Online money transfer service providers
Online money transfer service providers
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.This is one of the best Online money transfer service providers
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 en cash it on arrival. In some countries there is a maximum cap on the amount you can send at one go.
Online money transfer service providers – 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.
Online money transfer service providers – 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.