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An Overview Of The Money Transfer Market

Mar 1, 2008
The money transfer at the moment currently runs to well over $250 billion and is set to continue to grow further. Currently the growth rate is at 10-12% per year with no signs of slowing. This is mainly due to increased globalization, more migrant workers and the increased efficiency and security of money transfer companies.

There are a variety of methods to transfer money overseas. Here we will outline a few of the main methods.

1) Cash Transfers. This method is by far the most popular and most transfer companies will allow you to transfer money online making it a very convenient method for money senders. If you choose to transfer cash physically you will have to find a company with their own agent located in both your country of sending and the country where the money will be collected.

Online money transfers have seen a growth in popularity recently as customers confidence in their security increases. The major advantage of such services are that money can literally be sent at the click of a mouse. Prices can be researched online and you can do it all without leaving your armchair. On the downside verification procedures can often be a bit long and drawn out whilst there may also be a gap in times sometimes days if you have to transfer the money and then have it downloaded into a local bank account.That said online money transfers are very popular.

Money senders are usually provided with some sort of money transfer reference number which they then pass on to the recipient who then quotes this number in order collect the money. It is also highly likely that they will be required to present some sort of formal identification, this often has to be a passport.

Online money transfer services also often provide extra services such as message sending services, frees sms messages and so on. In fact the array of services being made available and is growing all the time.

2) Money Orders. Most major Post Offices and Postal departments are able to issue international money orders however these tend to have a few restrictions. For example there is often an upper limit-on the amount of money you can transfer at one go. The money order once received then has to be exchanged for cash at a local Post Office of bank. as usual full personal details are required of both the recipient and the sender and of identification valid identifiaction must be presented at both ends of the transfer. The sender should also make sure they hold of receipt the recipt, this is often a carbon copy and would need to be presented in the event of there being a problem with the transfer. Of course there are always charges associated types of these typesof money transfers.

3) Bank Transfers. This method may well be one of the easiest ways to send money. the actual process tends to differ from bank to bank so if you wish to pursue this option you should contact your main bank branch for details. However these services do also usually take longer a than online transfers.

Another option with banks of course is to simply send a cheque. The main problem with this is that the recipient may have problems cashing the cheque in their part of the world and it may also take a long time for the cheque to finally clear. the recipient would also have to pay a fee to the bank cashing to cheque which is not always the cheapest option.

If you are thinking of sending a check abroad there are a few things you should always remember. It would take about a month to two to get the check cleared. Sending a check is surely easy but it is not easy to get it en-cashed by the recipient. And what is more the recipient also has to pay the processing fee to the bank locally.

A further option would be to have money wired to the recipient. you need not be a customer of the bank to use this service however you would need to pay for the service up-front. this service is generally reasonably quick and quite cost efficient.

So there you have a quick overview of the different types of money transfer services available. Everyone will have different preferences for what they deem more important for their money transfer so it is important to shop around to see company compnay suits your needs best. Here are some of the more well known online money transfer companies: iKobo, Western Union, icici, MoneyGram and E-gold.

Remember that whilst a reasonably priced service is always nice to find it is not always the most efficient service.With that in mind have a look around and see what is best for you.
About the Author
Money Transfer Review provides FREE money saving comparison charts, safety tips and money saving advice for all your money transfer needs. Simply click: Money Transfer to discover more.
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