The Basics of Money Transfer Services
3 min. read
Apr 19, 2018
There are times in life when you need money transferred as quickly as possible. In such instances, a money transfer can work well. Depending on the method you use, the recipient can have money in hand within just a few minutes. This can be a source of convenience and comfort for everyone involved.
What is a Money Transfer?
A money transfer refers to transferring money from one location to another. This may occur electronically, such as from one bank account to another. It’s also possible that the sender gives cash to a money transfer services company. The company takes the cash and then sends an electronic funds transfer to the recipient. The money may land in the recipient’s bank account, or the funds might be available for pickup in the form of cash.
If the recipient will be picking up the money transfer rather than receiving it in his or her bank account, a unique tracking number is generally required to get the money. This is a safeguard that protects the funds and ensures the money gets to its intended recipient.
Depending on the company, money transfers can be made to recipients within the U.S. or also overseas.
Using a Money Transfer to Send Money Internationally
Money transfers are a common method to send money internationally. This allows you to send money instantaneously out of the country. Money transfers are often one of the most expedient and safest ways to send money overseas. Such transfers can be made in person or you can make an international money transfer online.
Whatever method you choose, there are generally international bank transfer fees. These fees are affected by foreign exchange rates. Such charges vary according to the financial services company.
Money Transfer versus ACH Wire Transfer
Money transfers are different than ACH (Automated Clearing House) wire transfers. The latter are EFT (electronic fund transfers) from bank to bank. ACH is often used for direct deposit of paychecks and for business-to-business payments. These transactions normally take at least 24 hours and sometimes longer for the transfer of funds to occur.
Money Transfer with a Credit Card
If you don’t have cash on hand, the best way to transfer money is often to send money via credit card. Using a credit card may also offer you the best way to send money internationally. When time is of the essence, you can send money instantly with credit card. Such a transaction is often seamless and convenient for everyone involved.
Check with the money transfer services company and ask can you transfer money from a credit card. If you wish to handle the transfer yourself, check to see how to send money online using credit card. Some financial services companies make it easy to transfer money from a credit card. You may even be able to complete such a transaction from your cell phone.
Money transfers allow you to send money quickly and efficiently. In order to have the best experience possible, check out various money transfer services companies. Make sure to ask about fees, how long the money will take to arrive and if there is a limit as to how much you can send at one time.
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