A money transfer, also known as a wire transfer, is a method of electronically transferring funds between individuals and businesses. Money transfer companies are perfect for someone who needs to send or receive money quickly, and in smaller amounts. This may be for anything -from helping family members living in a foreign country, to paying a bill immediately, to businesses needing to make fast international remittances.
Money transfer companies provide fast and secure transfers. Banks also provide these services, but they typically cost much more and can take several hours to a few days to complete the transfer. Money transfer companies also give several options for completing transfers.
The following are some options available to perform money transfers:
Online money transfers. Use a major credit card and you can send money that can be picked up at locations worldwide depending on the company you choose. We have an entire section devoted to money transfers. Click here to get started.
Online account-to-account transfers. Set up an account with a money transfer company and electronically transfer funds to another online account. No cash is required and the money transfer company will exchange the currency and make the transfer in the receiving account’s currency. To look into this further, Click here to get started.
Retail money transfers. You can transfer cash by going into a transfer office and transfer or receive cash without an account. Usually some sort of identification is required.
Telephone and mobile phone transfers. Similar to online transfers, you can use a major credit card and send money to be picked up at locations worldwide depending on the company you choose.
Sending cash using a money transfer company doesn’t require a credit card, debit card or bank account. You will, however, be required to show some form of identification. Extra caution is taken these days due to an increase in fraud and money laundering.
The maximum amount you can transfer at any one time depends on the company you are using and the method you are using. For example, online transfers usually have a lower daily maximum transfer amount than if you were to walk into a branch and send cash.
Most money transfers are paid to the receiver in cash. In some cases, depending on the amount and location of pickup, the transfer will be paid by cheque or a combination of cash and cheque. Transfers to foreign countries are usually paid in the local currency. The receiving party will need to show identification or, sometimes, answer a security question provided by the sender.
