Times have changed with the advent of modern day technology which has
revolutionized the way people send and receive money. Transferring money by
cash, bank draft,
cheque or money order may fast become extinct, as faster
electronic methods for transferring money between accounts, states and even
countries are fast becoming a thing.
When you need to
use a money transfer service, it
pays off to do some research. In terms of cost, there are certainly inexpensive
options for transferring money, and the cheapest method may vary depending upon
the circumstances. You’ll find out that fees and exchange rates can vary, and
you may also consider things like speed, safety and customer support.
1. Banks:
Financial
Institutions can assist with different types of fund transfers. If you are only
transferring money from one account to another within the same financial
institution, this is an activity you can easily perform at your bank for free.
At the bank, tellers are readily available to assist in setting up suitable
transfer services, including wire transfers to another bank, state or country.
Overseas money
transfers are possible through your bank as well, though you will often require
a lot more information, including the name and address of the account holder,
information about the financial institution the money is being sent to and the SWIFT
or IBAN of the recipient bank. Rates may vary depending upon your bank.
2. Western Union:
Western Union and other
transfer services like MoneyGram provide similar services that allow you
transfer money to a different city, state or country.
Western Union is an
international money transfer service, which enables individuals to send and
receive money worldwide. With a network in over 200 countries, Western Union
controls 20% of all remittance transactions.
With this money
transfer services you are charged a flat rate for the transfer that is based on
the speed of the transfer, the location you're sending money to and the amount
of money you are sending. If you're doing an overseas or international
transfer, you'll also be charged an exchange rate. The major benefits of these
services is that they tend be both highly dependable and convenient. A maximum
send limit of 1,000 USD per customer, per quarter applies. Western Union offer
competitive rates and are also fast and reliable.
3. MoneyGram:
MoneyGram and Western
Union enable you to send money to anyone just about anywhere in the world,
there are a few differences between each that are worth considering. For
instance, Western Union has over 500,000 international agent locations, while
MoneyGram has closer to 350,000. More locations mean more places to send and receive
money around the globe. This is particularly helpful if using other options to
transfer funds, such as a phone or computer, are not available.
4. WorldRemit:
The benefit
of WorldRemit is that it is a secure, quick, reliable,
seamless and cost-effective international funds transfer service. With
WorldRemit, no minimum amount for transfer. However, the initial transaction is
subject to a maximum of USD 2,000, while the maximum limit per transaction is
USD 7,500, the total of which must not exceed USD 50,000 every 6 months.
Take advantage of
one of the most efficient payment system for the thriving and largely informal
trade activities within the African Regions of the WAMZ, UEMOA, CEMAC and
East/Southern Africa.
Africash offers a
seamless platform for the settlement of imports and exports in respect of their
formal trade transactions. An easy way to transfer and collect money, with
Africash sending and receiving money across Africa is a breeze.
6. E-Transfers:
Many financial
institutions allow you transfer money online, in a way similar to how you would
if you were paying a bill online. To perform these services, you will require
an account number and bank routing number. For E-transfers to international
accounts you'll require a SWIFT or IBAN number. The account holder's name as it
appears on their account will also be required.
E-Transfers come in
very handy for transferring funds on a regular basis, as you can set up the
frequency of the payment if it will be on a regular basis. It is a less
expensive method of making transfers.
Whether you’re sending money from the
United States to Canada, from Nigeria to China, from Australia to India, or to
or from anywhere else in the world, it’s your hard-earned money and its worth
taking some time to make sure it’s in good hands.
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