money Transfer Banking Review
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A money transfer is also known as wire transfer, or credit transfer. This payment method consists of transferring money from one person/institution to another, for example, it may be done from a bank account to another bank account.In Europe, several millions of money transfer transactions are processed daily, as it has become one of the most common payment methods. It is usually employed to pay monthly bills, e.g. Internet, Cellular phone, etc.Easy to Use. The person that wishes to deposit goes to the bank, gives the bank the order to transfer a certain amount of money. Funds can take several hours or days to actually be transferred, from the sender’s to the receiver’s account. One of both banks must have a reciprocal account with one another, or it must be sent to a correspondent bank to be able to benefit to the recipient’s account. Bank-to-bank is considered the safest international payment method.Security. This payment method is thought to be very safe for the following reasons: account holders must prove their identity, chargebacks are unlikely and information is transmitted with encrypted communication methods. Also, when placing international transfers for the USA, they are monitored by the OFAC. They do this to prevent people to transfer money to terrorist organizations, countries or entities under sanction by the US government.No Bank Account Needed. Money transfer is perhaps the largest company that offers wire transfers or money transfers without requiring a bank or account. The receiver only needs to show an ID upon receipt.Anonymous Transfers. Wire transfers may be placed in cash offices, and are done almost completely anonymously, but they have been designed for transfers done between people who trust each other; when done with strangers, it can be unsafe. If a senders wish to remain anonymous they can choose to use an external service provider to act as an intermediate and receive as well as resend the money.Fees. The bank that sends the transfer normally collects a fee which is separate from the funds that are being transferred, but the bank that receives the transfer or acts as an intermediate deduct fees from the money that is being transferred, so the receiver gets less money than what was originally sent. Fees can differ from bank to bank.
This payment method is ideal for anyone worldwide who wishes to keep their bank account or personal details safe. It is considerably fast and the main advantage is that the receiver does not even have to have a bank account. The only problem I see is that depending on the financial institutions and the location of the institutions, the fees might be quite high.
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