Money remittances: How to remit cash quicker and less expensive
Every now and then you can face the necessity either to remit or obtain cash as promptly as possible. In previous days the reply to the question “how to send money online?” was obvious - go to the postal department. One had two options to send cash: either by telegraph or by mail order. The fee for using one of those methods of sending cash was quite low thus citizens wouldn't have to think about the worth of the service. Since that time the worth of remittances, their situation and prices have not remained identical. Transfer of currency online is a very profitable business and so big domestic banks and representatives of worldwide transmission systems started to provide it besides mail offices. So to transfer money without opening banking accounts you possess a wide range of options to choose. Read the following article to be able to select the most suitable transmission for each particular case.
WESTERN UNION
The company known today as Western Union Financial Services, Inc. emerged in 1851 in America. Since 1871 it is busy with money transfers. WU joined First Data Corporation in 1995. The agency established a system of worldwide money remittance. It contains not less than 120 thousand entries of client facilities and functions in 196 countries. They are for the most part banking firms, but any juristic person holding a permit to deal with currency operations can be the representative of the agency.
Transfers are protected by safety system of world standard. You will be enabled to obtain cash if you are aware of the secret code word fabricated by the sender that contains not more than 4 words and 10 symbols of the control number.
Money is repaid in the currency that is indicated in the agreement concluded by the representative with WU. Outside our country money may be remitted solely in U.S. dollars. Money is converted electronically in accordance with the course of the agency at the instant of cash transfer. The rate is established every day (sometimes several times per day) and may at times be beneficial to the consumer but not always.
MONEYGRAM
MoneyGram Payment System was founded in 1988 as a sub-company of American Express. Lately the MoneyGram payment system's turned into a participant of Travelers Express Company Inc. The amount of services it offers in 140 countries contains not less than 53 thousand points. It manages about 20% of the international market of fast cash remittances. The mode of operation of these 2 organizations is identical.
To obtain the cash you need to possess a certificate of identity and the check transfer number (8 symbols). Making every transfer one can as well attach to it a small message, up to 10 words, to the recipient.
The traditional methods of worldwide transfers, such as Western Union and MoneyGram, supply reliable and comparatively quick transmissions. You'll find them particularly beneficial once you need to send $400 and above. In this case, a commission fee amounts at the average 5-10 percent of the amount of the remittance.
Posted on June 13th, 2009 by admin
Filed under: Uncategorized