Fast And Safe Money Transfer

The history of money transfers dates back 150 years and over that time the procedure has become largely electronic. The best advantage of this electronic system is that the transfer process gets completed in a matter of minutes. There is no dearth of institutions offering money transfer services and a bank account is not a necessity to utilize these services

In 1837, Samuel Morse perfected the first practical telegraph. This new invention made speedy and safe money transfers possible for both businesses and individuals. Terms like "wire transfer" and "telegraphic transfer" quickly became part of the English language. For the first time in human history, transactions could be carried out, sometimes in minutes, across vast distances. In the 21st century, electronic funds transfer by computer has largely replaced the telegraph. In North America, the telegraph is no longer used, and the term "telegraphic transfer" has fallen into disuse, although money transfers continue to be called "wire transfers" in many cases.

There are four different types of money transfer services available: wire transfer, bank draft, Internet money transfer, and money orders. All these methods can be used both domestically and internationally. A money transfer service is used to quickly provide funds to both businesses and individuals. They are typically used in situations where a check would take too long, may not be accepted or where the recipient does not have a bank account.

WIRE TRANSFER are one of the more popular money transfer services that are used to move funds from one bank account either to another bank account or to a cash office. The person who is sending the money can create a wire transfer from his or her own bank or from a cash office. In order to complete a wire transfer, you need to have the details of the recipient's bank or their wire transfer code and location code for the cash office where they will pick up the funds.

A BANK DRAFT is a type of money transfer service most commonly used for payments to companies in foreign countries. A bank draft is issued by a bank or money transfer company and is cashable at any banking institution. This method of payment is more expensive than other methods, but is preferred by companies and large institutions due to additional security and audit trail features.

INTERNET MONEY TRANSFER services have increased in popularity as security has improved. Several large companies specialize in this type of service. Funds can be transferred to anyone with an email account in the world and is available is all recognized foreign currencies. Transfers can be created through a third party, or directly from the sender's bank account.

Third party companies usually provide a free basic account set up, but charge a transaction fee for every transfer of funds to your bank account. In addition, there is a processing delay of between five to seven days to receive the funds in your bank account. If you are going to use this type of service, check the reputation and conflict resolution steps first.

Several specialized firms offer money orders as one of their money transfer services. The sender goes to the cash office and creates a money order for a specific cash office and person to pick up. The recipient is notified by the sender and is

One main concern for many OFW is the method on how to send money to the Philippines. And today, there are a number of ways on how to transfer money to your loved ones in the Philippines, from the most secure to the fastest, and from traditional to the electronic types. But the two important factors you need to consider is the safety and cost-effectiveness of the money transfer service or bank you are going to apply. This article will discuss some useful tips on how to transfer money at the lowest possible cost.

If you are going to use bank to bank wire transfer, make sure that it is reputable and has several offices around world. Your recipient may receive it within 2 - 4 days but it depends upon the bank. You should also check if the bank has a local branch in your country. This type of method is that most secure with the lowest remittance fee.

Life abroad can be too busy and hectic and for OFWs to send money quickly, one method is through electronic transfer. This is also the fastest and convenient way since the money can be transferred in no time. Electronic transfer can provide several benefits apart from fast and convenient money transfer. With this method, you can pay your bills anytime provided they allow that type of transaction. The card service can be use during vacation or visiting in the Philippines without bringing cash. You can deposit your money in your account and withdraw it when you arrive at your chosen destination. Most electronic money transfers have direct to peso conversion scheme. In this way, you can send your money in dollar and the system can automatically convert it in peso.

When sending small amount of money, you can use your mobile phone. Many telecommunication companies provide money transfer services for OFWs. All you need to do is to register your mobile phone number or better ask their customer support for more information. After the registration, you can send your remittances quickly and easily.

The Western Union Company (NYSE: WU) is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado, United States. Until it discontinued the service in 2006, Western Union was the best-known U.S. company in the business of exchanging telegrams.
Western Union has a number of divisions, with products such as person-to-person money transfer, money orders, business payments and commercial services.

Since 1851 Western Union has been drawing people together. At first they were offered a service for relaying messages but nowadays they provide one of the worlds most efficient money transfer services.

FAST - Funds are available to the receiver from any WU outlet in the country within ten minutes of it being sent.

CONVENIENCE - No bank account is necessary which makes sending or receiving less cumbersome. However recipients can use all or some of the proceeds from Western Union remittances to open their accounts from any of our locations.

SECURE - The requirement on the receiver to produce an acceptable form of ID, plus the 'test question' is all done to ensure that only the rightful entity receives the funds.

RELIABLE - When both the sender and receiver comply fully with their respective requirements, there is no simpler and more reliable method of money transfer.

ACCESIBILITY - Western Union has over 200,000 locations worldwide; more than 100,000 in Africa; and in The Gambia, Trust bank Ltd and its agent-partners has 18 outlets.

Western Union provides a huge worldwide network of Agents in more than 245,000 around the world in over 200 countries. They are one of the leading brands and one of the most reliable and efficient money transfer service providers. Other competitors include: Xoom, PayPal, Moneygramme and E-gold. There are advantages and disadvantages of using all of them but Western Unions services and reputation has stood the test of time.

Their revenue is over $4billion and they allow anyone with sufficient identification to send money around the world almost instantaneoulsy, usually within ten minutes.

HOW TO SEND MONEY?

1. Do I need a bank account to send money?
No, you can send money without holding a bank account.

2. When will the money be available to the receiver?
Immediately after you have completed the transaction.

3. Does the beneficiary have to pay fees?
No, all fees are paid by the sender.

4. What do I need to communicate to the beneficiary?
- Senders Name
- Sending Country / city of origin
- Amount sent in local currency

5. Do I need to add a test question?
Yes, any transfer to Africa needs a test question for security reasons.

HOW TO RECEIVE MONEY?

1. Do we need to provide the 10 digit number (known as the MTCN) to collect our money?
No, the MTCN is optional but providing it will help facilitate payment.

2. What do we need to collect our money?
- Name of the sender
- Country / City of transfer's origin
- Expected amount of money to be received
- Valid ID and Test Question Answer

3. Do we need a proper form of ID to collect our money?
Yes, normally a passport, national ID or driver's lincence.

4 Do we need to have a bank account to collect our money?
No, you receive the money in cash.

5. Do we need to pay a fee when collecting our money?
No, all fee have been paid for by the sender.

HOW TO PICK UP A WESTERN UNION MONEY TRANSFER?

Instructions

1.
When someone has notified you that they will be sending you a Western Union Payment, all you have to do is find a location that offers the Western Union Service. Someone can send you a Western Union Payment overnight or next day.

2
Look for check cashing places or your local grocery store as a place to receive the Western Union Payment.

You can find a Western Union Agent Worldwide here http://www.westernunion.com/info/agentLocator.asp?country=global

3
When you arrive at the place where you will pick up your money, you will fill out a Western Union Form for receiving money.

4
Give the form to the Customer Service person along with your drivers license. You will have to put on there your name, address, phone number, the amount you are expecting, the senders name and location and any other information the sender has requested.

5
You will have to sign some papers to receive your payment, and then you will be given the cash that was sent to you along with any papers to show your transaction.

LIST OF ACCEPTABLE VALID PHOTO IDENTIFICATION CARDS

1. Passport
2. Driver's License
3. Professional Regulations Commision (PRC ID)
4. Intergrated Bar Of the Phillippines
5. National Bureau Of Investigation ( NBI CLEARANCE)
6. Police Clearance Certificate (Electronic)
7. Postal ID
8. Voter's ID
9. Goverment Service and Insurance System (GSIS e cARD)
10. Social Security System (SSS)
11. Senior Citizen Card
12. Overseas Worker Welfare Administration (OWWA)
13. OFW ID
14. Seaman's Book
15. Alien Certificate Of Registration
16. Firearm License
17. Employment ID
18. Student ID
19. Other ID'S issued by the Goverment

1. Money can be transferred in matter of seconds and reaches the destination on click of a button
2. Account opening is completely free
3. Online Money transfer facilitates online businesses and ecommerce activity
4. Online money transfer has no boundary can work in any country or states which are under approved list.
5. Money transfer is safe as the identity of the sender is already verified by his own credit card.
6. Money transfer works 24 X 7 and 365 days year unlike banks which are closed on public holidays.
7. Money transfer companies have automated software for various task which cuts manpower.
8. Printing of currency notes is minimized as money is transferred online in digital format.
9. Money transfer companies offers top of the line support in form of online chat, Email, and phone.
10. Money transfer is always uses the most secured and updated technology in order to serve their global clientele

1. Basic Gold Benefit

*You are Entitled for Discounts by Simply Presenting Western Union Gold Card.

2. Premium Gold Benefits

* Every Transaction using western union gold card at participating agent locations, you may have coupon offers that give you more discounts and surprises!