Technology makes everything quick and easy. Consequently our lifestyle demands fast food, fast communication, fast service, and fast cash! Where money is concerned, nobody wants a delay. Sending and receiving money is made easier nowadays via money transfer. If you are the sender the following steps will be your guide to an over-the-counter money transfer:
- Make sure you have the necessary documents and other requirements when you visit the remittance center nearest you: Proof of identification such as passport, company ID, driver’s license, and so on; the amount of cash you intend to send, and the place or branch where your recipient prefers to receive the money.
- Fill out the form where you are to write details such as your name, amount of money to be sent and recipient’s details. Do this neatly and legibly!
- Pay the corresponding fee, which depends on the amount of cash you are sending.
- Sign and keep your receipt, as it gives you your tracking number. Some money transfer agencies call it a reference number or control number. It would be best if you inform your recipient of this number, as it would aid the transaction on his end.
If you are the recipient, it would be wise to be familiar with the corresponding essentials to receive your money:
- Visit the remittance center nearest you. Make sure you have a valid proof of identification when you identify yourself. Do not present expired identification or subtype identification cards bearing no number or expiration date. If you do not want to make your transaction complicated because of this, bring several active identification cards.
- Complete the form where you are required to write details such as your name and the sender’s, the amount of money you expect to receive and the tracking number.
- Get the amount and voila! You can now spend the money for any needed purpose.
Because international money transfer is also accessible online, you can always do your transaction on the Internet, where it is more expedient. Since this is a cashless mode of transaction, you must be registered for online banking. You need a bank account from which to transfer your money. Upon registering, you simply follow the user-friendly guide to fill out necessary information such as your name and bank account details.
Similarly, you need to provide the name of the recipient, address and bank account details or that of the remittance agency’s where your recipient prefers to receive the money. There is also a related fee for online transactions, depending on the currency rates and the amount you remit. The bank or money transfer agency then sends your money to the recipient’s account. Considering the danger of phishing, however, when you send a money transfer online, it is wise to use your own computer to keep your password and financial details private.
With the rise of money remittance institutions worldwide and the accessibility of the Internet, you have a number of options on hand. You can compare which is suitable for you based on your location and urgency of the transaction.