May 252014
 

By Mohammed Waseem

Sending money to and from the UK is simple these days, with so many money transfer operators popping up. Many of these companies have operations in multiple countries, some even have over 100 countries in their list. We have discussed about few of those companies in the past. Today, I will talk about Send Money 24, a UK based money transfer service provider to over 100 countries.

SendMoney24.com is an online payment service provider specializing in International Money Transfer and Payment Services to and from the UK. They can transfer money to a recipient’s bank account or for cash pickup at their agent locations. Their fee starts from 2% of the amount being sent, with the minimum limit of £2.99. Their agent locator and fee calculator are accessible and easy to use. They also work in partnership with UNIstream, WebMoney, Ria and Contact.

Send Money 24In order to send money, a sender has to register for an account, send the money transfer request, pay after receiving confirmation, and communicate the unique code and the agent’s address from the acknowledgment receipt (applies for cash pickups only). Senders can pay through Internet Banking from any UK bank. Money is paid out to the recipient in USD, EUR or the local currency, as instructed by the sender.

Once the company receives the funds from the sender, they process the payment and the receiver can collect it the next working day or depending on the time taken by banks to process the transactions, in case of bank account transfers. Senders do not have to choose agent locations, they are automatically applied based on the recipient’s address.

Send Money 24 is secure and is regulated by the FCA (Financial Conduct Authority). They are a simple service, best for people sending money to families regularly or for people making business payments or any other similar payments. They are however not suitable for emergency transfers which happen within minutes.

May 112014
 

By Mohammed Waseem

Sending money internationally requires complete knowledge about the services, companies, exchange rates and so on. It is necessary that senders read and ask about various money transfer services and compare them to choose the best service. Few countries have websites which act as information providers to senders and receivers of money, helping them get the best rates while saving time and money. Few of these websites provide information about the money transfer companies upfront, while others require the users to contact them and then they contact the former with specific information.

International-Payments.co.uk is a UK based website for providing information about the money transfer services in UK that offer best exchange rates on international transfers. They provide free information about different currency transfers around the world and give the information passed on their website to a UK based money transfer company, so that they can contact the sender with more information about their service. They are owned and operated by Currency Index Ltd.

Screenshot_2014-05-11-17-28-01-1Users logging on to their website can check information and news about currencies and countries they want to send money to. The website is good for such information and not for those who want urgent information about money transfers. It should also be noted that no information about services is provided upfront, users are expected to wait until they are contacted with specific information. They take a day or even 2-3 days to contact the sender; and the company suggested is primarily Currency Index Ltd.

The website is also good for information about best practices in money transfer, specific to each country. Users can read them and avoid mistakes when they use any money transfer service.

Dec 282013
 

By Mohammed Waseem

We know how Skype works…There is transfer of data packets from both ends, using the VoIP, which uses the Internet.

A money transfer service called TransferWise claims that it is the Skype of money transfers. It claims that money will be transferred to a foreign country at the lowest cost and at real exchange rate of the market.

Any money transfer service you choose, if you compare their exchange rate with the real rate for that day, you will find a difference. This is because they make money equivalent to the difference in the rates, apart from the fee they charge.

TransferwiseSo, how is this possible? How does TransferWise work?

Consider Spain and England for example. When a sender from Spain initiates a transfer, he is required to deposit cash into TransferWise’s bank account in Spain. The algorithm then spots someone from England wanting to make a transfer to Spain. He is required to deposit the money into TransferWise’s bank account in England. Without an international transaction, both senders from Spain and England successfully send money to their relatives or friends.

And how does TransferWise make money? The sender is charged £1 for amounts lower than £200 and 0.5% of the transaction amount for transfers over £200. Money is delivered in 2-4 working days. For express delivery, which takes relatively lesser time, they charge a slightly higher fee.

This service works well between countries which transfer roughly equal amounts to each other and may have lesser significance and appeal for pairs of countries where the amounts transferred between each other don’t match.

TransferWise is confident that they can provide a tough competition to leading money transfer services due to the real exchange rate and lower fee. But as I said above, this may not work well for countries where transfer amounts don’t match.

According to The Economist, in the first year of its operation (2011), TransferWise transferred £10 million and reached £50 million in the next year.

Jul 222011
 

By W.H.A.| SpeedyPay.info

A new U.S. consumer agency called the Consumer Financial Protection Bureau has been formed to put a spotlight on the wire transfers, or remittances, that companies such as Western Union and MoneyGram offer as a way for consumers to get cash to relatives in the Caribbean, Latin America and other foreign countries.

Public interest groups have expressed concern that the money transfer market has been insufficiently monitored, and as a result immigrants and others who use these services have been forced to pay excessive fees in many cases.

Worldwide money transfers

A new government bureau has been formed to study money transfer services

The new consumer bureau will examine the remittances market and implement ules that require companies to disclose information about fees and the exchange rate before the consumer pays for the wire transfer. Also, the disclosures will now be required to be in English and in each of the foreign languages the remittance transfer provider uses to market its services.

“International money transfers can be a vital link to family members and friends abroad,” said White House adviser Elizabeth Warren in a statement Wednesday. “Information about exchange rates has the potential to help remittance senders make smarter choices about which services best meet their needs.”

The World Bank estimates that the total volume of remittance transfers to developing countries reached $325 billion last year and that the U.S. is the largest remittance-sending country in the world. The majority of remittances from the U.S. are sent to the Caribbean and Latin America, according to the Federal Reserve.

Residents of the United States are the largest senders of international money remittances per year. The majority of remittances from the U.S. are sent to the Caribbean and Latin America.