Posts Tagged ‘ transfer money ’

 
Saturday, June 13th, 2009

Whether you need to send money to a person in an emergency situation or on an ongoing basis, there are several ways you can go do this. Utilizing debit/cash cards, money transfer services, bank transfers or consulate services, are feasible options.

There are numerous companies that offer cash cards and/or debit cards. This type of card is reusable and you can be added to, monetarily, whenever needed and as often as necessary.

To facilitate this option, the sender would first need to sign up for the service by either going online or via telephone, as previously discussed. After registration is granted, the sender can then load the account with the desired amount of money via credit card or bank account.

The sender is then provided with a secured PIN number. The company then, via rapid mail service, sends the debit card directly to the recipient.

Once the recipient receives the debit card, the sender can provide them with the access PIN, so they can begin to access funds at any number of ATM machine locations. It is important though to remember, that before choosing a specific ATM location, the recipient needs to read the fine print disclosing any additional fees.

If you choose to send money through a money transfer service, it can be retrieved within a matter of minutes, once setup is completed. Sender service rates can range typically anywhere between $10 and $30, depending on the particular company being used, while recipient fees usually hold about a 10% processing fee.

There are so many wire transfer companies and/or bank services available to send money to people in Mexico and it is quite important that you know which wire transfer companies are out there as well as the cost of their services. Since so many institutions are reducing their costs, it is best to do your research before choosing a company.

In an emergency situation only, and given that you are also US citizen, money can be sent through the Mexican consulate. The most efficient way to do this is by establishing a State Department trust fund.

With this option, depositors must first establish a trust account in a receiver’s name and then upon the receipt of these funds, is authorized payout. The Overseas Citizens Services Trust (OCS), the bureau that overseas these transaction types, takes approximately one working day to process and can incur a $20 processing fee from the State Department, before funds are given out in local currency.

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If you have ever tried to transfer money to China, have you ever stopped to wonder whether your money would arrive in U.S. dollars or in Chinese Yuan? Most people do not.

Keep in mind that even though you send U.S. currency|, the recipient will receive the money in Yuan. Some businesses offer to make the conversion for you, but it remains costly.

Most often, the exchange rate is decided by the business itself, so it is difficult to find a fair rate. You may decide to use a bank wire transfer service, but you will surely run into a whole other world of problems.

To wire funds to China through a financial institution, it is imperative both parties have an account with that bank. This makes it easier for the government to track money and ensure no illegal activity is going on.

If the banks are easily accessible, then theres no problem. But in the event that the recipient is out of town, does not have an account, or lives a distance from that particular bank; then the money transfer might be a bit more difficult than expected.

If a bank-to-bank transfer is out of the question, there are other options. The first is an old-fashioned telegram-style transfer where you send it, and your recipient picks it up. The exchange rates arent always the best, always fair] but its still a viable option.

One other option is through the internet, but a massive problem remains that it takes too much time for the funds to become available.

Regardless, the days of fast and easy money transferring are near, with the help of pre-paid credit cards. One day a person will be able to go online to add money to a card. All the recipient must do is take their card to the bank and collect the money. Although this method still has some kinks to work out, it may soon be the preferred way to transfer money.

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Thursday, May 21st, 2009

There are various ways to transfer money to Mexico, each with its own set of guidelines that govern how the money is sent. Safety and security, as well as service cost and time frame can vary from company to company.

At certain instances, time though becomes the utmost important issue. When an emergency situation arises, knowing what options are available to you is very important.

The most essential thing to remember in a rushed situation of this kind is that there is no need for alarm or panic. There are many methods available to you that will get the job done quickly and easily.

If you are in an opposite situation, where time is not an issue, preparing before the need arises, is always a good idea. For instance, if you have a son or daughter that will be spending summer vacation in Mexico, it would be a good idea to have framework in place so that a money transfer can be made with very short notice, if at all necessary.

The ATM/debit card is a wonderful option for this kind of situation and for this kind of traveler. For some, you may trust the recipient enough to have a non-denominational card issued to their name, which is linked to your savings or checking account.

As long as the recipient has both the ATM/debit card and the matching PIN number, they can access money via any number of ATM locations, as often as necessary. If you decided to go with this option, keep in mind that the recipient cardholder has unrestricted access to your funds and may not wait until authorized to access more money.

In reality, no matter how much we trust our loved ones, we do not want anyone else having total access to our money. Because this is so often the case, prepaid debit cards are the best option.

A prepaid debit card is similar to an ATM card, apart from the fact that the prepaid card is just what the name suggests: preloaded with a set amount of money. Once all the money has been taken out, the cardholder cannot access anymore money until the card is reloaded with more funds.

With whichever method you decide to use, using a bank system that has branches in both Mexico and the United States will help to make a money transfer of this kind easy.

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Wednesday, May 13th, 2009

There are several ways to send money to Brazil from the United States. One of the easiest ways to do this is to develop a relationship with a U.S. bank that has a large presence in Brazil, such as Bank of America, Citibank or Wells Fargo.

If the receiver of funds has an account with one of these mentioned banks, it is a very good idea to open local account as well within the same bank, seeing as how account transfers within the same bank are most often processed at a quicker rate and with little to no additional charge. Bank transfers between two entirely different banks are also quite easy; however, transferring funds from one bank to another can bring with it a waiting period of up to 5 business days.

Fees can be very high for international wire transfers. If, however, the money needs to arrive quickly, this is the best viable option.

The ATM/pre-paid debit card is another option for sending money to Brazil. This may not be the best method in an emergency, however, since it can take time for the card to be sent to the receiver; but for those who continually send money to Brazil, the pre-paid debit card or ATM card is the best choice.

After setting up the initial account, sending an ATM/debit card with the CIRRUS or PLUS logo will make sure that the money can be withdrawn from a tremendously far-reaching network of ATM locations throughout the nation. If choosing to use an ATM card, you need to be sure that the cardholder is not withdrawing funds without pre-authorization, for cards that do not hold the pre-paid distinction also hold no specific limitations.

A pre-paid debit card is loaded with a prearranged amount and cannot be overdrawn, making this a very safe option. If more money is needed later, the card can be reloaded as many times as needed.

In addition to these tactics, online money transfer services are becoming the most popular way to send money overseas and to a foreign country. This method transfers the money very quickly and the associated fees also quite low, however, the recipient must have prior bank history in Brazil in order to access funds in this manner.

One benefit of sending money this way is that the funds can be used to purchase goods and services electronically without ever needing to convert the sent money into physical cash. On the other hand, if the recipient does wish to turn these electronic funds into cash, it is more difficult than with other proven methods, due to processing guidelines.

With whichever method you choose, money transfer between the United States and Brazil is now an easy process. Be it via bank transfer, ATM/pre-paid debit card or online transfer, money can be transferred quicker than ever.

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