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Monday, July 6, 2009

International Money Transfer

International Money Transfer
By Dave Lympany -
International Money transfer is an essential part of your international move and/or business,

which, if handled correctly can boost your bottom line or settling funds dramatically. Anybody

looking to move overseas, send money to family or conduct business with an overseas company will

need to purchase or transact in the destination currency. In order to complete any property

acquisition ahead of your move or just simply transfer your existing assets over to your new

country, the method you choose will make a big difference.

In today's volatile currency markets, a small change in the currency rates, coupled with the high

commission charged by most banks can make an enormous difference in the net currency amount

received when converting your currency, you are placing what is possibly your life savings into

someone else’s hands. Depending on the size of transaction, this could make a tangible difference

of several thousand dollars; money you may prefer to put towards starting your new life! This can

leave you exposed to the market fluctuations and could give you a handsome boost to your funds or

put a big hole in your budget.

To start with you have several choices how you move your money:

1. Use your normal Bank and accept the charges and the fact that you may not be talking to an

expert when you discuss the transfer.
2. Use a specialist international currency transfer company
3. Use a normal money transfer agent (again accept the charges)
4. Buy a huge amount of traveler’s cheques or take cash (not recommended)!!!

Lets discuss each one with a bit more detail:

Possibly the most important piece of advice I was given when emigrating was that the high street

banks were not the best people to entrust with your money transfer overseas. How do you know that

the bank teller has any idea what you are talking about (not being belittling but it probably

isn’t an everyday service)? They charge commissions, transfer fees and then to cap it all off they

give a reduced exchange rate.

Essentially, the high street money transfer agencies are similar to the banks. They may know more

about the transactions but will hit you with commissions, charges and not the best rates.

Travellers cheques and cash speak for themselves – don’t do it! They are easily lost/stolen, some

countries only allow a limited amount of cash to be carried into the country and in the case of

travelers cheques, you may have

to pay to buy them and then to cash them in. Just plain don’t do it!!!!

Last, but not least, it’s the international currency transfer companies. I had no idea that

international currency transfer specialists even existed, never mind the exceptional services on


Naturally, securing the very best rate of exchange becomes all important. There are several money

transfer companies that offer an alternative to the banks – in fact “alternative” is too weak,

they outclass the banks by a mile! When we first heard about the services on offer it really did

seem to be too good to be true and we were very skeptical. We thoroughly researched the major high

street banks in the UK and the rates they were offering (adding the fees and commissions!) and

then compared to the service we were offered. Again, there had to be a catch.

The transfer company had no commissions, transfer fees and also gave a rate that was close to 3

cents to the pound better than the banks. All the funds would be transferred electronically to the

bank account of our choice normally within 2 working days. We were even offered a choice of

payment methods which included direct debits/debit cards/electronic wire transfers and the ability

to “book” a rate in advance for a small deposit and then pay the balance prior to the contracted

transfer date.

We had to find out how these people could offer such a service so quite bluntly asked. The answer

was very simple. This was a dedicated, specialist company that dealt on the Forex markets in large

volumes – this meant that there would be a low profit margin on each individual deal but the

overall volume made it worth while. Because they are a specialist company, they could pass on the

savings to their customers and the use of modern, electronic transfers ensured the costs were low

with no need to pass them on to us! A true Win-Win situation.

The other added bonus is that these people are dedicated foreign exchange experts who research the

markets and accurately forecast the trends and can advise action accordingly. If it makes sense to

“book” a rate for settlement up to 2 years ahead then that will be recommended – you pay a deposit

and commit to the deal and then they buy the currency at the agreed rate of the day. They hold the

currency on your behalf and then at the agreed date you pay the balance and the money is

transferred. This protects you against fluctuations and allows you to budget accurately.
The author immigrated to Canada in 2003 and has constructed a free information website about Canadian Immigration and life in Canada based on his

family’s experiences.

Paypal Offers New Sms-based Money Transfer Service

Paypal Offers New Sms-based Money Transfer Service
By Rick Hendershot -
PayPal has just launched a new service called PayPal Mobile. This service allows a PayPal user with an active mobile phone account to send a payment to another PayPal account -- even another mobile user with a PayPal account. Of course the PayPal user at the other end of the transaction could be either an individual or -- more importantly -- a merchant.

This system clears the way for PayPal to enter the potentially massive "micro-payment" market. With PayPal Mobile anyone with a PayPal account could pay electronically for goods purchased from any merchant also having a PayPal account. Of course this capability already exists, but most PayPal users are stuck with making PayPal transactions using their computers.

** SMS-based payment system

PayPal Mobile is mobile phone and SMS-based, which means you use text messaging to send the payment. That completely frees the user from dependence on his or her computer to access his or her PayPal account.

PayPal Mobile payments are sent by sending a text message to 729725 (paypal), and then keying in the amount and destination of the payment. The destination can be another mobile number, a regular land-line number, or the person's email address (the one registered with PayPal).

The new system currently only works with mobile phones in the U.K., U.S., and Canada, but is expected to expand to other countries once the bugs are worked out.

To make use of this system, you need an active PayPal account. Login into your account and go to your Profile. Click on Phone, and then click on the "Activate Payments" link. You will be asked to enter a PIN, and will be phoned at your number to confirm your activation.

Normal land-line numbers can be activated too, but of course, text messaging will not work with these. To send money by voice or keypad using your land-line, you call 1-800-4PAYPAL. Once the payment is sent, the

person you are sending the money to will be notified by either an automated phone call, or by email.

** Potentially valuable for offline merchants

The important thing to notice about this is that it lets a merchant associate a normal land-line number with his or her PayPal account. So say you're an antique dealer in Toronto. A customer wants to buy something from you and says "Do you take PayPal?"

"Sure", you say, "Just send the payment to 416-123-1234". While he's standing in front of you your customer uses his cell phone to call PayPal and has the payment sent to your number. A minute later you receive an automated call informing you of the payment. And just to make sure, you check your online account to see if the funds have been transferred.

** PayPal is targeting mobile users

It is fairly obvious who PayPal is targeting with this new text messaging payment service. It is a perfect fit for cell phone users who regularly use text messaging, and who also regularly buy things requiring fast, hassle-free micro payments. Digital music is the most obvious example.

Other micro-payment systems are typically tied in with cell phone companies, payment processing companies that focus on merchant services, or in-house solutions like those provided by iTunes. That's all right if you deal with a limited number of vendors. But for customers who want to use this service for several vendors, they are forced to use a mish mash of payment processors depending on the merchant they are dealing with.

Clearly there is a need for a reliable third party system that stands apart from specific merchants, specific banks, and specific credit card companies. A payment processing service provided by a broadly-used and legitimate money clearing house like PayPal seems like a pretty good idea, and one that has the potential to seriously increase the PayPal user base at the same time.
Rick Hendershot publishes Linknet News | Reduce mobile phone costs - Free tips and secrets | Free sms service - Send gsm sms to German mobile phone users.

Money Transfer Services Available Online

Money Transfer Services Available Online

Online money transfer has become the need of the day. Be it making payments for goods and services purchased overseas or transferring money to relatives overseas, we cannot do away with online money transfer these days. A number of money transfer services are available online and it has become quite affordable to make payments through money transfer services available online.

A few checkpoints adjudge the effectiveness of an online money transfer services. For example, a money transfer service should be instant, or at least fast. It should also be secured and guaranteed. Third, it should be easy to use. People are always apprehensive about new emerging services, and when money transfer is the concern, people will definitely avoid using any service that is not very simple to understand.

As far as security is concerned, most money transfer services available online adopt latest technologies that are being used to guarantee security. Be it electronic funds transfer

or wire transfer security is necessary, and providers ensure that.

Most money transfer services available online are much faster than traditional methods. Most payments are processed within a day or two. Hence, the aspect of quickness is also very efficiently managed. This is an important advantage because online money transfer services are widely preferred at times of emergency.

Today there are a number of money transfer services available online. The rising competition has significantly reduced processing fees, while the world becoming a global market place has increased the urgency of funds transfer. If you are planning to use an online money transfer services, you only need to be careful about the security aspects, which authentic sites will portray visibly, and that the service is available in the destination where you want to transfer your money. Once you have verified these, money transfer online would seem to you even easier than traditional services.
Myself webmaster of dealing in Online Money Transfer, online payment gateway, virtual credit cards, virtual debit cards, international money transfer, money transfer services, email payment, mobile payment & other e-currency transfer services

Top 4 Reasons For Using Money Transfer Services Online

Top 4 Reasons For Using Money Transfer Services Online
By Alistair Summers
These days many payment service providers have built up huge networks of banking and accounting contacts allowing them to offer clients the ability to transfer funds instantly into the beneficiary’s bank account. These types of transaction are typically referred to as bank transfers or giro transfers and they provide merchants with the ability to both make and receive fast, convenient, reliable and secure payments.

To demonstrate how utilising money transfer services can be advantageous to your business I have devised the following list of benefits:

1) Money transfers are fast.

Bank transfers are credited directly which can result in a much faster payment process. The money is almost instantly available to the receiver, this cuts down on the time that would traditionally have to be spent waiting for cheques to be posted and then to clear.

2) Balances are instantly updated

As well as the receiver instantly being paid, the merchants account is also debited almost instantly. This allows for far more efficient account reconciliation and cash flow as all of the banking information is kept up to date.

3) Less

manual processing is involved

Money transfer services require far less manual processing than the traditional methods. This means that the transfer is far faster but it also means that there is less scope for human error. While delivery problems or processing errors are rare they do occasionally occur when people are being relied on to process enormous numbers of cheques. These errors are completely avoided by directly transferring the money.

4) Money transfers are secure.

The final advantage money transfers boast over traditional methods of payment is the security that it ensures. Money transfers work by creating a direct link between the merchant and the bank meaning that, unlike cheques which can be lost or stolen, there is nowhere that the payment could be intercepted.

Overall businesses should always consider using money transfer services when making payments to clients or suppliers. As I outlined above they can offer some considerable benefits to both the payer and the payee, and in the exceptionally competitive online marketplace businesses should take every advantage that they can.
If you want to utilise money transfer services regularly for your business it can be worthwhile to employ a payment service provider to help arrange these transactions.

Welcome to Overseas Money Transfer

Welcome to Overseas Money Transfer — your comprehensive money transfer resource. Our mission is to give you the facts you need about money transfer — fast — so you can get on the road to taking action right away`.

The Overseas Money Transfer website provides a ton of information about money transfer. In addition, you will find extensive information on leading money transfer to help you on your way to success.

Please have a look at our money transfer articles, products, resources, and additional information located throughout Overseas Money Transfer.

We strive to provide only quality articles, so if there is a specific topic related to money transfer that you would like us to cover, please contact us at any time.

And again, thank you to those contributing daily to our money transfer website.