Everything You Need to Know About Money Transfer Services

Man and woman holding smartphone and making payment transaction. Smart phone screen displaying payment sent and money received message after transaction.
Man and woman holding smartphone and making payment transaction. Smart phone screen displaying payment sent and money received message after transaction.

From the late 1870s to today, wire transfers evolved into one of the largest services in the money transfer industry. When the service started, it was mainly for corporations wiring substantial amounts of cash from one bank account to another. Now, people can send funds through operators around the world which is fast and convenient. With many options of sending and receiving cash to your family members and friends, it can be difficult finding nearby operator locations.

Most money transfer operators charge an exchange rate if you need to send funds internationally, besides taxes and a processing fee. It depends on the amount of cash you are sending and the location. You should know about the assessment of fees and the timeline in which the money will arrive to the person you are sending it to. If you have any questions about how to send money using electronic wire transfer, the information presented below should provide you with answers on selecting an operator near you.

Three Ways to Transfer Money

  • Money transfer services through an electronic wire transfer operator
  • Domestic wiring transfers are services where senders can transfer money between banking institutions
  • International wire transfer for sending money from one country to another

You can find a money transfer operator providing all three transfer services in your community at physical locations or online. The answer to how to send money conveniently and quickly is the Internet, but you need to set up an account profile with a wire transfer services provider.

If you want to make transfers without leaving your home or job, all you have to do is sign up on a service provider’s website. When you create your profile, you can link your bank account to a wire transfer provider. For security reasons, you have to verify your account before completing your wire transaction.

The best thing about money transfers is you can complete transactions using your mobile phone, in person at a store location, using an app, or on the web. Next, the discussion is about ways to pay for services and transfer fees for sending money.

Payment Types Accepted for Transfer Services

  • Debit card and credit card
  • Cash at physical wire transfer stores
  • Mobile Wallet
  • Banking and savings accounts

Money transfer operators accept payments for each transaction based on geographical locations and the amount of funds sent. If you send cash overseas, there is a conversion fee based on the current exchange rate. It covers the cost of converting one currency to the currency of another country.

When paying at a wire transfer store with cash or a debit or credit card, you have to pay a fee. Some operators will charge a percentage of the money you are sending or a fixed transaction fee.

When you pay using a debit card or cash, the receiver will have access to the money within minutes. You will need the name and address of the receiver before you start the wire transferring process. After the operator completes the transaction at a physical location, you will receive a confirmation number to provide to the person you are sending the money to. A confirmation notice with the transaction tracking code goes to your email address.

Mobile wallet is the latest service to process wire transfers using your smartphone. The way it works is somewhat like online processing of wire transfers except for needing the receiver’s name and cell phone number. Rather than receiving an email confirmation, you receive a text notification to verify the delivery of money.

How Wire Transfer Operators Structure Pricing

Wire transfer operators structure pricing in three categories, same-day pickup, next-day pickup, and transfer to bank accounts. It is higher to send money over the internet compared to sending cash at a physical money transfer store. The difference in cost is over $7.00. Next-day pickup services are affordable, but can cost more when using a credit card. If you transfer funds to a bank account, the price is considerably lower compared to next-day and same-day pickup services.

In the United States, you can wire money to 200 plus international locations at over 500,000 wire transfer branches worldwide. Send money to your loved ones and friends fast and easy at your nearest branch, online, or using a mobile wallet.