Every Money Transfer And Remittance Term You Need To Know: Letter T

Last updated: October 05, 2022

Tap & Go

Tap & Go is a mobile wallet prevalent in Hong Kong, and has become a very popular mechanism to make payments. Also called "Tap N Go" or "Tap and Go", Tap & Go allows users to make contactless payments using their mobile phone.

If you are in Hong Kong and want to send money overseas, you may be able to fund your money transfer with Tap & Go as long as your money transfer provider accepts it. In that sense, Tap & Go is a local payment method to pay for international money transfers sent from Hong Kong.

Also see: Digital Wallet, Electronic Wallet, Local Payment Method, Mobile Wallet, Payment Method
Further reading: Payment Methods for Money Transfer

Transfer Amount

The transfer amount is the amount of money you send as part of your international money transfer transaction, also called a remittance.

The transfer amount will always be in the source currency, and may or may not include fees depending on how the money transfer company charges you their transfer fee. The fee will be included in the transfer amount or added on top of it. Either way, the money that actually goes overseas to your recipient is the non-fee portion of the transfer amount.

Most money transfer companies will have transfer limits (also called sending limits) in place to regulate how much amount you can send. You can sometimes provide additional documentation to increase the sending limits.

Some companies will let you send unlimited amounts, albeit subject to any governmental or legal controls and limits that may be in place for either the source country or the destination country or both.

Also see: Money Transfer, Online Money Transfer, Online Remittance, Remittance
Further reading: Best Ways to Send Money Internationally
Complete Guide to Send Money Online
What Is a Remittance and How Does It Work?
How To Make The Most Of Your Remittance

Transfer Speed

The transfer speed is a measure of how fast a money transfer company is able to move your money overseas. It is an important aspect of an international money transfer and something you should be aware of in case you ever need to send money urgently or for emergencies.

Money transfer speeds can vary anywhere from instantaneous to minutes to hours to days and even weeks. Generally, mobile payments tend to be faster, while bank and wire transfers can take days and in rare cases, even weeks.

Money transfer payment and delivery methods both can have a major impact on the end to end transfer speed. Generally, electronic payments will ensure faster delivery times. That said, cash pickup at an agent location is also very fast as money is generally available instantly for pickup at an agent location.

For the same payment and delivery methods, different money transfer operators (MTOs) will have their own transfer speed. This is something you should be aware of so if faster transfers matter to you, you can pick and choose the companies that match your needs.

Also see: Money Transfer, Online Money Transfer, Online Remittance, Remittance
Further reading: Best Ways to Send Money Internationally
Complete Guide to Send Money Online
What Is a Remittance and How Does It Work?
How To Make The Most Of Your Remittance

Trustly

Trustly is another local payment method that is popular in many European countries as well as in Australia, Canada and the US. Trustly is based out of Sweden, and at its core, is an online payment network that is connected to banks and merchants.

If you make Trustly payments, you can rest assured that your bank information is not shared with anyone. This ensures privacy and safety without sacrificing the convenience of instant, online payments.

If your money transfer company accepts Trustly payments, you can use it as a local payment method in your country to fund your remittance transaction.

Also see: Local Payment Method, Payment Method
Further reading: Payment Methods for Money Transfer