How to Send Money Online
If you're new to the money transfer market, this can be a complex question to answer. How you send money depends on the service you've selected, options available in the home country where you're sending money, and the different pay in or pay out options you may have picked.
Money Transfer - How To Instructions
- In person vs. online transactions
If you're sending money in person at an agent location, you're probably using either Western Union or MoneyGram. Both offer a similar process of completing a lengthy 1-page form. Both have worked on improvements to make your future transactions easier but its still a tedious process that may be made harder having to deal with a poorly paid or trained customer service clerk. Be sure to have the complete name and location of the receiver.
- Select your amount
Be careful when selecting how much you're sending. If your family needs
a
certain amount in order to pay commitments like rent or other essentials,
you'll want to be sure you send enough to account for the currency exchange rate
the company sending your transfer charges. Check the payout amount in
local currency to make sure your receiver is getting what they need - if not up
your amount or find a cheaper alternative service.
- Choose the right pay out option
Most money transfer services offer a number of different ways your receiver can receive the funds you're sending. In many cases you can choose the payout method - which could reduce your total fee's being charged. Investigate your options for steep discounts - including easy direct to bank options that make a lot of sense and save you money if you regularly send to the same person (assuming they have an eligible bank account).
- Choose the right company for your needs
If you need reliability, trust, and the name of the service moving funds is important to your receiver then its hard to go wrong with services like Western Union. They are expensive however - typically the most expensive option available. Discount services, particularly online only options including PayPal are often overlooked and provide a great option if both you and your receiver are online and have a bank account. The more you send the more you should take a look at other options including alternative services that are experts in your home country market.
- Let the receiver know the money is on the way
Believe it or not, most of the major money transfer companies cannot or will not notify your receiver that the funds have been sent or are available for pickup. That's your job. Since the receiver doesn't pay the fee they aren't viewed as being the money transfer companies customer - so you need to alert them that funds are on the way. If you're sending directly to their bank account its a little easier - they can simple check out their account status.