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Disadvantages of send money to Slovakia in the traditional way

DNBC Team DNBC Team

Jan 28, 2023

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Slovakia is a beautiful country located in Eastern Europe. In recent years, Slovakia has become a name chosen by many investors as a place to settle down. Therefore, there will be international transactions such as send money to Slovakia in many forms. Among them is the form of international money transfer by bank. In addition to the advantages that this method brings, what are the disadvantages?

Disadvantages of send money to Slovakia in the traditional way

Disadvantages of send money to Slovakia in the traditional way

Slovakia and interesting things about this country

Dubbed the “Heart of Europe” – Slovakia is famous for its peaceful and ancient beauty. This country attracts thousands of tourists stopping by every year. In addition to possessing spectacular landscapes, Slovakia is also a member of many organizations such as the European Union. That is why Slovakia is supported as well as supported in many ways.

Slovakia is considered a high-income country. The auto industry accounts for a significant portion of the country’s exports. Also, it is the seventh cheapest country in the European Union. According to many articles, rent in Slovakia is 60.35% cheaper than in the United States. And without the rent, the cost of living per person a month is about $627.

Based on the above characteristics, it can be seen that Slovakia is being chosen by many foreigners as a place to study, settle down, and invest,… Therefore, there will also be many international services related to Slovakia such as sending money to this country. So what are the difficulties when transferring money to Slovakia using traditional methods?

Methods of send money to Slovakia

Technology is developing more and more, giving birth to many convenient services to support people. International money transfer methods are also increasingly changing to serve the needs of users. Some people immediately adapt to new technologies, while others are loyal to the old methods. People often ask how to send money to Slovakia, how many methods are there to transfer money to this country? Here are 3 methods that surely anyone who often transfers money internationally will find it familiar.

Bank transfer – the traditional way

This is the most common of the common ways. The user will go to the bank to request a money transfer. Then follow the teller’s instructions to complete the transaction. Many people choose this method because of the safety, as well as the high security that bank transfers bring.

Transfer money using online apps

In addition to payment, using online applications is also the way many people choose. Today’s online money transfer applications are very easy to operate and convenient in terms of time. But with that convenience sometimes comes disadvantages such as security. Newly launched apps will always be targeted by scammers. They can attack your account at any time if you are vulnerable. Thereby stealing user data with the aim of taking all the money in your account. So please be careful when choosing online money transfer apps

Transfer money through services – the best way to send money to Slovakia

International money transfer service is also considered a fast and convenient way. When you transact through the service, you not only save a great deal of time. And the recipient will also receive the money quickly. In addition, the money transfer service is also cheaper than other methods, which can be considered the lowest. In addition, these money transfer services do a very good job of security. So you can rest assured when trading.

Disadvantages of transferring money to Slovakia by the traditional method

Transferring money through traditional methods such as banks/post offices has certain advantages. But along with that, there are also disadvantages that this form brings as follows.

Waste of time

The first disadvantage to mention is that it is time-consuming for both the sender and the receiver. If you want to transfer money by this method, you have to go to the bank/post office and wait for the staff to guide you. Busy people they will not like this method. Because in addition to the time to go to the bank, they also have to wait for their turn, then make the transaction.

More costly

Money transfer via bank helps with high security to help ensure user information. Therefore, the cost of transferring by this method is quite expensive. People who do international transactions like investors will not choose this method because it is too expensive. Instead, they often choose online money transfer services to save more time and wire transfer fee.

Long time to receive money

Normally, the recipient will receive the money by bank transfer after 1 hour. For example, you are in Vietnam and want to send money to Slovakia for your loved ones? Via the postal system, it will take about a day or so for the money to reach Slovakia. But it will also depend on the region and time zone of the country you’re moving to. But there is a difference in the time to receive the money. For the recipient, 1 day is too long to wait if they are in urgent need of this money.

Conclusion

Currently, send money to Slovakia is not without many disadvantages. There are many international money transfer methods to suit the needs of users. Depending on your conditions, choose the appropriate form of money transfer. According to the majority of users, money transfer service is still their best choice. Because these services bring convenience in terms of time and cost savings. In addition, many people also believe that the best way to send money to Slovakia is to use a money transfer service.

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.