Listed here is a comparison of four of the main companies providing money transfer services worldwide:
Western Union: Fund transfers with Western Union can be done either online or physically at a money transfer agent. Usually the funds will be available within a few minutes however to conform to anti money-laundering laws sometimes you have to making a confirmation telephone call before the amount of money is released. A confirmation of income collection is also delivered to the sender.
For online transfers and transfers made from an agent location the only real information required are definitely the personal names and information on the sender as well as the receiver. The send if with a agent location needs to provide their passport as must the receiver on collection. When the sender sends the amount of money they receive a personal MTCN number (Money Control Number) which they then need to pass to the receiver so they can make the collection.
Main Advantages: funds transferred within minutes, transfers can be made online or offline, receiver will collect the money inn local currency, there exists a huge network of agent locations all over the world, receiver does not need to have a bank account to receive funds and there are many message services available as well.
Main Disadvantages: Generally this is probably the most costly money transfer providers; you may be asked to create a telephone call out of your home address to ensure a transfer.
Ikobo cards: It is a re-loadable prepaid visa debit card. It is actually in no way connected to your bank account meaning there is not any need for any credit report checks; very beneficial for all those individuals with a bad credit history. You can transfer money onto the card and after that this can be withdrawn from any ATM anywhere in the world which includes the Visa sign. To achieve an Ikobo card you just order one directly from them and possess it brought to whom ever you want.
The Ikobo card works the following: the card is sent via FED EX to the individual on the planet and can only be utilized using the four digit pin code which only the recipient will know about. There is almost no risk of over possible amount of cash used because it is not linked straight to a bank account. The credit card can simply be reloaded utilizing a secure online service in which you can transfer funds instantaneously from the many supported currencies.
Main Advantages: cash withdrawals from visa ATMs worldwide, minimal reload costs, assignable to anyone worldwide, minimal credit checks required, avoids the requirement to carry considerable amounts of travelers cheques.
Main Disadvantages: these cards can only be used with Visa ATMs (occasionally limited and there is absolutely no credit limit available).
Xoom Money Transfer: This particular service works from the following process online: enter the recipients contact details, enter the sum you want to send, pick a delivery method- money can be collected, hand delivered or put into your bank, charge card or paypal account. Enter your payment details bank, bank card or paypal account details. Press send and after that let your recipient know the cash is on the way. You will then be issued having a Xoom tracking number.
Main Advantages: the transfer fees are more competitive than using their company companies, online transactions and the ability to transfer direct into US bank accounts also turn it into a very attractive option.
Main Disadvantages: The main limitation is they usually do not operate in as numerous countries as do some of the other companies, for example no services are available to transfer money to Thailand a very popular place to go for sending and receiving money.
Moneybookers: Using this company again you have to register nevertheless the web-site has been given with a similar security levels as sites containing banking services and share trading services.
After registering you simply need your email address and password to make payments as well as the receiver doesn’t need a money bookers account. You adhere to the on screen process to sign up your cards and after that you are able to pay at over 3500 online stores so you don’t need to show them any time you need to make purchases.
Money bookers supports 12 languages and payment in local currency can be found in over 30 countries. They offer customer care with an online messaging which handles enquiries quickly and efficiently.
Main Advantages: Very competitive transfer fees, additional services like sending SMS and faxes can be purchased and instantaneous money transmissions as borderless as the Western Union Contact.
Main Disadvantages: They don’t quite have the scale or mass network as various other established companies do.
So, there you have four in the main companies readily available for money transfers outlined for you. There are many other choices besides; this can be just to show the variety and scope of services available. The fqbars of money transfer companies and services available are growing daily so if you wish to make a money transfer don’t rush, check out a few different companies, check the little print and find the one which suits you by far the most.