As the world becomes more and more intertwined, transferring money becomes more of a necessity as people and businesses need to conduct monetary transactions with many miles and oceans between them. As the need for wiring money has grown, so have new wire transfer businesses that are looking to fill this need.
The new money transfer solutions offer more flexibility and reliance on electronic sending and receiving of funds than their older counterparts. The newer money transfer companies also offer competitive rates and more countries where money can be sent.
Businesses using money transfer companies should keep a few things in mind:
1. The flexibility each company offers. In today’s fast paced world of instant connections, you want a money transfer solution that is as flexible as your business needs demand.
2. Businesses are always looking for ways to save money, so looking at the fees associated with money transfer companies is a way of keep your eye on the bottom line.
3. Beware of the many scams associated with wiring money. Make sure the person or company you are doing business with is reputable.
Action Steps
The best contacts and resources to help you get it done
Determine what's more important to you: flexibility or familiarity in a wire transfer
Western Union and Money Gram are the best known and the largest of the money transfer services. Since they are the most popular, they are also the most used and have the highest fees and in many cases offer restrictions on what type of payment they will accept when trying to wire money. Many of the newer money transfer businesses offer lower fees and fewer restrictions when sending money to be transferred.
I recommend: Consider
Xoom’s money transfer service because they place an emphasis on electronic transferal of money, which cuts down the need to find a location to send or receive your funds.
Understand the fees associated with wiring money
It's important to be aware of the fees associate with wiring money, as they can drastically affect the amount the intended receiver actually ends up getting. Most wire transfer services base fees on not only the amount of money being sent but the destination it is being sent to as well. The further the money has to travel, the more money it will cost you to send it.
I recommend: Try
iKobo money transfer because you can send up to $1000 anywhere in the world for just $5.
Beware of scams associated with transferring money
Many scam artists use money wiring services as a way to part you from your money. It is important to be wary of any person or business that wants you to wire money to them as the only way to conduct business with them or pay for a service or product.
I recommend: Western Union’s guide
Protect Yourself From Fraud gives a detailed look at how to avoid the many ways one can be scammed when conducting business using wire transfers. If you completed your wire transfer online and you feel you been defrauded, contact the
Internet Crime Complaint Center.
Start your own money transfer service
Instead of paying wire transfer services to send your money, start your own money transfer business. It is not as difficult as it sounds. With the right agents, commitment and money transfer software, you can begin wiring money for people and companies across the world.
I recommend: Remit Anywhere offers money transfer software that allows you to initially set up your business for free.
Tips & Tactics
Helpful advice for making the most of this Guide
- White Wings Consulting offers money transfer software that doesn't require any software to be loaded on an agent's computer, so it offers a convenient solution to agents that may be spread across the country.
The official source of Money Transfer Services is
the Money Transfer Services page at Business.com
Featured Vendors
Pay and Receive Foreign Currency OnlineBreak free from banks. Manage your transactions on a secured online platform 24/7. Competitive FX rates and no setup fee. Wires, ACH & EFT available.
www.customhouse.com
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