By Mohammed Waseem
Foreign currency transfers is a natural expansion option for foreign exchange houses and companies that work with them. Many companies have come up with this kind of service and are successfully running money transfer services from one part of the world to another. The benefit they focus on is better rates than a bank.
While this is common for almost all companies in this league, they have distinct USP that helps them attract new customers and that also retains old customers. However, as it is difficult to differentiate between various services offered and the factors involved in each of the services, having a distinct USP is very difficult. For this reason, they provide a guarantee or challenge other service providers.
The guarantee may be in the form of better service, fast transfers, lower fees or better rates. This eventually serves as their USP. To quote an example, UK based foreign exchange company, World First offers a great service that guarantees unbeatable exchange rates, exceptional levels of service, fastest available international payments and free transfers for UK based customers making personal transfers.
Having said this, it is questionable as to how fast the transfers can be. They take anywhere between a day and four days to complete a transfer. They cannot compete with leading money transfer operators in claiming that their transfers are the fastest. If they intend to compare themselves with banks and other exchange houses, it is a different point, but I believe it does not make sense.
When we talk about transferring money, we do not ask whether it is an exchange house or a different company. All we want is better rates, lower fees and fast transfers; whether it is World First of Western Union or any other service. It is however possible that they provide a much better service and better rates, but speed can’t be their USP.
World First allows customers to send money to other parts of the world through correspondent banks, such that money is deposited directly into the recipient’s account. The transfers happen through SWIFT as the company is a member of the SWIFT network. Transfers can also be scheduled for a later date with the help of a future contract. This link takes you to the sign up page. If interested, the users can try their service and see how different they are.