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With geographical boundaries shrinking rapidly, overseas money transfer is no more a wonder. It has now become a routine because there are people who have their children studying overseas, or getting freelanced work outsourced or sending money abroad to their friends and family members. For quick transfer of funds money transfer services have served as the best solution. Just by paying a small fee one can transfer money abroad. When international money transfers are made people mostly prefer security and speed. The urgency of transferring funds varies from person to person. The frequency of transferring money determines the kind of services one should go for. If there’s anyone looking to transfer cash then he can easily do it by transferring checks or by depositing money into the recipient’s bank account. People use these services for various purposes such as making donations overseas, paying for goods or services purchased, paying for purchases made through auction and much more. Besides all this the need for currencies from other countries also arises when one wishes to travel across borders. It is said that international money transfers market is growing and will soon reach billion dollars. The advancement in technology and extensive use of Internet has made money transfer a popular choice among people. No matter whether you are going for electronic transfer or for wire transfer just make sure that the service provider is genuine and authentic. There are a number of options when it comes to transferring money. It can be done through bank draft or wire, cash collection agencies, telegraphic transfer, debit and credit cards and much more. Let us study about all of them in details : 1) Bank Drafts or Wires: For sending drafts or wires one needs to have a valid bank account or a credit union account. Though for international money orders it isn’t needed. But if there’s a situation wherein the sender doesn’t have a bank account but still wants to issue as draft then the charges are comparatively high then others. But in this case mostly the recipient is needed to have a bank account. 2) Cash collection agencies: this is considered as the quickest and easiest means of transferring money overseas. But this is some of the most expensive methods. It works in a way that the sender visits the agent’s office and then the agent over there electronically transfers money to someone in another country. The sender has to give details of the recipient such as his name, address and even a secret question. After this the agent processes the transfer that hardly takes a few minutes. The recipient visits the same overseas money transfer agent and collects the money. 3) Paying through debit and credit cards: with debit cards the process of receiving money can be really quick. With many of the debit card money transfer companies’ one should also not have a bank account. It is said that with Visa and MasterCard the exchange rates are excellent. This process includes different fees so summing it up can be a little tiresome. No matter which type of service provider you go for. Just make sure that they are authorized and have a nice customer service history. Stockton Mack loves to write blogs and articles on finance specially those related with overseas money transfer. He also writes for various financial portals.
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