Here is a comparison of four of the top companies providing money transfer services around the world:
Ikobo Cards: This is a reloadable prepaid visa debit card. It is not linked in any way to your bank account, which means there is no need for any credit checks; very useful for those people with bad credit rating. You can transfer money to the card and then withdraw it from any ATM anywhere in the world that has the Visa symbol. To get an Ikobo card, simply request one directly from them and send it to whoever you want.
The Ikobo card works as follows: the card is sent via FED EX to anyone in the world and can only be used using the four-digit PIN code that only the recipient will know. There is virtually no risk of using more than the amount of money available since it is not linked directly to a bank account. The card can be simply reloaded using a secure online service where you can instantly transfer funds from any of the many supported currencies.
Main advantages: worldwide Visa ATM cash withdrawals, minimal top-up costs, assignable to anyone worldwide, minimal credit check required, avoids the need to carry large amounts of traveler’s checks.
Main Disadvantages: These cards can only be used with Visa ATMs (on limited occasions and there is no credit limit available).
Western Union: Western Union funds transfers can be made online or in person at a money transfer agent. Funds will usually be available within minutes; however, to comply with anti-money laundering laws, you are sometimes required to make a confirmation phone call before the money is released. A money collection confirmation is also sent to the sender.
For online transfers and transfers made from an agent location, the only information required is the personal names and details of the sender and recipient. The shipper if at an agent location must provide their passport as does the receiver at the time of pickup. When the sender sends the money, they receive a personal MTCN (Money Control Number) which they must then pass on to the receiver so they can collect.
Key Benefits: Funds are transferred within minutes Transfers can be made online or offline Recipient will collect money in local currency Huge network of agent locations around the world Recipient does not you need a bank account to receive funds and other messaging services are available as well.
Main Disadvantages: This is generally one of the more expensive money transfer providers; you may need to make a phone call from home to confirm a transfer.
Xoom Money Transfer – This service works through the following online process: enter recipients’ contact information, enter the amount you want to send, select a delivery method; the money can be collected, personally delivered, or deposited into your bank, credit card, or PayPal account. Enter the payment details of your bank, credit card or paypal account. Hit send, and then let your recipient know the money is on the way. You will then be issued a Xoom tracking number.
Main advantages: transfer fees are more competitive than other companies, online transactions and the ability to transfer directly to US bank accounts also make it a very attractive option.
Main cons: The main limitation is that they do not operate in as many countries as some of the other companies, for example, there is no service available to transfer money to Thailand, a very popular destination for sending and receiving money.
Moneybookers – With this company again, you need to register, but the website has been built with similar levels of security as sites that contain banking services and stock trading services.
After signing up, all you need is your email address and password to make payments, and the recipient doesn’t need a Money Bookers account. You follow the on-screen process to register your cards, and then you can pay at over 3,500 online stores so you don’t have to show them every time you want to shop.
Money bookers supports 12 languages and local currency payment is available in more than 30 countries. They provide customer service through an online messenger that responds to queries quickly and efficiently.
Main advantages: very competitive transfer rates, additional services available such as sending SMS and fax and instant money transmissions without borders such as the Internet.
Main drawbacks: They don’t have the scale or massive network like other more established companies.
So, there you have four of the top companies available for money transfers outlined for you. There are many other options besides; this is just to show you the variety and scope of services available. Both the number of money transfer companies and the services available are growing daily, so if you need to transfer money don’t rush, take a look at a few different companies, check the fine print and find the one that suits you best. suit.