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The Different Methods of Money Transfer

The Different Methods of Money Transfer

Money transfer is the result of the constant elevation of technological breakthrough as well the increase globalization of employment. Instead of the bank transfer and money wire transactions before that takes no less than seven banking days, money transfer takes only minutes. More and more people select this process of sending money worldwide. International money transfer through foreign exchange is among the leading companies that provides money transfer service. No matter what country and currency used, they can easily do money exchange so the receiver can get the money in their local currency. As long as there is availability of foreign exchange Company in your country and area of jurisdiction, you can wire funds as fast as 30 minutes.

There are different methods of money transfer and the availability of these methods may differ in every area control.

Cash Transfer Method

By far this is the quickest and most fashionable process in sending money locally and worldwide. As long as there is an available agent in your area, you can easily go there and have the money wired. The availability of the agency to have co-agents in the country of destination must also be considered before you can send the funds. Money transfer in this method is appealing to the public since the advent of internet has lead people to place more trust in virtual communication. Even the payment of salaries for online jobs takes on a new form, which is quick and secure. For cash transfer that passes through agencies, they require two valid IDs for recipients to present.

To be able to claim the money, senders will have to give their recipients the transaction number, as this is the major requirement together with the sender's details. However intricate the process of claiming, this is still the favored money transfer patronized by many.

Money Order Method

This is another form of money transfer that is slightly cheaper compared with the cash method. Sender and receiver both have to go to the postal office in their area, one to send the money and the other for claiming purposes. For international money transfer in this method, although possible, have its own flaws. One is that there is amount limit set in one transaction. The same claiming procedure applies with money order as that of cash transfer. Full credentials and transaction reference number. The difference between the two processes is that you need to exchange it at your local post office for cash.

Bank Transfer Method

This is the popular option before, however, the process takes longer compared with the other methods. Usually, it takes 5 days or more before the money is available. You can send it via account charging or check sending. This money transfer method is slightly expensive than the money order method.

If you are in a hurry and have immediate needs, your ideal choice would be the cash transfer. For international money transfer, one day is enough wait for the following day you can already claim your money.

With so many FX companies offering a service to transfer your currency, how do you know which is the best one, We only list the best providers in foreign exchange that are all FSA approved, ensuring your money is safe and secure when sending money abroad.

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