Sometimes you can encounter the necessity either to remit or obtain money as quickly as possible. In the good old days all of us were aware of the reply to this simple question “how to carry out money transfer?”. It was - visit the postal department. Telegraph or postal money order were 2 alternatives available to individuals transferring finances. The charge for using one of these methods of remitting cash was very competitive so persons wouldn't need to think about the cost of the service. Since that time the value of transfers, their locality and tariffs have altered sufficiently. Transfer of e-money is a rather profitable business and so large domestic banks and representatives of worldwide transmission systems began to supply it in addition to post offices. So at the moment, there're a number of methods for sending cash without opening banking accounts. For every particular event one can select the best method to remit finances.
WESTERN UNION
The agency known today as Western Union Financial Services, Inc. appeared in 1851 in the USA. Since 1871 it is busy with money transfers. In 1995, the agency merged into First Data Corporation. The organization designed a system of international money transmission. It includes more than 117 thousand points of client services and functions in 197 countries. They're for the most part banking firms, but any juridical body having a license to deal with monetary operations may become the representative of WU.
The organization protects all transfers by safety system of world standard. You will be enabled to get funds if you are aware of the secret code word invented by the sender that includes up to 4 words as well as 10 symbols of the control number.
Cash is repaid in the currency which is specified in the contract made by the agent with WU. Sending funds outside our country, you will have to do it in USD. Cash is converted electronically according to the course of WU at the instant of cash transmission. The rate is established every day (or even a number of times a day) and can sometimes be advantageous to the consumer though not always.
MONEYGRAM
In 1988 a subsidiary of American Express known as MoneyGram Payment System was created. Today the MoneyGram payment system has its representatives in 142 countries, supplies not less than 52 thousand entries of facilities and is a participant of the Travelers Express Company Inc. Nearly one-fifth of all fast cash on earth is remitted through this company. The mode of operation of these 2 organizations is very similar.
It is required to hold a certificate of identity and know the transmission control number including 8 symbols to receive the money. To each remittance one can attach a gratuitous letter to the recipient consisting of 10 words.
To make trustworthy and prompt cash transfers one can rely on Western Union or MoneyGram because they are traditional methods of universal transfers. They're mostly beneficial in the implementation of one-time transfers of $400 and above. Sending such sum as a transmission, you'll need to pay 5-10 percent of it for the commission fee.