The money transfer currently exceeds $250 billion and is expected to continue to grow. Now, the growth rate is 10 to 12% per year, with no signs of slowing down. This is mainly due to increased globalisation, the increasing number of migrant workers and the increased efficiency and security of money transfer companies.
There are many ways to transfer money abroad. Here are some of the most critical methods described.
- Cash Transfers
This method is one of the most popular ways of remittances. If you want to transfer money, you must find a company in your country where the money is collected. Online payments have recently gained popularity with growing customer confidence in their security. The main advantage of these services is that the money can be sent by the mouse. Prices can be searched, and you can do anything without leaving your flesh. The disadvantage is that a review of the procedures may be a long and tedious bit, and there may also be a vacuum in the days. Sometimes you have to transfer the money and then sent it to a local bank account.
- Money orders
Most major post offices and postal departments may issue international money orders, which are subjected to certain restrictions. For example, there is often an upper limit to the amount of money you can transfer to the same time. Once the payment order has been received, it must be exchanged for cash at a local post office. As usual, the recipient must provide complete personal data, as well as valid identification at both ends of the transfer. The sender must also ensure that the receipt is kept at the desk, as it is often a paper copy and must be presented in case of transfer problem. Of course, there is always a fee for this type of money transfer.
- Bank transfers
This method is one of the simplest ways to send money. The current process differs from bank to bank. If you wish to follow this option, you must contact your bank branch for more information. However, these services generally take longer than online transfers.
Another option with the banks is to send a check. The main problem is that they can change the check-in time and can take a long time. The recipient should also pay a fee for bank charges to verify that this is not always the cheapest option.
Remember that service is reasonable, but always the most efficient service. Look around and see what’s best for you.