Selecting a Money Transfer Service: The Bank-to-Bank Option
The money transfer market was once dominated by offline, fragmented, cash-to-cash operators whose services were often expensive, inconvenient and risky for both senders and receivers.
Over the past few years, the remittance industry has evolved to an online model, with computers and mobile devices leading the way. The fact is, when you remove cash from the sending side of the remittance process, you minimize the risk of loss or mishandling of cash on its way to your loved ones.
Simply put, the online approach delivers a more convenient, faster, safer and cost-effective way to send money home. Thus, we encourage you to stick with money transfer companies that employ the most up to date technology available to keep your transactions safe and secure.
Also, make sure your prospective money transfer company offers you the flexibility to pay for remittances by either withdrawing funds directly from your U.S. bank account or via a major credit card. Recipients in your home country should have the option to pick up the money in cash, have the money deposited into their bank account, or if the service is available in that country, have the money delivered to their door.
When Is Money Withdrawn from Your Account?
You might not have thought to ask this question, but it is a key consideration. It actually depends on how you decide to pay, whether it’s account-to-account, by credit card or cash pickup.
Often times, it can be a near-instant service (depending if you qualify); other times it might be a few hours. Depending on the country and type of payment, find a money transfer company that ensures the money you have sent actually reaches your recipient before withdrawing any money from your bank account.
Trusted Bank & Retail Partners
Be sure to find out what banks and retail partners work with a particular money transfer company, especially in the recipient’s country. When you are certain that the money transfer company is conducting business with a trusted partner on the other end, you will have more confidence in your ability to send money securely and that the pickup locations are safe and convenient for your family and friends at home.