Money Transfer Guide: Things to Know for Transferring Funds

Written By All Video Subscribers on Wednesday, June 30, 2010 | 10:12 AM

Money Transfer Guide: Things to Know for Transferring Funds

It is not without reason that we find migration of labor force to lands that reward them more than their homelands and one unifying factor common among migrant and expats is the lure of money. Most often we see people leave families behind in search of greener pastures and would want to send cash or part of the income to families and friends back home. Transferring money and funds abroad can be done in a number of ways and there are a multitude of money transfer  companies that can help you with this. The larger the amount of money sent the bigger the commission and the transfer processing charge.


Most global money transfer methods and companies can be accessed online and each one provides various services to different international and overseas location. Most offer electronic money and wire transfers that will allow you to send cash to anybody, anywhere and at anytime, making it a hassle free and secure experience as long as you are dealing with reputable and long established agencies. Wire transfers, money orders, direct overseas money transfer, and many more options are offered at MoneyGram money transfer network.

1. Money Transfer Agencies.
There are various services for retail or online money transfers. Agencies like Western Union, Moneygram is the leader in international money transfers. Both consumers and businesses use Western Union worldwide. They provide the ability to transfer money to a Agent location located in over 190 countries and territories, to a bank account, or by money order. You can access these features both online and over the phone. They also use comprehensive fraud protection services.

MoneyGram is another such money transfer agency that offers quick and easy transfer, with a huge money transfer network of over 100,000 locations worldwide. Money Gram offers the latest technology with high performance internet online based payment services.

MoneyGram is one of the largest and capable providers of money orders, offering secure transfers and excellent customer service features for help with money order accidents, such as, if money orders happen tp get lost or stolen. MoneyGram now has over a large marketplace since expanding its money transfer services online over the internet and has become a global leader in money transfer and financial services.

2. Banks.
There are many plans serving foreigners and expats who send money home that are developed by major international banks as well as localized banks in partnership. Recipients can claim their money from partner banks where the funds were wired. Certain banks may require you to have an active account with them, so research your local branches for such services.

3. Credit Unions.
IRnet is a service that electronically transfers funds between credit unions’ members. Several countries in Europe, Africa, Latin America, and Asia are served by IRnet including 3,000 locations nationwide.

4. Paypal.

If you have a Paypal account an the recipient of the money transfer has an e-mail address using Paypal is a great oversea transfer option. Overseas, over 50 countries and growing can receive money from Paypal transfer service.

Also check out Xoom. They seem to have the best price for money transfers to certain locations, so it would be wise to check out their site for further info.

Vigo Money Transfer is one of the largest electronic funds transfer companies that deals in both US and international markets. Vigo Money Transfer is a low-cost, high-value money transfer provider with excellent service levels and worldwide reach for its customers. Vigo offers a sophisticated network of agents in six continents accessible to consumers. Their financial and regulatory controls make them one of the most capable money transfer firms in the industry.

As a customer, before you choose your money transfer agent be prepared with the following questions to find the most economic and convenient deals.

    * How much is the money transfer going to cost me?
    * What will the exchange rate be from my U.S. dollars to the currency of the country of the recipient during international money transfer?
    * How will my funds reach the right hands?
    * How can my friends and family retrieve the money sent?
    * Will using my credit card cost me any fees for this transfer like cash advance fee or interest on my credit card?
    * Will these fees be avoided if I use my debit card?
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