Money transfer : Sending money abroad

Want to send your earnings to your people living abroad ??? Various methods are available for transferring the money to international destinations
They are

1. Money transfer comapanies like western Union
   
2. Bank Services like cheques,drafts
   
3. Money orders
   

Money Transfer companies :

Western Union :

• Considered as worldwide leader for money transfers
• Can send money through phone or online
• Has online caluculator for finding cost of transfer
• Money can be paid either through debit or credit card
• If you do not transfer money online or by phone, you will need to locate both a sending money transfer agent and a receiving transfer money agent. There are 196,000 agents located in over 190 countries and territories. If using a sending money transfer agent, you must pay for the international money transfer in cash.Fees, procedures, and the locations of money transfer agents are available on the website or by calling 800-325-6000.
• Each money transfer transaction has a unique money transfer control number. It makes it easier for collection of funds if the recipient knows the number.
• The recipient should be able to pick up the funds within the hour (subject to the hours of operation at the receiving agent location). Proper identification is required for the receiving the money
  

MoneyGram :

• has been providing trusted payment and financial services since 1940.
• 75,000 agents in 170 countries.MoneyGram’s products are currently available at 110,000 locations worldwide.
• It has also got online cost caluculator for caluculating the cost of transfer
• A lit bit less costlier than Western Union

Banking Services :

Sending a Cheque Abroad :

* Cheque clearing can take from 4 - 6 weeks.
* Even though it's easy to issue a check, it may not be easy for the recipient to cash the check.
* The recipient will be charged a fee of about $50 for cheque processing.
* Some countries have less streamlined banking systems than others and may not honor foreign-drawn checks.

Foreign Drafts :

* Depending on which city or town you live in, this can take from a few days to a week for the bank to prepare the draft.
* Draft is to be mailed.So add the mail recieving time also apart from draft preparing by bank time to caluculate total time of transfer.
* The money comes out of your account when the draft is prepared, not when the recipient gets it.
* Cost is 25$
* Since the draft is drawn on your bank to another (corresponding) bank, the recipient must have access to the corresponding bank.

Wire Transfers :

* You don't have to be a customer of the bank to wire funds, but you have to pay cash.
* This is quicker than a Foreign Draft, since it is done almost immediately.
* The fee is about $65 for non-customers and about $40 for bank customers.
* The recipient must have access to the corresponding bank.

Money Order :

Im right now publishing information of just U.S postal service.

* Maximum allowed is $700 per money order. However, you can purchase multi money orders per day, up to a maximum of $10,000.
* The processing fee ranges from $3 - $8.50 per money order.
* U.S. Money Orders can be cashed in banks or post offices in most countries around the world.
* All U.S. post offices provide this service.
* You must fill out the recipient's name on the money order before mailing to the recipient.
* Keep the numbered carbon copy receipt for your records.
* In case of problems, the money order is traceable by its unique number.

For more information, see the United States Postal Service website.

Most banks also issue money orders. The maximum is $1,000 and the fee is around $10. Most of the conditions of U.S. Postal Money Order purchases apply.

There is a online Cost efficiency chart here .

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