Money transfer...

Overseas Money Transfer: The transfer of money abroad can be done in three ways. There are cash transfers, bank transfers and money orders.

Cash Transfer: Several money transfer services facilitate cash transfers. They retain a control number, specific to each money transfer transaction. Eligible recipients are required to produce identity proof to the servicing money transfer agency, to be able to collect the amount.

Bank Transfer: Banks specializing in overseas money transfer do so in three ways. They either send a check overseas or issue foreign drafts to the bank(s) accessible by the recipient or via a wire transfer. Wire transfers require the customers to pay in cash for instant money transfer. Even non-customers can avail of this service from the bank, by paying the specified service fee.

Another major facility provided by banks is the electronic funds transfer. In this kind of transfer, a payment card, debit or credit card, is issued to the receiver. The recipient can withdraw the money from the ATM, up to a certain limit.

Money Order: The maximum amount that can be sent by money order, via the U.S. Postal Service, is 0 per order. The service fee varies between and .50 per money order. A person is allowed to send multiple money orders in a day, but not exceeding ,000.

Western Money Transfer: Western Union is one of the world’s leading money transfer services. There are numerous Western Union agencies around the world. The Western Union money transfer service provides instant and reliable payments, to people and businesses.

International Money Transfer: People who wish to send or receive money to or from a foreign location benefit by using the international money transfer services. If a person working in Canada or any other foreign country wishes to send money to his family back in India, he can do so through any of the international money transfer agencies.

The choice of a financial option to support the transfer of funds internationally depends on the situation and preference of the customer. Money transfer agencies like Western Union are a good choice for people traveling overseas. They may find themselves in a situation where they would require cash urgently and these agencies cater to such emergencies. The companies charge a certain percentage of the amount being transferred, as fees. International online money transfer services offer convenient options to send or receive money online. The sender is required to open an account with the international online money transfer company, to facilitate the transaction.

Money Transfer Service: Money transfer services can be broadly classified into traditional, hybrid and online Money Transfer Service.

Traditional money transfer agencies provide service to people, who can visit their office and collect the amount. Western Union and American Express are good examples of traditional money transfer services.

Hybrid services transfer money through the Internet. Money transferred electronically is referred to as Electronic money. It can be transferred directly to the individual’s bank account, via the Internet.

Online money transfer service facilitates the transfer of funds, without a bank account. Customers need to open an account with a reliable online money transfer service to send or receive money instantly.