Fees and exchange rates can all eat into the amount of money you are transferring.Ĭompare money transfers What is a money transfer?Īn international money transfer allows you to send money to a recipient in the same country or internationally. ![]() There can be big variation in fees, minimum transfer amounts, transfer speed, exchange rates and destination countries. Money Compare can help you compare New Zealand’s top money transfer services to find the one that suits you best. Whether you need to send money back home, or make an overseas payment for personal or business reasons (stock orders, or paying an employee based overseas) you need to get the best deal on your money transfers. Taking the time to compare currency exchange and money transfer offers can help you get the best deal.Ĭompare Money Transfer deals Compare Currency Exchange deals There can be variations in exchange rates and fees, and these can all eat into the money you are exchanging or transferring. ![]() In the United States, the US Postal Service sells money orders of up to $700 per order.Money Compare can help you compare the main currency transfer and foreign exchange companies in New Zealand to find the deal that suits you best. Users can purchase money orders from post office locations, along with other select financial institutions. Moving funds through international money orders is one of the oldest money transfer methods. Normally, transfers take minutes and recipients can collect the funds sent at designated cash pickup locations. Service providers such as Xpress Money, Ria, Western Union, MoneyGram and UAE Exchange allow customers to deposit cash at their branches and partner locations for onward transfer to their recipients, offering a safer way to send money as a cash payment. Cash transfers can be sent through the mail, though this method is highly discouraged for safety reasons. However, its prominence is slowly fading with more people preferring electronic money transfers. For instance, Paga has a partnership with WorldRemit, M-Pesa with Western Union, and bKash with Wise. In addition to facilitating local mobile to bank and mobile to mobile transfers, these apps have also linked up with internal money transfer services to facilitate cross border transfers. Applications such as M-Pesa in Kenya, bKash and Rocket in Bangladesh, and Paga in Nigeria are some of popular mobile money transfer solutions. ![]() Mobile money applications can be integrated as an extension of either of money transfer companies’ platforms or banks or can also be designed as standalone money transfer solutions. Service providers may charge either a service fee or an exchange rate margin or both – but these fees and margins tend to be considerably lower than when making a money transfer with a bank. Users can initiate and pay for their transfers using debit cards, credit cards, bank accounts or even cash deposits in the case of MoneyGram, Western Union, and Ria.ĭepending on the transfer company, beneficiaries can receive their money through their respective bank accounts, at cash pickup locations, through their mobile wallets or as direct deposits in their cards. These transfer platforms can be accessed online, and many are also available in-branch and on mobile applications. Some of the companies such as Zelle and Venmo have specialised in domestic transfers while others are exclusively targeting cross border transfers. Wire transfers can cost upwards of $25 and in the case of international funds transfers, and deliveries can take up to 3 working days.Ĭompanies such as Wise, Ria, WorldRemit and OFX have come up in recent years to help individuals and businesses to send money to designated beneficiaries. ![]() Wire transfers: Users can transfer funds from one bank to another either domestically or across borders using wire transfers. These transfers are either free or may cost up to $3 and can generally only be used for domestic transfers. Here are the most common types of bank transfers:ĪCH transfers: Here, transfers are pushed or pulled electronically from one bank account to another through the Automated Clearing House network. Through worldwide banking networks, users can transfer money within the same bank, or to other banks locally and internationally, with the knowledge that their money will reach its destination safely and securely. Bank transferīanks are the most well known and historic presences in the money transfer space, having been around from as early as the 15th century. Here’s a quick summary of some of the most popular. When transferring money either within the same country or across borders, there are several options available to you.
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