Top Overseas Money Transfer Methods

 

Top Overseas Money Transfer Methods

Ikobo
New age overseas money transfer method that employs a VISA prepaid card for instantaneous withdrawal at any local ATM. Fees start at 8$ for $1000 remittance. this service can be linked to your credit card or bank account for you to start
transferring money to someone overseas. The prepaid visa card will be delivered
via Fedex to the recipient.

Western union-Probably the biggest network of transfer agents all over the world,
that work on a small commission on each transaction. In some countries it can
be used only for non commercial transactions and has a maximum cap of $2500 per
transfer. Users can avail of WU once a month only. Nowadays using your credit
card, you can used WU on the Phone or the internet to transfer money instantly.

Paypal
One of the most popular internet based third party  services,
whereby you can setup an account on the website ad link it to your bank account
or your credit card. Its mostly used for online purchases and payments. You can
even “store funds” in the paypal coffers to be used at a later time.

Cashiers
check– also known as a bankers check or demand draft is issued by the bank on
an advance deposit of the same amount. IF used to make purchase or payments in
other countries, it should be checked if the payees bank accepts checks from
this bank. The downside is that it is a very slow system of fund transfer, and
both banks charge a fee for clearance respectively.

Credit
card-A widely used credit based payment transfer system. It is issued by banks
with a maximum credit limit for each customer. The card can be used for
purchases from overseas destination via the internet. Since it is a credit
based, there is no charge for each transaction, however interest rates will be
levied, which are high in the range of 2.5-4% per billing cycle.

Wire
transfer-One of the most used methods of remitting mainly for business
purposes. There is no cap on the amount you can remit and is used in
international trade for purchase of goods and products. The system is initiated
from senders bank to receivers bank overseas. Usually a flat  nominal fee is levied on each transaction

Mail money order– Money order is a system of transfer controlled by the postal service of each country. It is a form of payment whereby the person remitting the amount makes the full payment a the post office In advance and along with a small transaction fee, and the payee receives the funds just like old fashion
mail. The payee receives a check for the amount and can encash it on arrival.
In some countries there is a maximum cap on the amount you can send at one go.

Hawala-system
of hawala transactions occur only in certain pockets of the world, and is a 100
year old unofficial form of money transfer. Hawala Agents all over the country
operate In the same fashion as new age western union operators. This system is
prevalent in asia and middle east and some parts of arab African countries
involved in heavy trade. In recent times it has come under a lot of flak form authorities
that see it as a means for international terrorists to  transfer and fund campaigns in different parts of the world.

Moneygram-10 minute process hereby agents all
over the world over 200,000 are used to send and receive money, all you need is
some identification proof. A reference number will be provided after you fill
the send/receive form. It’s a simple and quick process, the fee usually is a small
percentage of transaction and the cost depends upon the distance between the
two countries.

 

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