subject: Before Sending Money Do A Little Research [print this page] It all depends on the size of the wire transfer. Some options are good for large transfers, but larger transfers can also limit the options. Smaller transfers can usually be done using any type of method, but the fees can be costly when sending money using services that specialize in large money transfers.
For large sums of money, the best method may be a bank's wire transfer service. This transfer is also one of the easiest, but there are a few things to keep in mind when you're thinking about transferring money to England through a bank.
Both the sender and the recipient have to have a bank account. The sender must also know the recipient's bank account number so the wire instructions can be sent (no one can send money if they do not know where it is going.) The sender will usually get charged a flat rate when sending money, no matter how much or how little they send. These fees vary, so it is best to check with the bank sending the transfer beforehand.
Once the transfer gets to the recipient, their bank will convert the funds to the local currency and in most cases charge the recipient an exchange fee and a commission. These fees can be a bit pricey depending on the bank and the relationship the recipient has with the particular financial institution.
To send smaller amounts of money when the recipient does not have a bank account or the amount to be sent is less than $2,000.00, there are location based transfer services. These services usually have locations all over the world.
The way location based services work are fairly simple. The sender either goes to one of their local location centers or they can go online to transfer money. The sender usually has to pay for all of the fees up front and the recipient simply has to go to one of the locations to collect the money. In most cases, the recipient only needs a password or code to get the money.
Until the Internet came along, most people only had these few options to transfer money to England. The Internet has not only changed the way we view the world, it has also changed every nation on a fundamental economic basis.
Online money transfer services started small as a way to facilitate e-commerce, but many of these services are now offering ways to transfer money to England and everywhere else in the world. Some of these services have also made deals with major banks and location based transfer services.
The future of e-commerce is still evolving, and the time for traditional money transfer services are changing. Until something new comes along to shake things up, it is best to research all of the options to ensure that you are getting the best deal that you can get.
by: Peter Frampton
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