Need to send money instantly? Here are the immediate payment costs (banks vs MM)

In today's fast-paced world, instant payments are becoming increasingly popular. These payments are processed and completed almost instantly, allowing money to be transferred from one account to another in seconds. 

Immediate payments are typically used when funds need to be transferred quickly, such as in emergencies or when a time-sensitive transaction needs to be completed. This can also include sending money home for occasions like Ramadan or Easter. A better option, in these cases, than using a traditional bank to transfer money is Mama Money. Mama offers a faster and more convenient way to transfer money online instantly.

If you need to send money instantly, two main options are available: traditional banks and online money transfer services like Mama Money. 

Let's take a closer look at the costs and benefits of each.

What are the costs of sending money internationally? Banks versus Mama Money

Every bank is different, but generally, you can expect them to take as much as 3-4% of your total transfer as a fee when you send money internationally. The updated bank fees are not transparent and quite difficult for users to find - in most cases, you’ll need to get a quote from the Forex section of the bank’s website or app. 

Mama Money’s fees are transparent, and once you download our app, you’ll be able to see exactly how much money your recipient will receive and how much the transfer fees will be for your transaction.

Immediate Payments: What are they, and how do they work?

Immediate payments, also known as real-time payments or instant payments, are electronic transfers of funds that are completed almost instantly. Unlike traditional payment methods, immediate payments are processed in real-time, allowing the funds to be transferred from one account to another within seconds.

Immediate Payments: Banks vs Mama Money

Banks

• Security: Banks are known for their high level of security, making them a popular choice for people who want to ensure their money is safe.
• Reliability: Banks have been around for a long time and have established reputations, making them a reliable option for people who need to send money.
• High fees: Banks are known for charging high fees for immediate payments, which can add up over time.
• Slow transaction times: Although banks are reliable, their transaction times can be slow compared to alternative payment providers.
• Poor exchange rates: Banks often offer poor exchange rates, which can result in you paying more than you need to for your transfer.

Mama Money

• Low fees: Mama Money offers lower fees for immediate payments, making it a cost-effective option for people who need to send money regularly.
• Fast transaction times: Mama Money's real-time payment system allows for fast and secure processing of payments, making it an excellent option for emergencies.
• Customer service: Mama Money offers customer service 24/7 to help you with any issues you experience on the app. Our customer service team is also available to chat in your language!
   

Ultimately, choosing between using a bank or Mama Money depends on individual needs and circumstances, and it is important to consider all options carefully before deciding. When choosing the best payment method for different situations, there are several factors to consider. For example, transaction size, currency exchange rates, and transaction speed are important factors to consider when choosing between a bank and an alternative payment provider like Mama Money. 

Immediate payments can prove to be a lifesaver in many real-life situations. For instance, if someone suddenly falls ill and requires urgent medical attention, immediate funds are necessary to cover the medical expenses. Similarly, if a friend or a family member faces an emergency, immediate financial assistance can help them tide over the crisis. In addition, immediate payments are crucial in business transactions where prompt payment can secure better deals and establish credibility. 

For people with relatives living in different countries, immediate payments offer a convenient way to send money quickly without worrying about transactional delays or poor exchange rates. 
Mama Money is an excellent option for anyone who needs to send money instantly. Compared to traditional banks, Mama Money offers lower fees, faster transaction times, and features such as transaction tracking on the app so you'll know exactly where your money is. 

Whether you need to send money to a loved one in an emergency or to conduct business transactions quickly and securely, Mama Money can be a great choice. With our real-time payment system, you can be confident that your money will be transferred quickly and securely. 

Why not try Mama Money and experience the benefits of instant payments for yourself?