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Sending Money

Despite the widespread availability of credit cards, ATM machines, and electronic banking, many people still find the need to send money through services that "wire" money directly to a friend or relative. Essentially, these companies collect the money from you and then release the money in a different location to the person you have designated without the delay and use of bank accounts or other financial relationships. In a financial emergency, they can be a great service.

Before sending money, here are a few considerations:

  • presence - choose a service that both you and the reciever can reach. If you are sending money using a credit card or banking account, the sending location can often be reached by telephone or online, and so it is not as important as the receiving location, where your friend or relative must go to pick up the money.
  • reliability - most customers use one of the well-recognized companies, although lower rates can be found in smaller companies, especially those that routinely serve the specific area you are sending the money. Make sure you feel comfortable with the safeguards in place for delivering the money to the right person; at the same time, make sure the person you are sending money to will be able to provide the right kind of identification as required by the company.
  • limits - company and government restrictions may limit the amount of money you can send. See the individual companies' policies for more information.
  • cost - compare the total costs for the amount of money you are sending. This is often a mix of fixed charges and a percentage of what you are sending. If you are sending the money to another country, there will also be a foreign exchange charge -- if not explicitedly stated, it may be built in to a less than favorable exchange rate.

If time is not critical, you can usually find less expensive methods of sending money, such as by electronic payments.

As a service to you, we are experimenting with providing additional product information:
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