Jun 082014

By Mohammed Waseem

Switzerland has a money transfer service that operates in many other countries as well. It is called Aws 24 and it operates in all countries, which means that money can be sent from almost anwhere. Money can be received in only 69 countries, at over 54000 locations.

The minimum money transfer amount is
€/$50 ans the maximum is €/$1200. The fee for the transfers can be anywhere between €/$5 and €/$30 based on the amount and the receiving country. Aws 24 has partnered with over 16000 banks across the world for direct bank deposits. In addition, home delivery is available, but only for transfers to the Dominican Republic.

Aws24In order to send money, senders need to visit the Aws 24 website and complete the procedure. They can simultaneously check the fees involved for the transaction. The approximate time taken for bank deposits is 72 hours and for cash pick up it is 24 hours. For sending money, users need to register on the website and use the above link to know the steps. Users who have not registered are guided to registration during the transfer process. Payment can be made using major debit and credit cards.

They have customer service in 4 different languages, which are English, Spanish, Dutch and French. They also offer customer service over Skype, which is quite interesting. Those who can’t access or don’t want to use email or Skype can call their customer service number. Referring others can earn the users a $/€20 discount on fees.

Senders who intend to use Aws 24’s service are advised to check the video tutorial before proceeding.

Jun 012014

By Mohammed Waseem

Apart from the popular players like Western Union and MoneyGram in money transfer, we have Xpress Money, which operates on a global level. They operate in most countries and have agents spread across major countries. They have over 170000 agents in around 150 countries and they are working on including more locations.

Xpress Money targets expatriates living abroad, who send money back home. They promise simple, fast and safe service that is dependable and affordable as well. In addition, they promise competitive exchange rates and full refund on cancellation. They also have a fraud helpline in many countries, which serves as a point of contact in case of suspected fraud or scam.

Xpress MoneyServices offered by Xpress Money include cash to cash, cash to bank account, door to door, mobile money transfer, online money transfer and cash to card transfers. For cash to cash transfers, it is the traditional agent route, where the sender visits an agent and hands over the amount along with a fee and is provided a 16 digit X-PIN which has to be communicated with the recipient. The recipient then visits an agent and collects the cash. Cash to bank account requires the sender to hand over the cash and the fee to the agent, after which, the money is deposited into the recipient’s account.

Mobile money transfer and online money transfer are the on-the-go transfer services where the sender does not have to visit an agent. The door to door service is not offered by many money transfer operators; Xpress Money is one of the few operators supporting this service. Cash to card transfer is one of the most convenient services, where sender can send money directly to the recipient’s debit card.

They have an easy to use fee calculator on their website, which helps the sender estimate the total charges applicable to send money. Recipient pays no fee to collect the cash. For the recipient, they have the agent locator, which helps them find the closest agent to collect cash from.

Though not as popular as the leading players, their service is quite good and dependable. For a few countries, they require the sender to specify where the recipient should collect cash from, in other words, anywhere payment is not available there. This page has the list of countries where anywhere payment is available.

May 282014

By Mohammed Waseem

Being able to send money instantly something everybody likes. Most money transfer companies promise to make money available within 10 minutes. How about making money available within 60 seconds, even to the unbanked? V2Pay, a US based startup offers such a service with a promise to transfer money in 60 seconds with their product, V2Remit. They also offer other products including V2Card for prepaid cards, V2ID for electronic identity verification, V2Call for integrated data and mobile recharge, V2Agent for creating global agency networks, V2Loan for micro loan software solutions, V2Merchant for payment processing and V2ATM for card-less withdrawal solutions.

The company seems interesting with innovative products offered. V2Remit is a way for individuals to send money globally, at any time in less than 60 seconds, via smartphone, SMS, tablet, computer, or over the counter at one of the V2Pay agents. The recipient can collect the cash without any need for a bank account or a bank card. They see a huge potential among unbanked customers and report that there are over 5 billion unbanked people in the world, compared to 2 billion banked.

V2RemitV2Remit uses V2ID for transaction security and for compliance with the standards of Anti Money Laundering (AML) and Know Your Customer (KYC). V2Remit is also offered to businesses which can offer the service through ATMs, POS and over the counter (OTC). These businesses include other money transfer operators, banks, telecom companies and governments.

In order to send money, the sender has to register with V2Pay. A card, a bank account or an e-wallet has to be added to fund online transfer from. In order to send money, the sender has to login and select the recipient, enter the amount and payout currency, confirm deadline for the recipient to collect the money, create a 4 digit PIN code for the recipient, optionally add a personal message and confirm the transfer. A reference number is then generated and communicated to the sender for tracking the transfer.

The recipient receives an MMS to notify the receipt of money. They have to click on the virtual debit card image and see the GPS mapping of a supported ATM nearby, a POS machine or agent locations for cash collection. The sender can also choose a payout location for the recipient to collect the money from. Additionally, the sender can also opt to receive exact details of the collected money. This seems interesting and is innovative, while it makes use of technology to provide the best service. However, it may not be helpful for the technologically illiterate or the recipients who don’t own smartphones or phones that don’t support the GPS technology. They may have to depend on the MMS alone and look for the supported payout locations themselves. This can, however be solved if the sender supplies them with the exact address of the payout location.

Money can be sent to any country in 60 currencies at great exchange rates. V2Remit is available on all devices, which allows the senders to make on-the-go transfers and ensures anytime and anywhere access to the V2Pay account.

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.