Money Transfer Services refer to that kind of services in which money or fund can be transferred from one location to another with the help of a number of methods. A large number of reputed companies are offering a variety of money transfer services to the customers.
The services offered by the money transfer agencies towards its customers are quick, dependable as well as easy to process. With the help of these methods, money can be sent or received all over the world without any hassles. Sending payments or purchasing money orders have never been so easy. Nowadays, internet has also become a highly popular method for money transfer services. Online money transfer services are quick, affordable and safe in comparison to other conventional methods of money transferring.
The operations of money transfer companies are carried out with the help of the extensive network of their agents.
Usually, the money transfer services can be categorized into the following types:
- Online Money Transfer Services: In this process, money or funds are transferred over the internet with the help of a credit or debit card.
- Walk in Money Transfer Services: The maximum number of money transfer services takes place with the help of this method. In this process, the cash is received from the customer by an agent clerk and the payment is ready for collection at an agent location, which is suitable for the receiver and this is done within a short span of time. A large number of agent locations recognizes debit cards for this type of transactions.
- Telephonic Money Transfer Services: In this process, funds can be sent by the telephone by utilizing a debit card or credit card. Toll free numbers are available for customers in the U.S. and U.K. for this type of transactions.
Payout Services: In this system, receivers are able to collect funds within a short period of time after the sender has completed the transaction.
- Money Orders: Money orders are used for bill payments and various purchases. Money order is a dependable payment option for people who do not have a checking account.
- Prepaid Cards and Services: A number of prepaid cards (MasterCard or Visa) are available that can be used as ATM cards or for online shopping purposes wherever MasterCard debit cards are acknowledged.
- Corporate Incentive Services: In this process, companies can reward their employees through various types of gift checks.
- Mobile Money Transfer Services: In this method, fund is transferred from one person to another by using mobile phone numbers.
The leading money transfer services companies include the following:
- Western Union Money Transfer
- iKobo Money Transfer Services
- MoneyGram International
- Epay
- Pay Pal
- eMoneyTran