Jan 212014
 

By Mohammed Waseem

Business in the Russian Federation requires frequent money transfers. They have their own money transfer services like Unistream and other international money transfer services such as Western Union and MoneyGram. They have another money transfer service of their own called Golden Crown.

Golden Crown Money transfer operates in Russia and the neighboring CIS countries and Georgia with over 40000 agents. They have partnered with over 450 banks and many major Russian retailers including Euroset, MTS-Retail and Svyaznoy. This ensures highly efficient operation and wide coverage throughout the region. They are also the most popular money transfer service in Russia according to the Birzhevoy Lider magazine.

GoldenCrown Money TransferAccording to the reports, Golden Crown is the fastest growing money transfer service and is among the least expensive services. They are also known for speedy service, which transfers money in seconds. When sending money, the sender just has to choose the country and the city, the receiver is asked to choose the most convenient location for collection. Their charges start at 0.5% of the transaction amount. Transfers can be tracked online and notifications are sent by SMS.

Golden Crown has a prepaid card for sending money, which they call “Sender Card”. This is meant for sending money without having to fill forms every time. Once the sender obtains the card, transfers can be made using the card.

In order to send money, the senders are expected to provide an identification document and the money, while specifying the receiver’s full name, the country and the city. Money can be transferred from any of the agent locations and retail chains across the region. Once the transaction is complete, the MTCN is generated and sent to the receiver as an SMS and the sender also receives an SMS confirming the success of the transaction. The receiver can then choose the most convenient location for collecting the money and provide the MTCN and an identification document. Status of the transaction can be checked at www.perevod-korona.com.

In Russia, money can also be received on the prepaid card from Master Card called Kukuruza Card, which can be obtained at any of the Euroset outlets. The receiver has 60 days to collect the money before it is locked. If this happens, the sender must unlock the amount at the location where the transfer was initiated.

It was also in the news that 13 Azerbaijani banks terminated Golden Crown money transfer system due to low profitability for them from the transactions, as they are very much inexpensive. They may find a work around to deal with this issue.

At present, Golden Crown operates in a limited region. The rate at which they are growing suggests that they will expand in the near future.

Jan 152013
 

Money transfer services have become an important part of modern society. Because of the number of online businesses growing and thriving, as well as individuals using the internet to shop from places around the world opposed to visiting brick and mortar stores, it has become essential to have a means of transferring money from one party to another.

Although an essential financial service, there is one big challenge in that not all companies are honest.

Worldwide money transfers

Money transfer

Companies that conduct fraudulent acts and people who scam hit virtually every market imaginable but obviously, anything that involves money becomes a primary target.

To avoid getting caught up in the madness, consumers have both the right and responsibility to research every aspect of money transfer services to find those deemed safe.

Top Global Transfer Companies

While most companies offer much the same services there are unique aspects of each. For that reason, a person would first need to determine what features are considered most important from a transfer company.

One thing in particular a person should learn is the countries for which services are offered. Because this is one of the many important features, we felt it would be beneficial to provide an overview of a few of the top-ranking money transfer services.

Personal FX

  • Specific to Moneysupermarket.com, which allows transfers of £5,000 and up for entry in prize drawings.
  • Monthly payments of at least £250.
  • No limit for the amount of bank transfer payments but a limit of £20,000 for debit cards.
  • If transferring £5,000 or less, fees could apply.
  • 24×7 access to real time exchange rates.
  • Services are authorized and regulated by FSA

TransferWise

  • Maintains a 5 out of 5 rating for service among the top five money websites specific to money transfer services.
  • £100,000 limit on transfers completed online with the amount higher for phone transfers.
  • Services are 100% transparent with mid-market rates being offered minus only a minimal service fee.
  • Services are authorized and regulated by the FSA.
  • 24×7 customer support via phone

HiFX

  • Specific to Moneysupermarket.com, which allows transfers of £5,000 and up for entry in prize drawings.
  • Minimum amount of transfers is £250.
  • Online transfers available below and above £20,000 with phone transfers can be completed for even higher amounts.
  • Real time exchange rates and no hidden fees o Money transfer services of £3,000 or less are charged a fee of £9.
  • Services are authorized and regulated by the FSA

WorldFirst

  • Specific to Moneysupermarket.com with money transfers of £10,000 and higher being used as entry into monthly prize drawings.
  • Only bank transfers are allowed, eliminating the need to deal with cash o Real time exchange rates and professional customer support.
  • Services are authorized and regulated by the FSA.

Lloyds TSB

  • Must be a current Lloyds account holder.
  • No limit on money transfers when completed at a local branch but a £5,000 limit on transfers completed via phone.
  • Fee of £17.50 for money transfers of £5,000 and over and £10 for transfers of less than £5,000 although any intermediary or receiving bank could tack on additional fees.
  • Currencies of all types are available.

PayPal

  • Currently 23 unique currencies are available.
  • No minimum on transfer amounts.
  • Sending money involves a 3.9% transfer fee when using a balance maintained with PayPal or a bank account, as well as a currency conversion fee, and possible other fees charged by intermediary or receiving banks.
  • Exchange rate would only be confirmed at the time of money being transferred

Key Considerations

No matter the reason for sending/receiving money to or from another country, it is important to learn everything possible about the company offering money transfer services. A good understanding of what different companies offer for money transfer services could have a significant impact on your user experience.

After all, the amount of fees charged, amount of time for a transaction to complete, and the level of support received could vary dramatically. Spending time looking at the companies mentioned as well as others considered safe would be a worthwhile investment long-term.