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Brief overview about the quickest and most inexpensive methods to send finances
By admin | June 13, 2009
Every now and then all of us can come across the need either to send or receive finances as quickly as possible. In the good old days the respond to the inquiry “how to send money online?” was evident - visit the post office. Telegraph or postal order used to be 2 ways available to citizens transferring funds. In this event, you wouldn't need to think about the cost of the transfer - cost of money transmissions was rather low. Since that moment the cost of remittances, their situation and rates have not remained identical. In addition to mail services, agents of universal transmission systems and big domestic banks started to provide facilities of sending e-money. So to send funds without opening bank balances you possess a wide range of alternatives to select. For each particular situation you can choose the best way to send money.
WESTERN UNION
In 1851 there appeared an agency in the USA referred to as Western Union Financial Services, Inc. Since 1871 it is occupied with money transfers. In 1995, the company joined First Data Corporation. International money transmission system designed by the company works in 198 countries and includes not less than 118 thousand entries of client services. A banking firm or any other legal person may be the representative of the company if they possess a license to work with currency operations.
WU utilizes safety system of the highest world standard to protect their transfers. You'll be enabled to receive finances in case you know the password fabricated by the sender which contains not more than 4 words and 10 digits of the check number.
Payment of finances is made in the currency specified in the agreement of the agent with the organization. Beyond the borders of our country finances can be remitted only in USD. As soon as you send finance it is automatically converted in accordance with the rate of the agency. The organization establishes the course every day. Mind that the rate can be not always profitable to the consumer thus find it out in advance.
MONEYGRAM
In 1988 a subsidiary of American Express referred to as MoneyGram Payment System was created. Nowadays the MoneyGram transfer system holds its representatives in 141 countries, supplies more than 54 thousand points of facilities and is a member of the Travelers Express Company Inc. It controls about one-fifth of the international market of fast money transmissions. The MoneyGram system functions on the principal identical to WU.
The money is paid to a person in case he/she possesses an identification card and knows the control code of the remittance. A free message of not more than 10 words may as well be added to each transmission by the transmitter.
The conventional systems of worldwide remittances, such as Western Union and MoneyGram, supply reliable and relatively fast transmissions. For single remittances of $400 and above they prove to be especially advantageous. Sending such quantity as a transfer, you will need to pay 5-10 percent of it for the commission fee.
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