Nov 132014

By Mohammed Waseem

Small and medium sized financial businesses, who don’t have their own resources to facilitate international money transfer, use the network of leading money transfer services. This gives them access to the entire world, while not having any operation in most of the countries. This gives them an opportunity to expand their businesses and gain a lot of experience.

American financing company, ACE Cash Express offers money transfer services to 197 countries worldwide. The service is advertised as MoneyGram, but they are provided by ACE Cash Express. So, necessarily, it is the advertisement of agency. And apart from all the locations MoneyGram has, ACE Cash Express adds to these. They do not mention the other MoneyGram offices locally, but allow collection of cash at any location in the world.

ACEACE Cash Express has 1500 offices in the USA and they enable their customers to access immediate money transfer to over 125000 locations worldwide and also support local money transfer within the US.

Senders can also use their services to send money online. But this, they do by redirecting to MoneyGram website. They do not have a webpage of their own to facilitate online transfer.

ACE also offers loans and prepaid card solutions; and this service becomes an add-on to their customers and may also bring new customers.

Sep 102014

By Mohammed Waseem

Indians are used to receiving money using Western Union and MoneyGram, when they talk about instant money transfer. A system exists to send and receive money between bank accounts within the country, known as NEFT (National Electronic Fund Transfer), but this requires at least 12 hours for the approval of a beneficiary and requires a day for the funds to be deposited to the beneficiary account.

Once the money has been deposited, the recipient is free to do whatever they want with it, as it is in their bank account. Banks have been less innovative, until recently, when Bank of India (BOI) announced the introduction of instant money transfer to anyone in India. When I say anyone, it includes those who don’t have an account with the bank as well.

Bank of IndiaThe service is available throughout the year and can be accessed at any time of the day, by both the sender and the recipient. Senders should, however be customers of the bank; they should have an account at BOI.

The service is ideal in cases where the bank details of the recipient are not know or the recipient doesn’t have a bank account, or even when the recipient prefers cash or needs the money instantly. Cash, here, refers to withdrawal from BOI ATMs, without using a BOI card; and in fact, without using any card at all.

The card-less cash withdrawal works with a mobile number. The sender has to provide the recipient’s mobile number, on which, partial transfer details will be sent. Rest of the details have to be communicated by the sender, personally. This ensures extra security and zero fraud risk. The sender provides the sender code to the recipient while the latter receives a PIN via SMS. Both of these have to be provided along with their mobile number at a BOI ATM to withdraw cash.

As per regulations, withdrawal limits of INR 25000 per month and INR 10000 per transaction apply per recipient. Once initiated by the sender, the recipient has 14 days to withdraw the cash, after which, it is cancelled and the amount is credited to the sender.

Aug 032014

By Mohammed Waseem

With decades of experience dealing with money, UAE Exchange has grown big and expanded to many countries. They are present in all the continents of the world and operate in over 30 countries. In addition, they have partnered with other companies to expand their reach. They can take the sender’s money anywhere in the world.

They are rapidly growing in the UK and are promoting their business. Last year, they offered gold bars to the winners in monthly draws. They completed 10 years of operation in the UK in 2013. They have been the remitter of choice for many expatriates in the UK and elsewhere, which has made them remain in business for so long and has gained them good experience. They are continuing to explore ways to optimize their operations in all areas of money transfer.

A UAEXCHANGE branch in the UK

A UAEXCHANGE branch in the UK

The flagship product offered by UAE Exchange is bank transfer. It enables senders to transfer money to almost any part of the work, directly into the recipient’s bank account. They have access to places, in which, many other leading money transfer services are unheard of. They have partnered with over 150 banks for this to work; both individual transfers, as well as corporate transfers are supported in this. Senders need to visit one of the UAE Exchange branches to make the transfer.

They offer online money transfer through Money2Anywhere, which is a highly secure way of transferring money online. Apart from this, instant money transfer is also offered in partnership with MoneyGram, XpressMoney and through Associate Bank Transfer (ABT). With the first two, over 250000 agents can be reached in the world, for recipients to collect cash payouts.

ABT allows senders to transfer money instantly to select countries, with option for the recipient to collect cash from any UAE Exchange branch or their associates. Apart from money transfer, UAE Exchange also deals with money exchange and gold loans.