7 Leading Global Money Transfer Services

The world has truly gone global when it comes to manufacturing, or any services for that matter. This has also increased the need for international money transfer services. Further, the convenience of having money transferred electronically across the borders has only increased the need for such services.

There are quite a few money transfer services and this list hopes to bring out the best aspects of each.

Western Union

Western Union is one of the popular money transfer services in the US. It offers a variety of ways to send and receive money. Depending upon the plan, it may take a few minutes to 3 days for the money to be transferred. The company also offers the convenience of sending money directly to the recipient’s home. The recipient can choose to get the money through cash, a bank deposit or through a reloadable prepaid card. Western Union also offers the ability to pay bills online.

MoneyGram

MoneyGram offers the ability to send money instantly to anywhere across the world. The company also offers the economy plan that will see the money delivered in three days directly to the bank account. The exchange rates provided by MoneyGram is also one of the competitive. The company also offers instant bill payment facilities. The Prepaid Visa Debit Card from the company can be used to receive money at low costs.

Xoom

Xoom is the international money transfer service that offers a low-cost way of sending money to 30 different countries. The recipient can choose bank transfer amongst various other ways of receiving the money, while the sender can either pay with a credit card or by the bank account. All the information is highly secure and there is a money back guarantee.

Swift

SWIFT is an acronyms of “Society for Worldwide Interbank Financial Telecommunication” is a network for financial institution worldwide and headquartered in Brussels, Belgium. Majority of personal and business international bank transactions are done through swift. Although swift don’t offer money transfer service directly but it is a way to communicate between two banks to send payment orders. Currently more than 10,000 banks from 212 countries are using swift with around 15 million finances messages exchanged everyday.

XE Trade

This international money transfer service offers free transfer of money to international destinations, while offering competitive exchange rates. XE Trade does not also charge commissions on transactions. XE Trade offers payment methods like Wire and electronic fund transfer, while the recipient can get the money through Wire, electronic fund transfer and drafts.

FXGlobalTransfer

FXGlobalTransfer from Oanda – a leading currency exchange expert – is the international money transfer service that offers a low-cost way to send money to international destinations. Funds will get transferred within two days to major destinations, while there are no limits for sending and receiving money.

Xpress Money

This international money transfer service provides almost instant cash to the receiver, while the recipient is also not charged fees for the service. Payment is made to the recipient seconds after sender pays the cash to the Xpress Money agent. Spread across 125 countries and with over 135,000 agents. Xpress Money is a brand of leading currency exchange company UAE Exchange.

There are also few other ways to transfer money online through PayPal, Skrill (also known as moneybookers) or Neteller where funds are transferred from one user account to another account and thus both sender and receiver require an account registered with respective service. The fund can be deposited through various ways like credit card, debit card or bank account. Transaction fees may vary from 0% (PayPal personal transfer) to 4-5%. Although these services are more popular among internet retailers. Services like Skrill and Neteller also offer prepaid debit card to withdraw money through ATM.

These widely available international money transfer services provide a hassle free way of sending money – almost instantly in some situations – to recipients across the world.