It is now a lot easier to transfer money to people in all four corners of the world, thanks to the internet. Communication via online messaging and email is already well established, and now many people are finding that the internet also provides a reliable and inexpensive way to quickly transfer cash to another person - regardless of where they are in the world.
Those not connected to the web are not so lucky and are forced to use old-fashioned methods of sending money. If both recipient and sender reside in the UK for example they could use Royal Mail Special Delivery to send cash. However, using that service can cost as much as £10.40 for an item that weighs less than 100 grams and is insured for an amount between £50 and £2,500. That is quite costly, especially when sending small amounts of cash.
However, international companies such as Western Union however can send and receive money worldwide in minutes using their online service, with only a minor fee to be paid by the sender. Companies like Western Union also offer the benefit of advice on how to transfer money safely and without the danger of being a victim of fraud. Other companies such as Global Payments specifically assist businesses and companies with the secure transfer of money to countries around the globe; helping important funds get to their destination without having to depend on the sometimes unreliable postal service.
With millions of pieces of mail being sent every day, an item going astray is inevitable and, while several postal services around the world guarantee to compensate senders for any loss, it takes time for a claim to be processed and the sender reimbursed. Furthermore the onus is upon the sender to fill out the relevant forms and do all the chasing to get a refund. In the meantime the person for whom the cash was intended is still without their money.
That risk is bad enough, but options for non-internet users are severely reduced if they wish to send money abroad. Perhaps your son or daughter is taking a gap year in a country overseas and have run out of money. The postal service won’t be able to help there, and choice will be restricted to using a money transfer agency or a bank. Both are expensive options and can take some time to go through.
Banks arrange electronic funds transfer, which is an easy way of transferring money, but unless the sender and the intended recipient have accounts at the same bank, it could take anything up to five days for the money to get from one account to the other.
If you really need to transfer money, then doing it online using an online banking agent such as Pay Pal is the wisest choice. It costs nothing to send money and you can choose from 16 different currencies; however the recipient may need to pay a small charge. But, in terms of cost, speed, convenience and security it is perhaps the most widely-used online banking agent available, and can now even be used with online telephony and Instant messaging service, Skype - making it even easier to send money to friends and family when they need it the most.
