Money Transfer Information - Domestic & International
Money transfer is the ability to send funds from one location to anywhere else in the world. The funds are available instantly and accessible to the receiver after presenting basic personal information as well as a form of identification. Some services also provide a special transaction number to ensure the funds are directed to the correct person. Money transfers first began in the 1800s using a telegraph service. The message would be delivered to the bank and the funds would be delivered to the recipient. It wasn’t until the 1960s when transactions became available nationwide and then in 1980s that it spread worldwide.
People typically use money transfers in the event of an emergency where money becomes a necessity. A person stranded, the car breaks down, an accident, etc. More serious situations such as hospital bills or needing money for bail are actually quite common. Internationally, there are some payments or fees that may not have been factored in, but now becomes an immediate need. Some smaller businesses do not have bank accounts that are recognised by other countries, but payment for goods and services are still expected, then one can pay using a money transfer.
When choosing a money transfer company, it is important to take several items under consideration. The minimum and maximum amounts to be transferred – finding out how much money you can send or receive is important, especially if large amounts of money is needed. Generally, one would opt for bank wire transfer when sending amounts larger than $500 USD to save costs.
Fees or percentage required to complete the transaction – every service has fees and/or percentage in order to run their convenient services profitably. However, do check to see who is being charged to ensure you’re sending/receiving the proper amount and to avoid being double charged.
Available locations of the sender and recipient – As of this writing, not all countries are able to send or receive, especially if using an online service. Be sure to check that the country is listed for money transfers. The locations for sending and receiving money – Although many countries do offer money transfer services, they might be limited to the locations where they can pick up the money. Check their zip code and address to ensure there is indeed a pick-up location available.
Available online or mobile services – Today, many of the services offer the added convenience of making transfers online or with your mobile phone. This also saves time looking for a location, standing in line, etc. Again, this will also depend on the country. Total transaction time – Typically, a money transfer is instant once the sender sends the money, including fees and receives a transaction number. The recipient, with number and identification, can receive money soon after. Check to make sure this is the case for the receiving country; otherwise you mind you’ll have to wait 3-5 business days.
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