Money transferring has become quite easy these days thanks to the advancement in technology. Financial fraud and identity theft have become major problems in recent times and it is no longer safe or quick for you to send personal checks or cash through mail. Whenever we are transferring money, we want to ensure that it reaches the correct place and person on a timely basis. Some of the common methods that you can use for money transferring to both local and international destinations are outlined below:
Bank Transfer
The safest method of transferring funds is through a bank wire transfer. Not only are they highly regulated, banks also check identification and are also supported by the Federal Deposit Insurance Corp (FDIC). For a successful bank wire transfer, the sender and recipient both have to have a bank account. This method is basically the electronic movement of money from one account to another. A fee is usually charged by most banks for making this transfer, but it varies from bank to bank.
Western Union
One of the most popular methods for sending money is Western Union as it is extremely convenient. You don’t have to have a bank account or meet other requirements for sending or receiving money through this method. You can send money in almost any part of the world by just walking into a Western Union office and providing some information such as your name, the location and the name of the recipient and hand over the cash. The money can be collected by the recipient from the specified location by showing some proof of identity. The cost of using this method depends on the amount being sent, the location it is sent to and how fast you want it to arrive.
PayPal
One of the most reliable and convenient ways of money transferring online is PayPal. You have to make a free account on PayPal and follow the steps of linking your bank account and credit card to it. PayPal enables you to shop online securely and also transfer money to other PayPal users and even in and out of your bank account. This tool is used by internet employers and their workers for making payments. Not only can this service be used in the US for free, but electronic money can also be sent internationally for a small fee. You just have to have an internet connection to access PayPal and the service uses anti-fraud technology to keep information secure.
MoneyGram
This is an online service that can be used for paying bills or sending money to friends and family all over the world. The service doesn’t just have an online setup, but can also be used for money transferring locally and also to 186,000 secure agents in 190 territories and countries worldwide. Online payments can be made via your debit or credit card whereas you can pay at MoneyGram locations with cash or credit card.
Any of these methods can be used for transferring money quickly yet safely, anywhere. To evaluate different services further, this page Best Currency Transfer Guide can be very helpful.