Jul 062014

By Mohammed Waseem

If you live in Malaysia and want to send money internationally, POS Malaysia Berhad is a very good option. They are the premier postal service provider for Malaysia and have a wide range of services offered, including international money transfer. They have over 1000 touch points across the country, which enables senders to use any of them to send money quickly.

The touch points include POS outlets, POS Minis, POS24 self-service-terminals, Post-on-Wheels mobile outlets and postal and stamp agents. They are a trusted way to send money order to 21 countries at only RM 4 per transaction. The supported countries include India, Canada, Sri Lanka, Pakistan, Singapore, South Africa, United Arab Emirates, Vietnam and few other Asian countries.

POS MalaysiaMoney can also be received at POS from any of the supported countries. In most cases, the service is offered in partnership with Western Union. Western Union can be used to send money to any part of the world, but money order can be sent only to the 21 supported countries; and here, the limits are set by POS themselves.

In order to send money using Western Union, one has to visit a post office and complete the ‘send money’ form available there. After this, a money transfer control number is given to the sender which has to be communicated to the recipient. To receive money, one can provide the money transfer control number at the post office for confirmation and collect the cash without any deduction or charge.

Maximum amount that can be sent by money order has been limited based on the recipient’s country. To quote a few examples, senders can send a maximum of USD 2000 to Bangladesh, CAD 2000 to Canada, USD 1000 to Turkey, USD 1500 to Indonesia and PKR 50000 to Pakistan. To check the limits for other countries, this link can be followed.

Domestic Money Order can be used to send money locally within Malaysia. The limit applicable here, is RM 10000 and the fee chargeable is RM 2. Express Money service is also available for a fee of RM 6 per transaction.

Feb 182014

By Mohammed Waseem

Just like the European Union consists of a number of member countries sharing common interests, there is a union in Europe for money transfers consisting of postal organizations. The company is called Eurogiro, which was founded in 1993 by 14 European postal organizations with an aim to develop worldwide business relating to cross-border payments of both retail and wholesale financial services, for the benefit of its members.

Today, they have members in few other continents apart from Europe; they have members in Africa and Middle East, the Americas and Asia Pacific. They have presence is in over 50 countries now, with over 60 members including postal organizations, post banks, commercial banks and other payment service providers. They operate with an aim to increase the business of its members. They have partnered with Western Union for urgent cash transfers, with Deutsche Postbank for EUR Settlement Services (ESSP) and with SWIFT for transactions on SWIFTNet. They have recently partnered with Ericsson for mobile technology for payments.

Eurogiro cross-border paymentsThey enable people to reach the unbanked via over 500,000 post offices and bank branches which offer Eurogiro’s services to their customers. Post offices joining the Eurogiro community aim at modernizing their services, automating cross-border payments, bringing new businesses. Banks join the community to exchange payments to all the regions through the members and to offer high quality and flexible payments services.

Eurogiro is a trusted partner for cross-border payments at a global level with over 30 million transactions processed every year. Payment services they offer include cash transfers, account transfers and settlement solutions.

Cash transfers use the post office network around the world through members for cross-border transfers. They have services ranging from semi-urgent transfers (maximum 2 working days), money order and urgent transfers. The fees and limits depend on the country and the organization. Account transfers are credits into bank accounts, which use the bank branch network across the globe. This service enables customers to transfer amounts in bulk as well, with flexible speeds. Banks offer services such as credit transfers (maximum 4 days), urgent transfers and transfers into non-member bank accounts.

The settlement solution Eurogiro offers is the ESSP service, which is a huge benefit for payment settlements, a customer need not keep a EUR account with every single member. Settlement usually takes 2-3 days. This service helps the members to optimize their liquidity management.

Eurogiro is working on further developments in order to strengthen the network further and reach every corner of the globe with world-class services.