Money Transfer Services
There are more than a handful of money transfer services available today in the market and all of them have their respective claims to fame. The fact of the matter is that these companies and service providers can be absolutely fantastic and absolutely ineffective at the same time, depending on where you want to send and how fast you want the transfer to be done.
One must remember that there is, and will be, a discrepancy between what is advertised and what can actually be offered. For example, even if a company advertises a transfer time of 10 minutes, the conditions prevailing at the place, where you want your money delivered may not necessarily be conducive. So it’s best you read up before you go with any particular service.
International Money Transfer Service Providers
Below is a list of popular money transfer services and a short write up about their business to help reader compare-
Currency Solutions
Currency Solutions, a UK based company, advertises itself as foreign exchange specialists and offers money transfer services across the globe; they claim to be able to offer expert opinion to let customers make the most of the exchange rate fluctuations. The company’s network extends to places even as remote as St. Helena and Tuvalu and so it can be inferred that most major locations should come easily within their scope.
Currency Solutions has been around since 2003 and offers international standard, fast and safe transfers, through SWIFT technology; they offer a time frame of 24 hours for transactions. Their rates depend on the place and type of transfer, though they advertise their rates as ‘bank beating exchange rates.’
Western Union
Western Union, is a long-time established company that has been around for over 150 years and also offers money transfer services in addition to several other offerings. The company’s established wide network of agents allows them to effect complete transfers within minutes; a person to person money transfer, though, can take much longer than their claim , given that it depends on the ready availability of agents and local working conditions of the receiver’s country. With Western Union one doesn’t need to have a bank account to make money transfers and the company does not charge a receiver fee.
With over 486,000 agent locations all over the world, Western Union enjoys a certain reputation for reliability and a robust network. Online money transfer using a Visa/ Master debit and credit cards are offered only for a list of fixed locations; so it is best to check in advance before making a transaction. Western Union also allows you to track the status of your transaction online, with a tracking number.
MoneyGram
Moneygram, a US based company established in 1940, is famous for its money transfer services and its money orders. It advertises its presence across 320000 locations in the world and offers transfer services with a time limit of roughly 10 minutes. Moneygram charges a fee and the total amount to be paid for a transaction can be calculated (including the fee) easily, through a tool made available on their website. The company also allows a 10 word personalized message to be sent across with the transfer amount, free of cost.
Though MoneyGram earned some negative attention for scams in 2012 , it seems to have put in place a very active fraud prevention mechanism today; it aggressively spreads awareness and even has a dedicated toll free number for scams.
Xoom Money Transfer
While Xoom cannot lay claim to a very wide agent network, it definitely scores high on safety and security with its money back guarantee on transfers. It probably is the only company that makes this declaration upfront. It also positions itself as a ‘less fee’ service provider with its locked- in exchange rate, that safeguards the customer from foreign exchange fluctuations. When using a US bank account to pay for a transaction that is more than $1000, customers can avail a fee waiver.
The company’s website also offers a quick calculation tool that gives a breakup of the costs involved and the current locked- in exchange rate applicable for the specific transaction. While the company’s core offering is a bank deposit, there are also some locations where hand to hand delivery is offered.
Xpress Money
Xpress Money is a large, globally present, money transfer service provider that stands out for its ability to not just reach out to remote locations but also to be able to offer the widest possible range of door to door service; it has over 170000 agents, spread across all five continents. Safe, secure and fast, their service also lets a customer easily track the transfer at any time of the day, by simply logging onto their website.
As a core money transfer service provider, the company scores above the rest in its ability to understand the various associated needs , and offering them through a single window: currency calculation, quick agent location, multiple modes of sending money, and even insurance. The Anywhere Payout Option, that lets collection of the money from any convenient place, without tying the receipt to one particular location, gives added convenience to the receiver; a feature that not many others offer.
Global Money Transfer 