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Money Transfer—Its Getting Easier to Send Money Overseas
Do you send money home to your family overseas? Or, do you need to be able to pay someone money who lives outside the U.S.? In the past, you probably either used Western Union or MoneyGram to send money overseas or outside your country. These are still great options. However, more and more options are becoming available making it easier and cheaper to transfer money.
Today, the money transfer industry (or “overseas remittance” industry) is dominated by several large players – most notably Western Union and MoneyGram. Because of the size of this market, a number of smaller players are jumping in and are offering competitive rates and different ways to electronically send and receive money. This is great news for consumers. More choices and increased competition typically mean better prices and convenience. Some of the new innovations in money transfer technologies include the ability to initiate money transfers from your cell phone or over the Internet, and the ability to receive money transfers on a credit card or other payment card. Soon, you will be able to send money home to your family from your cell phone and have the money deposited on a family member’s credit card or debit card.
For the time being, the easiest way to send money home is to initiate a money transfer from the Internet or at an agent location (such as at a Western Union office). The person you are transferring money to can either have the money deposited directly into an account or can pick up cash at a local agent location. Some of the new service providers in this area include Xoom, PayQuick, and iKobo. Read our product reviews of each of these services (and the services of the old standbys – Western Union and MoneyGram) in our Products section.
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