This blog aims to help those who need to transfer or remit money from one country to another country anywhere in the world. Sending money abroad or making a foreign purchase need not be costlier and more time-consuming than it should be--that is, if the people involved have the right information under their control. What we have in mind as likely end-users of these pieces of information are businessmen, migrants, overseas contract workers, among many others, who maintain personal or business ties to family members or relatives, business associates, online friends, etc. from other countries. Those who already maintain business relationships with money transfer service providers may still benefit from additional information which this report can provide.

We do not intend to recommend to anyone any particular service provider. What we can offer is information that can be useful in choosing the best possible service available under any given situation. We know that each service provider has its own niche in the industry and, depending on the specific need of the customer, it is possible that one may offer a better package than the other. There are several factors that need to be considered if one were to judiciously choose a service provider, viz:

1. TIMELINESS

This is important if one needs to send money at once regardless of time or day at the receiving country. There are transfer services that can do it through online service outlets (eg ATMs or credit cards) or local agents that operate 24/7.

2. POINT OF PRESENCE—COVERAGE IN THE COUNTRY YOU ARE SENDING TO

If one needs to send money to remote places or relatively hard-to-reach areas, the service provider with the most extensive point of presence or door-to-door capabilities can provide the best possible service package. A service package usually includes flexibility for recipients to receive funds in the currency of his/her choice, which is normally the local currency.
If you are sending money, try and take two forms of identification; banks (especially) will require this when opening an account. You may not need them for every transaction with every provider, but to make the process as easy as possible it is advisable to carry your passport (or other photographic ID) and proof of your address.

3. FEES—THE COSTS INVOLVED IN SENDING MONEY

a. The fee for sending the money. There will almost always be a fee to pay to transfer money, whichever type of provider you decide to use. This will vary depending on which provider is used, the method, the amount sent and often the country you are sending to. Some providers may offer an express service, which will cost more.

b. The exchange rate. Either the money is exchanged when sending the money or when collected. Exchange rates can change on a daily basis and providers usually offer different rates from each other. This will affect the amount of money received, so you should always check with the provider you are using before sending money. You can also check what the average exchange rate for the day is by using our currency converter, above.

c. The costs to collect the money. Extra fees to the recipient maybe charged. Sometimes the person picking up the money you send might need to pay another fee when they collect the money. If there is a fee, it will vary depending on the amount sent and the account the money was sent to. Money transfer firms might not charge at all but you should check with the provider you are using. If you are sending the money to a bank account you should contact that bank about their fees. Online providers may charge a fee to upload or withdraw money from your account at an ATM. You should check their website or contact them about their fees before sending any money.

5) DO YOU NEED A BANK ACCOUNT?

Majority of banks offer money transfer services, but in most cases you must hold an account with the bank you wish to use. It is usually necessary for the person receiving the money to have a bank account also. Banks tend to be more expensive and take longer to transfer your money, however they do offer additional security and opens the door for additional financial products such as loans, mortgages and savings accounts.

6) INFORMATION ABOUT EXCHANGE RATES

Most service providers guarantee the exchange rate at the time of transaction. However, it is unusual for providers to guarantee how much the recipient will receive, as there may be extra expenses to pay when the money is picked up. Before visiting a provider you can check the market price for your currency by using the currency converter posted for you above.

7) SECURITY AND RELIABILITY

A service provider must have an established record of providing a secure and reliable service. Please note further that each country (either the one from which money is sent or the other to which money is sent) has its own regulatory laws regarding fund transfers, including those that seek to protect the interest of consumers. Those who send or receive money must be familiar with these laws, such as anti-money laundering, as applied in their respective countries. One basic way of verifying if a service provider is compliant with these laws is to check if his or her company has been duly accredited by agencies of government or multi-lateral organizations that regulate financial-related activities.

As soon as money has been sent, the best way to find out if it has arrived is to keep in touch with the recipient. Some providers may let you know that a transfer has been received by email, telephone or text (SMS), but this is not common. It is always important to keep a receipt and go back to the agent/provider you transacted with should problems in the transfer of your money arise.

Included here is the contact information of money transfer firms listed in this report so that consumers will be guided of what to do or who to look for in case their transactions get into all sorts of problems. Moreover, this report will be updated as fresh and helpful information becomes available.

That said, we present in the succeeding pages the essential information on the most popular (based on Google rankings) money transfer service providers with world wide coverage. Just click on the links above to any of the service providers you wish to look up.