The need for reliable, efficient, secure and safe money transfer systems has never been greater. Increasing numbers of migrant workers, globalization and therefore the internet have all helped the cash transfer industry to become a US $250 billion each year industry. That figure is likely to increase over the coming years as well, the current growth level is 10-12% per year.
This of course has lead to more and more companies entering into an already fragmented money transfer market and they are naturally all keen to get their slice of the revenue.
The demand to transfer money locally or abroad may arise at any given time. Transfer of funds to a relative or friend in need, for an investment, for a future home, relocation or even as a gift is very common. These needs will compel you to choose one of the readily available means of money transfer.
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10 Things You Know About Global Money Transfer
Type of Transfers=> There are many modes of transfer available at leading transfer giants, which are prominently established with a huge network, globally. Selecting the mode to send money, which is available in the country of transfer, is dependent on the sender’s choice and convenience.
- In Cash
- Directly into a bank account
- Delivered at home
- On a mobile wallet
- In a Card
- To an ATM
The FEE=> Money transfer to any place in the world is possible, at a cost. This cost incurs as a fee to the sender and in some cases is deducted from the beneficiaries balance as well, if applicable. The fee is a small percentage of the total amount, and is applied every time you send money.
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Notification=> SMS notifications are available to the sender and receiver regarding the progress of the transfer. Online tracking systems are also available to those who wish to use the same.
Security=> To ensure the safety of the transferred money, a 16-digit code is sent as a SMS to the beneficiary, upon showing which, the money can be redeemed at payment centers.
Multiple Transfers=> Transfers to multiple locations are also possible, when transacting at a transfer agency. All you need to do is give the exact account details, amount to be sent and beneficiary details to the agent.
Anywhere Money=> For beneficiaries who do not have a bank account, or cannot access the same, money can be transferred to the person directly at their doorstep or collection centers, where the beneficiary would require to show proof of identity to collect the same, from a branch and location of their choice.
Multiple currencies=> You can also choose to transfer money in the currency of your choice, through the current currency rate that the bank or agency has to offer.
Rollback and cancel=> It is possible to cancel the currency transfer in a given period of time, as per the rules of the transfer center you choose. A full refund with the service fee would be reimbursed to the sender, in such cases.
Limit on transfer of money=> Though there is no lower limit on funds transfer, a single unit of any currency can be chosen to be transferred, there is an upper limit of $7500 or equivalent in any currency, in a given transaction.
Assistance=> Most reputed transfer agents have 24×7 customer service centres and helplines that guide and attend to their customer’s queries.
In global money transfer, there is a little or no chance of error, since every operation is updated to latest security and application protocols. The systems are monitored and upgraded regularly to maintain coherency and seamless operations.
Money remittance internationally has become as easy as a phone call and available in the remotest locations, to bring those in need closer to their loved ones; making it easy to care from even a distance.