Apr 222014

By Mohammed Waseem

We have learnt about Facebook’s interest in entering the money transfer industry. They have partnered with Royal Bank of Canada, GoEmerchant, MiPay, Azimo and other companies to send and accept money. Would it be surprising if they come up with a service to compete with the likes of Western Union and MoneyGram? Well, they are actually in the process of introducing such a service.

Facebook is merely weeks away from its own online money transfer service, as reported by Forbes and PC World. They are waiting for the regulatory approval from the Central Bank of Ireland. Once they get the approval, they will have the permission to operate throughout the European Union, in all member countries, without the need to obtain regulatory approvals in each of the countries.

Facebook MoneyAfter the authorization, Facebook will become a registered e-money institution according to the Financial Times, which also reported that they have discussed potential partnerships with three London based money transfer services: Azimo, Moni Technologies and TransferWise. Facebook plans to launch the service in Europe first, and then move to emerging markets.

A threat Facebook faces is the trust issue; according to experts, only 10% of the US consumers showed interest in a mobile wallet offered by Facebook, due to the security and privacy issues. With over a billion active users, they do have a huge potential, but only if they are successful in convincing them all that their information will remain secure and if required, they should provide a guarantee concerning this.

Facebook probably has plans to introduce such a service in the US as well; they have already obtained Money Services Business (MSB) licenses in 48 US states. Having said that, what is most critical to their new service is the trust issue. Many users feel uncomfortable sharing personal data on Facebook, so such uncomfortable feeling is truer in case of money.

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Apr 142014

By Mohammed Waseem

Sending money has become very easy today, thanks to the continuous innovations in the money transfer industry. Companies dealing in foreign exchange, most of them offer international money transfers as well. On such company is RationalFX, a UK-based exchange house, which operates Xendpay, the online money transfer service with offices in the UK and France.

Xendpay is among the most reputed money transfer services of UK, which has transferred over $2 billion worldwide and is among the fasted growing privately owned financial services businesses. They operate in approximately 90 countries worldwide. They guarantee better rates and lower fees along with 0% commission charged. Senders can send anything from £20 and pay by bank transfer, credit or debit cards and iDeal (applicable only for EUR transactions). In addition, they provide a “No Surprise Guarantee” which means that if any of the intermediary banks makes a deduction for some reason, they will refund that deduction in full to the sender.

Xendpay Money TransferIn order to send money, the sender has to create an account on Xendpay website, view the live quote, provide remittance details and then make the payment. The fee depends on the amount and the destination country, but the general fee for payments in GBP are £3.99. The exact fees and limits can be known by visiting this link. They guarantee best exchange rate and fees in comparison to some of the leading money transfer operators including Western Union and PayPal. Delivery times depend on payout currency and the destination country; it may be anywhere between same day delivery to 2-3 working days.

Referring a friend can earn users Amazon vouchers worth £10, €12 or $15. The limitation, however, is that their transaction amount should be more that £300 or equivalent.

Most users are happy with their service and recommend others to send money through them for better exchange rates, better fees and an overall good service.

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Apr 092014

By Mohammed Waseem

TransferMate –  a UK based company with offices in North America and Australasia – offers international money transfer services to individuals and businesses, saving them huge amount of money in the process. They offer foreign exchange and money transfer services. They guarantee better exchange rates, lower fees, faster payments and good customer service.

Using their global network of bank accounts, TransferMate follows the ‘receive local’ rule, making it easier for the recipients to collect money. Their business is not operated by agents, but their own employees, which means that every transaction is in control of their employees from beginning to end. Their clients include financial institutions, universities, businesses and individuals who send and receive money internationally.

TransferMate Money TransfersTransferMate’s service is being used by over 12000 companies worldwide. When a sender enters bank account information in the online form, most money transfer companies take that to be correct and in case the information was wrong, the transactions get declined. TransferMate has a unique bank account number verifier called Automated Bank Verifier, which verifies bank account details entered by the sender.

In order to send money, users have to enter the amount online and view live rates to lock in at the best rate. Users can also send a batch transfer, which refers to multiple transfers in one payment. The funds have to be then transferred to them by depositing it in one of their accounts. Alternatively, it is automatically debited if a bank account is linked to the TransferMate account. After this, funds are transferred to the recipient; it usually takes 2 working days for the transfer to complete.

TransferMate’s service is a good alternative to wire transfers from banks as it will result in huge amount of savings. Users can apply for an account from this link and can send money using the Money Transfer Application Form.

1 vote, 4.00 avg. rating (80% score)
Apr 032014

By Mohammed Waseem

Saudi Arabia is a country which has a huge number of expatriates working there, who send money to their families back home on a regular basis. Money transfer services with good services are very important in such countries. They have a currency exchange company called Alamoudi Exchange Company, which offers international money transfer services.

Headquartered in Jeddah, they conduct business through local and international correspondent banks, as well as leading international money transfer services. Alamoudi is the among the top three money transfer services in the region, in terms of correspondents and the largest exchange house dealing in foreign currency banknotes. They completed 50 years of operation in 2012, which suggests their experience in the industry.

Alamoudi Exchange CompanyCustomers can send money to any country with their service through the banks and international money transfer companies. They do not have online transfer service which means that the senders have to walk in to any of the Alamoudi branches in the Kingdom and complete the transaction from there. They offer cash to cash transfers for over the counter collection, bank transfers for transfers into the recipient’s bank account, demand draft for transfers to the recipient’s bank account via checks and door to door payments for delivery to the recipient’s door step.

Apart from these, they offer instant money transfer services through international money transfer services, such as Western Union, Money Gram, Xpress Money Transfer, Sigue Money Transfer, etc. They also encash Hajj Checks drawn on them by their counterparts during the Hajj (Muslim Pilgrimage) season.

The country which sees the most transfers through Alamoudi Exchange Company is Bangladesh. They have been the most favorite remitting company for the Bangladeshi expats in the Kingdom due to the convenience and customer and service. With over 3.5 million Bangladeshis residing in Saudi Arabia, the company has huge potential.

Fees for the services and delivery times depend on the service chosen, which can be enquired only at an Alamoudi branch or by phone at 920008292. A drawback which deprives them of growth and expansion is their limited presence and their primary presence in the Western Region. They must consider having branches in all major cities across the Kingdom.

1 vote, 5.00 avg. rating (90% score)
Apr 022014

By Mohammed Waseem

Europe has many small and large money transfer services for transfers within Europe and outside the region. Belgium has an international money transfer company called Moneytrans, which enables money transfers from Belgium, Bulgaria, Congo, Italy, Spain and Netherlands to approximately 100 countries in Europe, the Americas, Asia and Africa and they are rapidly adding new destinations.

Moneytrans has branches across Belgium, Bulgaria, Congo, Italy, Spain and Netherlands for the senders to visit and send money to the destination country with ease and the money is transferred in minutes. They also have online transfer service, so if the senders choose not to visit a branch or agent, they can send money online or even by phone.

MoneytransMoneytrans was named the best money transfer company in 2010 by the International Association of Money Transfer Networks (IAMTN). They have thousands of agents across the globe and anyone who has a business can apply for agency.

In order to send money, customers are expected to either use online transfer service or call 02 227 18 20 or walk in to any of the offices or agent locations with a valid identification document. At the agent’s place, the sender is supposed to fill the send form and hand it over to the agent along with the money and the fee. A reference number is then generated, which has to be communicated to the recipient. Compared to many other services, their fee is reasonable. For instance, they charge €12 for sending money from Belgium to the UK. They have a dedicated fee calculator on their website which can be accessed here, which also shows the pay-out locations in the city where the money is being sent. Senders can also benefit from various promotions which the company keeps offering from time to time. In order to receive the money, the recipient has to visit a pay-out location with a valid identity document and the reference number.

Moneytrans also has mobile top-up service for most Belgian operators including Mobistar, Base and Ortel. Other than this, they also offer prepaid payphone cards. Overall, they are a good service which is transparent and has extraordinary customer service. They are worth giving a try if you are sending money from Belgium, Bulgaria, Congo, Italy, Spain or Netherlands.

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Mar 132014

By Mohammed Waseem

Scams and money laundering are common in a country like Nigeria. Operating money transfer services to such countries is quite difficult. Amidst all difficulties, few companies offer their services to Nigeria after verifying the identity of the sender and measures required to prevent illegal activities.

WebLink International, a UK based money transfer company specializes in transferring money from the UK to Nigeria. They offer services to Nigerian nationals living and working in the United Kingdom. They can send money to bank accounts in Nigeria or send it for collections from any of the WebLink agents. Money can also be sent to WebLink-proprietary ATM cards for the recipients to withdraw it as they like.

WebLink InternationalIn order to send money, the sender has to visit a WebLink agent location and fill up the send and then hand it over to the agent along with the money intended for the transfer, the applicable fee and a verification document. Money is paid out either in US dollars or Nigerian naira, as instructed by the sender. Recipients can collect the money from one of over 1000 bank branches across Nigeria, which include Skye Bank, Fidelity Bank, First City Monument Bank and Keystone Bank. Cash can be collected just minutes after the completion of the transaction and after the sender has communicated the unique reference number with the recipient.

Money can be transferred to a regular bank account at any Nigerian bank; such credit generally happens the next business day. Transfers can also be made to WebLink-proprietary ATM cards, which can complete even the same business day. To obtain an ATM card, the recipient has to walk in to any of the Skye Bank branches and request a Webfast or Webkonnect Xplorer card.

WebLink has also launched person-to-person transfer service from transfers from UK to Nigeria, which is convenient, simple and affordable. As an introductory offer, the first transaction is free of charge for a transfer not exceeding £100.

No detail of the fees for their services is given on their website. A section does have exchange rate details; however, they ask the customers to call them for more details on current exchange rates. Overall, it is a good service which is quick, secure and reliable.

1 vote, 5.00 avg. rating (90% score)
Mar 112014

By Mohammed Waseem

Africa has given the world few money transfer services which have operations in most major countries. Among those companies in Bakaal, a Somali money transfer company headquartered in the UAE. Most of the shareholders in the company are Somali nationals living in Somalia and abroad.

Bakaal has operations in 30 countries across the world. So senders can send money to these countries to be received in local currency or in US dollars or directly into bank accounts in some countries or even delivered to the recipient’s home or business. The primary customers of the company are the Somali diaspora around the world and the migrants from the Horn of Africa living abroad. It is estimated that more than 2.5 million Somalis have migrated to other parts of Africa, Europe, the Americas and Australasia, which suggests the potential in Somalia. The company also facilitates the trade payments the Somali businesses exchange with overseas companies.

Bakaal WorldwideThey have agents and offices across the 30 countries that facilitate the transactions. They don’t have online money transfer service, so if anyone wants to use their service they will have to walk in to any of their offices or agent locations.

In order to send money, a sender has to locate a Bakaal agent or office and walk in to it along with a personal identification document. After this, a simple ‘send’ form has to be filled and hand over the form, the money intended for transfer and the transfer fee to the agent. Once the transaction has been processed, a reference number is generated, which has to be communicated with the recipient. Recipients can collect the money after 10 minutes from the completion of the transaction. Sender can also choose to have the money deposited into the recipient’s bank account or delivered to their home or business.

Bakaal is a start-up money transfer service which has a long way to go in order to develop. Their website has very less information about the service, countries of operation and most importantly information about the company. Their website is poorly maintained and lacks important information which would make the customers look for alternatives because customers seek transparency and as much information as possible.

1 vote, 5.00 avg. rating (90% score)
Mar 082014

By Mohammed Waseem

Malaysia is a country which has a good number of foreigners working there. It is a country which has over 10 million expatriates who support their families by sending money to them back home. Merchantrade, a Malaysian money transfer company offers services to the expat community to transfer money internationally.

Merchantrade began as a calling card and payphone service provider and later began offering other services. Today, it is the most successful mobile telecommunication and money transfer service provider in Malaysia. They also offer services like online remittance, foreign exchange and mobile remittance. They have 62 branches across Malaysia and also have online services for anytime access. They call itself a service available for anyone residing in Malaysia.

Merchantrade BranchMoney transfer is available for major countries in Asia including India, Bangladesh, Nepal, Bangladesh, Philippines and Sri Lanka. They offer bank transfers to any bank in Indonesia, Philippines, India and Sri Lanka. In addition, they have access to over 170000 payout locations across Asia.

In order to send money, a user has to register online or visit a Merchantrade branch. For online transfers, users need to register on their website, prove their identity and then send money. They provide the exchange rates for various countries on their homepage, which makes it easier for the sender to make a choice. They have also provided details of fees for each transaction and delivery times, which makes the service more transparent. It usually takes between 1-3 days for the money to be delivered, depending on the country and transfer amount. Users can send money 8 times in a month and transaction limits apply depending on each country.

For personal transfers, senders have to visit any of the 62 Merchantrade branches or 60 agent locations across Malaysia and complete the sending procedure. Apart from these, they offer mobile money transfer through Doowit for money to be available for collection in person or as direct bank deposit. They also offer immediate money transfers through MoneyGram.

Overall, they seem to be a very good service which has huge potential. They have the potential to expand to other continents.

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Mar 042014

By Mohammed Waseem

It’s a small world, they say. There is actually a company which has named itself after this phrase, emphasizing on the small world concept. The company is called Small World, which offers a wide range of financial services including money transfer.

Small World is a global international payments operator, offering secure, fast and inexpensive way to send and receive money to anywhere in the world (Just over 160 countries to be specific). They suggest that sending money to any part of the world should be as easy as sending it locally. They offer products and services to individuals as well as businesses through their worldwide network of branches, their agents as well as over the phone, on the internet and on mobile devices.

Small World Financial ServicesThey operate in different countries under different brand names such as UNO, Express Funds, LLC and Choice, but all under the global ‘Small World’ marque, combining the operating history of the local brands and their experience with the technology platform of Small World. To date, they have transferred over €30 billion across the globe.

They enable customers to send money to any country in any currency, in person at their agent locations or branches, online or by mobile. Payment can be delivered to be collected in person at the agent locations, credited in bank accounts, delivered in person, credited to a mobile wallet or credited to mobile phones as top up credit.

In order to send money, customers need to register online, through their call center, at their agent locations or at their branches. Then the customer has to check the fees and choose the country to transfer the money and make payment. When Small World receives the money, they process the transaction and the customer is given a confirmation code (Money Transfer Number) which has to be communicated to the receiver.

They have not specified fees for the transactions on their website; instead, they suggest the customers to contact them for transaction-specific rates. There is no limit to the amount of transfer, as long as the sender is able to prove the source of funds. Pick up locations number to over 150,000 around the world, which suggests a strong global reach.

They are using the collaboration route to grow their business and reach every country, in order to offer best possible services by combining the expertise of both brands.

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