Need to remit money? Find out the quickest and most inexpensive methods of cash transmissions

From time to time all of us may encounter the necessity either to send or get funds as fast as possible. In the good old days we all knew the answer to this simple question “how to make money transfer?”. It used to be - go to the postal department. Telegraph or postal money order were two ways available to citizens transferring finances. Persons sending money with the help of one of these methods would not think about the cost of the service because the fee was quite competitive. Since that moment the worth of transfers, their locality and tariffs haven't stayed identical. Besides post office facilities there emerged big local banks and representatives operating for universal transfer systems that began to provide transmission of currency online. So at the moment, there are several methods for sending cash without opening bank balances. It is important to choose the most suitable transfer for each specific case.

WESTERN UNION

The company known today as Western Union Financial Services, Inc. appeared in 1851 in America. Since 1871 it is busy with sending money. WU united with First Data Corporation in 1995. International money transmission system invented by the agency operates in 196 countries and contains more than 120 thousand points of customer facilities. They are for the most part banking firms, though any juristic body having a license to work with exchange transactions may be the representative of the company.

The agency utilizes safety system of world standard to protect their transfers. At the moment of receiving funds you have to know the check number (10 symbols), and also the password invented by the transmitter (not more than 4 words).

Payment of funds is made in the currency stated in the contract of the agent with the company. You can send money beyond the borders of our country solely in U.S. dollars. When you remit money it's instantly converted according to the rate of the organization. WU establishes the rate each day. Mind that the rate can be not always beneficial to the client thus get to know it beforehand.

MONEYGRAM

MoneyGram Payment System was founded in 1988 as a sub-company of American Express. Recently the MoneyGram transfer system's turned into a participant of Travelers Express Company Inc. The amount of services it offers in 140 countries contains more than 50 thousand entries. It controls nearly 20% of the world market of fast cash transfers. The mode of functioning of the MoneyGram system (MG) is similar to WU.

To get the funds you need to possess a passport and the check transmission code (8 digits). To every remittance one may attach a gratuitous message to the receiver consisting of 10 words.

Needing to make a cash transmission one can any moment count on the traditional methods of worldwide cash remittances that are Western Union and MoneyGram to obtain prompt facility. For one-time transfers of $400 and above they prove to be particularly beneficial. In this case, a brokerage fee amounts at the mean 5-10 percent of the amount of the remittance.