What you need to know about money transfers in order to transfer funds fast and cheap
Once in a while you can encounter the necessity either to transfer or get funds as fast as possible. In previous days we all knew the respond to such simple question “how to carry out money transfer?”. It was - go to the post office. One had 2 ways to remit cash: either by telegraph or by mail order. Individuals transferring funds using one of these ways would not bother about the cost of the facility because the cost was quite competitive. Since that time the worth of transmissions, their locality and rates have changed significantly. Besides mail facilities there emerged big local banks and representatives working for universal transfer systems which began to provide remittance of currency online. So to transfer finances without establishing bank accounts you possess a wide variety of options to select. It is necessary to select the most suitable transfer for each specific situation.
WESTERN UNION
In 1851 there emerged a company in the USA called Western Union Financial Services, Inc. Since 1871 it is occupied with money transfers. The agency integrated with First Data Corporation in 1995. Worldwide money transfer system established by WU works in 196 countries and comprises not less than 117 thousand entries of customer facilities. To become the agent of the company, a juristic body which is commonly a banking firm must have a certificate to deal with currency transactions.
WU guards all transmissions by security system of the highest world standard. You will be enabled to obtain money if you are aware of the secret code word invented by the transmitter that contains not more than 4 words and 10 digits of the check number.
You will get money in the currency that is specified in the agreement of the representative with WU. You may remit cash beyond the borders of our country solely in U.S. dollars. As soon as you remit cash it is instantly converted according to the rate of the organization. This rate is established once or twice a day. It's necessary to know it in advance because the course is not all the time profitable.
MONEYGRAM
In 1988 a subsidiary of American Express known as MoneyGram Payment System was founded. Newly the MoneyGram payment system has become a participant of Travelers Express Company Inc. The amount of services it offers in 140 countries contains not less than 52 thousand items. It controls nearly one-fifth of the world market of fast cash transfers. The mode of operation of those 2 organizations is identical.
The money is paid to an individual in case he/she has a passport and knows the control code of the remittance. To each remittance you can add a gratuitous letter to the receiver consisting of 10 words.
Wishing to make a cash remittance one may always count on the conventional systems of worldwide cash remittances that are Western Union and MoneyGram to receive fast service. For single remittances of $400 or more they appear to be especially advantageous. In this case, a commission payment is at the mean 5-10% of the quantity of the transmission.