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Money Transfer Overseas
Remit to Asia, Africa, South America,
We have all experienced times when our loved ones needed more money than they have, which is exactly when money transfers can be a saving grace. Money transfer agencies provide a speedy way for people to wire money quickly, online, or at a money transfer center/branch. With hundreds of locations around the world, you're sure to find one close to you. The Money Transfer process is very simple. You can log in from the comfort of your office or home and complete the transaction with some added security checks. The money is delivered directly to the door of your beneficiary via a locally payable Demand Draft or pick it up at a Agent office/ATM or it is directly credited into the account in your home country.
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Following are the Money Transfer Agencies you can use to remit funds to major countries in the world.
Please check the specific guidelines of money transfer agents.
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  iKobo ATM (Visa PLUS) required for withdrawal
- iKobo Money Transfer is the revolutionary new way for you to Send Money.
- Send money using your credit/debit card.
- iKobo sends the person receiving the money an i-Kard (ATM card).
- The recipient takes the i-Kard to any Visa Plus ATM to withdraw the cash.
- Normal rate to send money is 4% of the amount with $2.00 minimum.
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While each method has it merits and pitfalls one should take into consideration the following when choosing an overseas remittance service: handling charges, exchange rates, transfer time and convenience.
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Most of the services allows you to use your debit account or bank account to
send money to your home country.
No running around for you or your family - right from your desktop to their doorstep!
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Important consideration
It is important to understand that each financial institution or banking organizations or
the Post Office will set their own daily rate of exchange based upon a market rate. Some
banks have better rates than others, so monitor their published rates before choosing
your service provider.
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Disadvantages of Banking Transfers
The disadvantages of transfering money overseas through
the banking system.
- You mail the check (cheque) abroad to the recipient.
- Check clearing can take from 4 - 6 weeks atleast.
- 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 for check processing.
- Some countries have less streamlined banking systems than others and
may not honor foreign drawn checks. Foreign Drafts
- The money comes out of your account when the draft is prepared, not when
the recipient gets it. (Money is held in the banking system for a longer time)
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March 13, 2010, 9:08 am
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Money Transfer from
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Most of the Money Business Service (MSB) companies provide
Online Tracking which is available for you to follow the progress of your remittance. This gives you the confidence that 24 hours a day, 7 days a week you can know exactly where your money is. In addition, some providers allow you to even track the delivery status of your check and know who signed for it.
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