With rapidly shrinking geographical boundaries, the need to transfer money overseas becomes the need of the day, be it to transfer money to children studying abroad or remit money back home or even pay for freelanced work outsourced from another country. For fast transfer of funds across the world in a few hours, money transfer service is the best solution. For a small fee, you can transfer money overseas for a medical or other emergency. International money transfer market is growing steadily and is estimated to touch several billion dollars. With advancement in technology and widespread use of the Internet, online money transfer is a popular choice. Be it electronic funds transfer or wire transfer, ensure that you are sure about the veracity of the money transfer services you are utilizing.
Money transfer overseas
Many people prefer money transfer overseas to regular mail, for reasons of security and speed. The urgency of funds transfer and frequency of overseas money transfer determine the kind of money transfer services you need. If you wish to transfer cash to the recipient, you can do so by transferring checks or depositing money into the recipientís bank account. With international money transfer services, you can pay for services or make donations overseas, pay for auction purchases and also send monetary gifts. Hardly any international money transfer service provides escrow service.
One of the popular uses of money transfer is conducting of online business transactions. Online purchases, auctions and sales can be easily transacted with reliable online money transfer services such as Western Union, Paypal, Ikobo and Money gram. Been around since 1851, Western Union is synonymous with international money transfer services. Online money transfers through reputed financial institutions are secure and allow you to send and receive money. Your Visa or MasterCard should enable you to conduct online money transfer within minutes. PayPal is an excellent form of money transfer for online services and purchases. It can be seamlessly merged with your existing credit card and checking account. Online business is most often conducted with PayPal transactions.
Wire money transfer
Wire money transfers are quick and paperless transactions. Money wire transfers are just a transfer of funds from one bank account to another. Wire money transfers are the preferred mode of payment for transferring credit card. While wire money transfers are easier if the recipient also has a bank account, cash wire transfers are also possible. The recipient has to produce identification at the time of disbursement of funds. But cash wire transfers are more expensive. Cash money transfers can be done online. Each money transfer transaction has a unique transaction number that makes for easier tracking. Electronic money transfers work well for larger transactions. The currency is transferred directly into a bank account. This makes the funds quickly available to the recipient.
Money transfer service
- Beware of any money transfer offers that sound too good to be true. Money transfer services are often used by many fraudulent people for money laundering and other purposes.
- Always be in the know of the person who is the recipient of your money transfer. It is not prudent to use money transfer service to conduct business with a stranger.
- Do not resort to international money transfer services for supposed wins on lottery or gains.
- Ensure that your account has sufficient funds before wiring money transfer instructions.
- Always check the transaction fees, which are usually a percentage of the money remitted.
- Look for the exchange rate that the international money transfer service gives.
- Check for any minimum transaction amount when you transfer money overseas.
- When you transfer money overseas, look for different delivery options so that the recipient can collect the money as soon as possible.