Short survey concerning the quickest and most inexpensive methods to transfer funds
Most likely there are not many individuals that wouldn't come across the need to transfer or obtain money as minimum once in their lives. In the good old days you all knew the reply to this simple question “how to make money transfer?”. This used to be - visit the post office. You could use 2 ways to remit funds: either by telegraph or by postal money order. In this situation, you wouldn't need to worry about the worth of the remittance - worth of cash transfers used to be very competitive. Since that time the worth of remittances, their location and tariffs have not stayed identical. In addition to post office facilities, representatives of worldwide transfer systems and large domestic banks began to supply services of transferring e-money. Thus, these days you possess a great number of alternatives available for remitting finances if you do not want to open bank accounts. For each particular case one can choose the best way to transfer cash.
WESTERN UNION
In 1851 there appeared a company in America called Western Union Financial Services, Inc. Their operation in the sphere of sending money started from 1871. In 1995, the agency united with First Data Corporation. Worldwide cash transfer system created by WU operates in 198 countries and includes more than 118 thousand items of customer services. They are for the most part banking firms, but any juristic body possessing a permit to deal with exchange operations can become the agent of the company.
Transfers are protected by safety system of the highest world standard. You'll be able to receive finances in case you are aware of the password invented by the transmitter which includes up to 4 words as well as 10 digits of the check number.
Finance is paid in the currency that is stated in the agreement concluded by the agent with the organization. Transferring cash outside our country, you'll have to do it in USD. Once you remit finance it's instantly converted in accordance with the course of the agency. The course is set once or twice a day. It's necessary to fount it out in advance as the course isn't always profitable.
MONEYGRAM
In 1988 a sub-company of American Express referred to as MoneyGram Payment System was created. Today the MoneyGram payment system holds its agents in 142 countries, offers more than 50 thousand entries of services and is a participator of the Travelers Express Company Inc. It controls nearly 20% of the world market of fast money transfers. The mode of functioning of those two agencies is identical.
The money is paid to a person in case he/she has a certificate of identity and knows the control number of the remittance. Carrying out each transmission one may as well add to it a short letter, not more than 10 words, to the recipient.
The traditional methods of worldwide transfers, such as Western Union and MoneyGram, supply safe and relatively prompt transmissions. For single remittances of $400 or more they appear to be particularly beneficial. In this situation, a brokerage fee amounts at the mean 5-10% of the sum of the transmission.
