We’ve been sending goods and financial instruments to our friends, families, and other people since mankind learned how to travel. In the not-so-distant past, we are limited to cash or check. Now thanks to the rise of digital banking apps and services, it’s easier than ever to send money to anyone quickly!
With the digital remittance available to us, finding the right provider to send money can be a bit tricky. While some transfer tools can be used free, others come with charges (but are often with more security).
Let’s take a look at 5 low-cost ways to transfer money.
MoneyGram is one of the most well-known remittance options throughout the world. You can send and receive cash in more than 200 countries from 339,000 agents worldwide. MoneyGram allows for a deposit directly into banks, credit union or other financial account. The service allows money pick up in person at any MoneyGram agent location. You will need to bring identity documents like IDs to claim your remittance.
You’ll pay a higher fee but your money will arrive in as little as 10 minutes. Check out the fees through the bank or branch offering MoneyGram.
- Banker’s Cheque
Banker’s Cheque lets you send your money within the country by Banker’s Cheque even if you do not own any account. It is issued by the Bank payable to the order of specified payee for payment within a local area. Any variations of the rate will be decided by the Credit Committee on Remittances products. It’s works like asking a bank to create a cheque for you, then the written cheque can then be given to the person you’re paying. Because of this, banker’s cheque will never bounce because of a lack of funds.
- Speed Send
Speed Send boasts a speedy, easy, and affordable way for money remittance online, anywhere in the world. You can send and receive money through banks and branches offering Speed Send, all appointed Speed Send Agents or Partner Banks worldwide, and even online. Speed Send is sometimes bundled with offers like remittance with no fees.
- Foreign Demand Draft
This option allows you to send your money overseas securely through a reliable remittance service in the form of a bank draft. Foreign Demand Draft (FDD) is a written order issued by bank on your behalf to pay a recipient. A Foreign Demand Draft is similar to a Banker’s Cheque but drawn on overseas correspondent banks.
- Foreign Telegraphic Transfer
This option allows you to send your money abroad securely to more than 200 countries. Telegraphic transfers can be fairly expensive because of the quick transaction. The telegraphic transfer is usually completed within two to four business days, based on the origin and transfer destination, as well as currency exchange requirements.
Virtually all electronic money remittance can be sent via service providers through different options and a vast majority of international currencies. Whether you’re sending money to the US, China, or the Caribbean – you can keep the money coming!