.

Money Transfer Apps 

A new breed of digital payments businesses is the apps and online platforms. And in 2023, expats workers should choose this method over opening a bank account. They are sometimes referred to as "fintech," though.

Apps for sending money abroad are purely technological methods of doing so. Simply put, they provide software that is DIY-friendly. Again, there is a tonne of competition in the market. ACE Money Transfer takes the top spot on the list despite there being many other well-known money transfer apps.

The Quickest Way To Transfer Money Across The World in 2023

For many people, the fastest method of sending money overseas is also the best. The services listed below can help you if you require your transfer to become available immediately, or at least that day. It's crucial to remember that not all nations permit same-day service, and you might have to pay a fee. The overall speed of the transfer may also be impacted by your chosen payment method.

For example, cash transfers happen most quickly and are typically available to your recipient right away. It will also transfer quickly for ACH payments made with a debit or credit card. Since the business must first confirm all of your account information, paying from a savings or checking account typically takes the longest of all payment methods. 

In 2023, ACE Money Transfer will be the fastest method for sending money abroad. This service ranks highly because it has quick transfer times and a simple account creation process. The recipient only needs to show their smartphone or sign to complete a cash transfer because they appear immediately. Additionally, compared to many of its rivals, its fees are lower.

Although you can rely on most financial services with recognisable names, it's always a good idea to take extra security precautions given the sheer volume of money transfer scams and recent increases in phishing and hacking. Online money transfers will be the most cost-effective and secure way to send money in the future instead of using a bank account. Therefore, in 2023, expatriate employees won't need a bank account.

Bottom Line 

Even though speed is fantastic, you should remember that you'll eventually pay for it. Lower exchange rates and overall higher fees are more common with faster transfer services. Bank accounts are lost in both scenarios, and ACE Money Transfer is the best option due to its speed and affordable fees. Therefore, in 2023, be smart about how you send money abroad.


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