What are money transfer products?

Money Order through Postal Services

BANK Transfers Vide i) DRAFTS ii) NEFT and SWIFT ( Wire Transfers ) iii) Prepaid money cards iv) Transfers vide debit card (such as VISA or Mastercard)

E-Transfers by Financial Services Involved in Remittance Services Using i)Tele Transfers  vide SIFT/IBAN and ii) Money Transfer Operators such as - Western Union, MoneyGram, UAE Exchange Online money transfer services/internet money transfers

 E- mail Transfers like electronic check

Online Money Transfers between member account of online financial service provider such as Pay pal

Foreign Exchange Providers for transferring larger amounts of money at specific currency rate

Mobile /. Hand-phone Transfers –Some of the service provider using the mobile account allows users to make transactions in retail outlets or by recharging or loading the cash amount as balance credit on the phone, without having to use paper money Indian Postal Services and Some of the mobile service provider With the emergence of smart phones, are now able to use their phones to make mobile money transfers. 

There are a many ways to transfer money overseas and with today's latest technology, new ways to do this are constantly evolving. Whereas many years ago, banks were the only reliable method to carry out international money transfers, now there are many other cheaper and faster options available such as online providers, MTOs, prepaid cards and even by SMS. Below is a summary of money transfer providers, different options to transfer money and how they work (if we have an existing relationship with an organisation, click on their name for further information)

Money Transfer Operators (MTOs)

MTOs are companies that only offer money transfer services, usually through agents, and only send money between countries. They do not generally require you to open an account and are usually easy to find in high streets, where they can be located in various locations from post offices to hairdressers. You will neecd to fill in forms and provide identification to send your money. Some also offer online money transfer services and are also developing mobile phone transfers. Examples - Western Union, MoneyGram, Chequepoint, Coinstar.

High Street Banks/Building Societies

The majority of banks offer money transfer services, but in most cases you must either apply for or hold an account with the bank you wish to use. It is usually necessary for the person receiving the money to have a bank account also. Banks tend to be more expensive and take longer to transfer your money, however they do offer additional security and also opens the door for access additional financial products such as loans, mortgages and savings accounts.

Online money transfer services/internet money transfers

Money can be sent over the internet through secure online services, often for a very small fee, but you will need to have a bank account or credit card and access to the internet, or at least an e-mail address, to transfer the money; you will also have to register your details online. The person you are sending the money to may also need a bank account and access to the internet (or an e-mail address), but this is not always the case.

Foreign Exchange Providers (FX Brokers) - for transferring larger amounts of money

When transferring much larger amounts of money, for purchasing a property or starting up a business for example, or sending regular payments abroad, it may often be cheaper to use a reputable currency broker. In most cases, you will have to open an account with the company you intend to use and you will need to fund the account using a bank account or credit card. However, the benefits of using such companies means you can make specific arrangements for your individual needs such as fixed exchange rates for a set period.

Prepaid money cards

Prepaid cards have evolved and are now starting to become recognised as a convenient alternative to the traditional methods. A prepaid card operates in the same way as a credit card or debit card and tends to have many benefits. The cardholder would have to load funds onto the card before using it and can only spend what you have on the card. Prepaid cards are available in selected shops, or can be ordered through the companies online. Not oly are they useful for sending money overseas, they can also be used instead of travel money when travelling and for online purchases. They are also accepted at ATM's globally (or wherever either Visa or Mastercard are accepted, depending on your type of card) for withdrawing funds.

New technology money transfers

There are more and more companies offering new ways to transfer your money and use new technologies for remitting money. For instance a debit card (such as VISA or Mastercard) is sent to the recipient that can then be topped up by the sender whenever necessary. Money can be withdrawn as and when it is needed through any ATM without the recipient needing a bank account. There is also a growing trend in using your mobile to send money by SMS, please check with your provider if this is possible.