We will be looking into money transfer /sending money using internet or over the counter facility in USA. It is very much possible now to receive money in few minutes or in a day’s time. Making a transfer via bank is expensive and bit restrictive in nature, however it’s lot cheaper now to do a money transfer via authorized money transfer agents. But we need to factor the below elements to assess our fees –
1. Transfer Fee:
A service charge or commission is collected from the sender (this is what they earn) but we need to check if the fee is levied for the recipient too. Lately, most of the transfer agents are not charging any fee for recipient due to competition.
2. Exchange rate:
This applies for international money transfers only. For money transfer within United States, exchange rate wont be applicable. This comes as a hidden charge, some claim ‘commission free’ transfers too, however they give you very poor exchange rate, which means less money received on the other end. Check latest exchange rates using www.oanda.com or www.xe.com and see who is providing best rate with low commission.
Two important points to take care while considering money transfer
1. Safety / security of your money. Make sure you are making a transaction with ‘Authorized’ agent, which means your money is protected by law.
2. How much money will be the recipient getting after all fees/commissions ? because this is what matters in the end.
Send money to India
See various options explained in detail about sending money to India
Send money in USA
If you want to send money within USA, check this article on sending money within USA