All About Money Transfer

Every year, billions of dollars are listed as remittances worldwide. With Instant Money Transfer , it is very important to make the right decision to avoid paying an exorbitant fee to transfer money. Understanding each of them can help us in sending money in the most optimal way.

1. Mode of Transfer

There are a couple of aspects while choosing a mode of money transfer. They are:

Taking all of the above into consideration, one can select a medium that best suits him/her.

Cash Transfer

One of the oldest methods of sending money, a cash transfer is a simple process of sending cash by means of a money transferrer. The recipient can collect the money or have it delivered with the money transferrer.

Bank Transfer

Today, several money transferrers have tied up to many leading international banks to empower their customers to make a bank transfer. By means of this support, one can transfer money to the recipient's bank account.

Online Money Transfer

One can sit at the comfort of their home or work and send money through an online remittance portalsite. Most portals have the facility to remit the money to a bank account/ credit card cash payout.

Mobile Money Transfer

This system of money transfer is ideal for those who have limited access to banks and transfer agents. By means of this technique, money can be transmitted to a recipient's cell phone or cellular wallet. This is widely used in many countries in the African continent. Some of the other nations that have this facility are Bangladesh, Kenya, India and Philippines.

2. Price of Transfer

The cost of sending money will rely on the exchange rates, mode of transfer (cash, bank, online), the commission charges levied by the remittance dwelling etc.. And they will vary based upon the service provider's network and the other value added services offered. Simply put, at the conclusion of the transaction, calculating how much of money the receiver receives will give an idea of the price of transaction. While availing a particular type of money transfer service, one should be well informed about the below: