Currently, there are different money transfer companies and payment methods to carry out your operations: cash, debit or credit cards, transfers, remittances and bank transfers , each of them are used according to individual needs. Here we will explain how to make and receive money transfers. Discover which are the best companies and financial entities that carry out national and international transfers .
Money Transfer Companies
What is a Money Order?
Its most used meaning is bank draft, it is a service offered to clients through a physical document that is issued by the bank and that consists of the money transaction between an issuer and a receiver , better known as a check. box. On the other hand, the international turn; refers to the method of sending money abroad , this modality is carried out through various banks that are allied worldwide. Some money sending companies or entities are: PayPal , Wells Fargo , Cloud Transfer , Currency Transfer and many more. Below we leave you a list of the most reliable companies to send money.
What Should I Know Before Using a Money Transfer Company?
- Variations in exchange rates.
- Investigate through the websites or by telephone the banks or companies that best suit your needs.
- Analyze the shipping cost, additional commissions and VAT.
- Take into consideration if the rate varies depending on the amount to be transferred.
- Take into account the maximum daily, monthly and annual sending limit.
- The delivery time of transactions.
Requirements to Make a Bank Transfer
Initially, it is necessary that both the beneficiary and the person who wants to send the money have an account with the Money Transfer companies. Although these requirements vary from bank to bank, in general you should request the following information:
- Name of the banking entity.
- Amount of money.
- Beneficiary data.
- Issuer data.
- Account number.
- Bank to which the money will be sent.
To send money to Mexico , several banking entities require the CLABE number of the recipient’s account. In the case of carrying out the operation by check; When withdrawing the money, some banks ask to have the transfer code on hand to be able to withdraw the amount and thus guarantee greater security in the operation. For security measures, the document must comply with certain formalities to guarantee reliability and prevent it from being falsified, such as: inks, watermarks and threads . This will also depend on the banking institution in which the check is issued.
How to Pay a Money Order?
The requirements vary depending on the company or banking entity, although generally the options are not limited and payments are accepted through:
- Credit cards.
- Debit cards.
- Bank transfers.
- Cash.
How to Claim a Money Order?
To claim a transfer you need to have the following information:
- Sender name.
- Transfer code.
- Country of origin.
- Amount to receive.
In the case of receiving an electronic transfer, banks such as Wells Fargo and Bank of America require additional information:
- Receiving bank information, such as the name and address of the bank.
- Identification numbers, such as routing number and SWIFT codes.
Consult Money Orders
Like a transfer, it is possible to control the status of your transfers in the ” History ” option offered by the bank of your choice. Many of them offer periodic updates on the status of the operation either through email or by telephone.
Types of Bank Transfers
International bank transfer
It is a check issued by one person to another who is in a foreign country and the money is received in the local currency of the country where the operation is carried out.
Commercial bank draft
It is issued by a verified entity or company that sends the money to a bank in another country; it is very similar to a traditional check.
Crossed bank draft
Payment can only be requested through a checking account and never in cash. It is differentiated by two lines between the name of the bank to which the collection is intended.
Advantages of the Bank Transfer
The benefits offered by this payment method are the following:
- People receive the money in the local currency of their country.
- It is issued and backed by a bank.
- There is no risk of insufficient funds, the money must be delivered in advance when making the request at the bank.
Disadvantages of the Bank Transfer
Among its disadvantages are:
- Shipping time is usually longer.
- It is common for them to charge commissions to the person who sends the money and to the person who receives it.
- Money transfers are normally paid by cash or check.
Differences between Bank Transfer and Remittances
Now you may wonder, what is the difference between bank transfer and remittances? Despite their similarities, they can be differentiated by the way in which they are used:
- Remittances are periodic transfers commonly made by immigrants who want to send money to their family members or partners who are in their country of origin.
- To make remittances it is essential to have a savings account.
- On the other hand, to make transfers it is not necessary to have a savings account.
One last factor to consider when making an international transfer only if you want to be sure is to verify the real and final cost of the transfer in the bank statements or reports provided by the financial institution. Now that you know the difference between a money order, it is essential to do some research on the rates and commissions of the different companies and banks that offer this payment method. Carefully comparing each of the options will help you make a better decision about the option that best suits your time, budget and needs. For this reason, below we leave you a list of the best money transfer and remittance companies. You will obtain rates, commissions, contact information and other relevant information to send money. This information could be useful when choosing the type of transaction you need to make your payment. Don’t forget to share our content if you liked it and leave us your comments if you have questions!
