Online money transfer operators are providing the latest ease and hassle-free modes for digital transfers. The industry is showing the trend of a 10-12% growth rate. Soon, it will encompass more advanced technology options such as artificial intelligence for security issues.
Research before the selection
Never select the money transfer operator blindly. Focus on your needs, the destination country, the maximum amount you can afford as a fee, the amount you will send, the maximum time, the legal requirements, the security and the local requirements for the transfers. Various online comparison tools are available. These tools help in selecting the best operator which meets our needs. It takes a lot of research to select the most suitable and affordable option. If you have to send money to the Philippines online, your money transfer operator will be another operator than what was being commonly used for sending the money to Korea.
MoneyGram is the service widely used. It is the second preferred mode of money transfer after Western Union. It is a trustworthy method. Its branches are located in over 200 countries. MoneyGram has various services as sending the money, phone top-up service, card loads and money orders.
How does it work?
- MoneyGram works by agent location and online transfers.
- For agent location services, the sender fills the form of sending the money and receives a code. The sender shares the code with the receiver. By proving the identity, the receiver gets the money.
- In the case of online transfers to a bank account or debit cards, an online account is needed. The sender provides all the relevant details using the website or software. After completing the details, the sender confirms the transaction and the receiver receives the money from the suitable method.
- The cost of money is high for sending small amounts. 5$ per transaction fee is charged for 1$ to 49$. Between 50$ and 499$, the fee is 11.5$. For the above 500$ transfers, online calculators are used to estimating the total cost of the transfer.
Western Union is the world’s largest organization for money transfer. The service provides almost half of the total economy earned by all of the money transfer services. It does not support the scams and blocks suspicious transactions.
How does Western Union work?
- You can go to the website and register yourself by making an account. Complete the details and select the send money option that matches you the most. Put the receiver’s details including address and contact number.
- You can calculate the fee from the website. Also, you can estimate the expected exchange rates.
- The time for receiving the money depends on the available options. Agent service processes mostly complete on the next working day. Bank transfers usually take 3 to 5 working days.
- An effective tool is the use of tracking. Online tracking for individual transfers is used to locate the transaction. The tracking can be done through MTCN (tracking code), amount sent, the phone number provided and the recipient’s country.
- You can cancel an unwanted transaction before it is received. The cancellation is subjected to other regulations as well.
- Western Union keeps the money for 45 days if the receiver does not receive the money.
ACE Money Transfer
ACE Money Transfer is a UK based organization working for almost 90 countries. You can send money to the Philippines, Nepal, Senegal, Bangladesh, and other countries while resting in the UK.
- The working of the ACE Money Transfer is based on the registration. Register yourself. Login to the account. Complete the profile. Add the relevant details. Upload the identification documents. Confirm and complete the transaction process.
- The options to send money to someone are a debit card, credit card or online bank transfers using Trustly.
- Cash pickups and bank deposits are the receiving services.
- Although you cannot send the money if you have cash in hand, the receiver can take the money at the payout location. Transaction number and identity are provided for receiving the money.
- To discuss any issue, you can contact them through Email, Live Chat, and WhatsApp and over the Phone.
- The debit card transfers take usually seconds. Although the bank transfers take 1 to 3 working days.
WorldRemit is functioning in over 150 countries. It has 90 currencies to deal with. The customers have increased to some 4 million. It is one of the cheapest and fastest routes for travel. It supports mobile money, cash pickups, bank transfers, air time, home delivery and pay to card services.
- The amounts you can send to the recipient vary according to the places. You can send money from fifty countries. Countries’ rules vary according to their regulations. Also, it depends on the payment method. Bank transfers and debit card deposits vary accordingly.
- In the case of WorldRemit, some banks prefer instant transfers. Other banks might take hours to days to process.
- Cash pickups take no time to process and are possible instantly. Mobile money and air time top-up take more time, usually than cash pickups. Home delivery services can even take a week depending on the location.
- Proper verification is the requirement for the successful transaction through WorldRemit.
Ria Money Transfer
Ria Money Transfer can be used to send money online. It is a digital money transfer operator.
- To send money through RIA, registration is the first step. Put all the relevant data. Confirm the price. After putting the recipient’s details and further process, the receiver can take the money.
- If the payment option is a credit card or debit card, the transfer takes only minutes to process. Usually fifteen minutes. The route is so speedy that the customers prefer using a debit card or credit card.
- In the case of bank transfers, almost four working days are responsible for a successful transfer. It is a cost-effective method to choose from.
- Ria Money Transfer is working in 160 countries. You can select the payout location from the website.
- The limit to send money per day is 2999$. The per month limit of money transfer is 7999$. Proper guidelines to send money are available at the agent locations.
There are a lot of service providers working for the ease of humanity. But you should select the option which meets your minimum requirements.