Here’s a comparison of four of the top companies providing money transfer services around the world:

Ikobo Cards: This is a reloadable prepaid visa debit card. It is not linked in any way to your bank account, which means there is no need for any credit checks; very useful for those people with bad credit rating. You can transfer money to the card and then withdraw it from any ATM anywhere in the world that has the Visa symbol. To get an Ikobo card, simply request one directly from them and send it to whoever you want.

The Ikobo card works as follows: the card is sent via FED EX to anyone in the world and can only be used using the four-digit PIN code that only the recipient will know. There is virtually no risk of using more than the amount of money available, since it is not directly linked to a bank account. The card can be simply reloaded using a secure online service where you can transfer funds instantly from any of the many supported currencies.

Main advantages: Visa ATM cash withdrawals worldwide, minimal reload costs, assignable to anyone worldwide, minimal credit check required, avoids the need to carry large amounts of traveler’s checks.

Main Drawbacks: These cards can only be used with Visa ATMs (on limited occasions and there is no credit limit available).

Western Union: Funds transfers with western union can be done online or in person at a money transfer agent. Funds will usually be available in a matter of minutes; however, to comply with anti-money laundering laws, you are sometimes required to make a confirmation phone call before the money is released. A money collection confirmation is also sent to the sender.

For online transfers and transfers made from an agent location, the only information required is the personal names and details of the sender and recipient. The shipment if at an agent location must provide their passport as well as the recipient at the time of pickup. When the sender sends the money, he receives a personal MTCN number (Money Control Number) that he must then pass on to the receiver so that he can collect it.

Key advantages: Funds are transferred in a matter of minutes, transfers can be made online or offline, the recipient will collect the money in the local currency, there is a huge network of agent locations around the world, the recipient does not You need a bank account to receive funds and there are other messaging services available as well.

Main Disadvantages: This is generally one of the more expensive money transfer providers; you may need to make a phone call from home to confirm a transfer.

Xoom Money Transfer – This service works through the following online process: enter recipients’ contact information, enter amount to send, select a delivery method; Money can be collected, delivered in person, or deposited into your bank, credit card, or PayPal account. . Enter the payment details of your bank, credit card or paypal account. Hit send, then let your recipient know the money is on the way. You will then be issued a Xoom tracking number.

Key Pros: Transfer fees are more competitive than other companies, online transactions, and the ability to transfer directly to US bank accounts also make it a very attractive option.

Main disadvantages: The main limitation is that they do not operate in as many countries as some of the other companies, for example, there is no service available to transfer money to Thailand, a very popular destination for sending and receiving money.

Moneybookers – With this company again, you have to register, but the website has been built with similar levels of security to sites that contain banking services and stock trading services.

After signing up, all you need is your email address and password to make payments and the recipient does not need a Money Bookers account. You follow the on-screen process to register your cards, and then you can pay at more than 3,500 online stores so you don’t have to show your cards every time you want to shop.

Money bookers supports 12 languages ​​and local currency payment is available in more than 30 countries. They provide customer support through online messaging that handles queries quickly and efficiently.

Main advantages: very competitive transfer rates, additional services available such as sending SMS and fax, and instant money transfers without borders like the Internet.

Main disadvantages: They don’t have the scale or massive network like other more established companies.

So there you have four of the top companies available for money transfers outlined for you. There are many other options besides; this is just to show you the variety and scope of services available. Both the number of money transfer companies and the services available are growing daily, so if you need to make a money transfer, don’t be in a hurry, take a look at a few different companies, check the fine print and find the one that works best for you. suit.