Things You Need to Know About Money Transfer Services
Millions of people send billions of dollars to families, friends, and relatives abroad each year. With the growing popularity of online remittances, the senders' costs with the competition of money transfer services have been decreased and others even offer free fees. In addition, the federal consumer protection regulations require them now to provide a prepayment disclosure of exchange rates, fees, the amount of foreign currency to be delivered, as well as to try to resolve errors and disputes among their customers. Extra hidden fees are now strictly prohibited from these companies.
If you're a sender, make sure to prevent consumer fraudulence since scams and consumer fraud also happen in the money transfer industry. Common scams include lottery, love online, fake merchandise websites, and phone blackmail where scammers or fraudulent people ask their victims to use money transfer services once they had fooled them. You can truly prevent consumer fraud by weighing in if it's right to send money in order to receive a lottery prize or a promised hefty payout, the answer is absolutely not!
Avoid meeting people online offering a personal relationship only if you start sending money. Never send money to receive any merchandise to an unknown or new website that has promised to send you the goods after they have received money from you. Make sure not to send any money to someone you don’t know or whose identity you can’t even verify even if they are informing you that they know your family.
Most money services allows you take money from your bank account and deliver it to your recipient's bank account as well. These transfers can generally be done online or by phone if you'll be able to provide the recipient's correct account and routing numbers. Bank wire transfers can move money from one account to another, but this kind of service often has higher fees too.
At westernunion.com, senders can avail of their mobile wallets too that can be used to make purchases, pay bills, and get cash, treating it like an electronic debit card. They have been in business for a long time and take your privacy/data seriously and has partnered with major banks and leading retailers as well. They are regulated by both state and federal government agencies.
There are money transfer services that send funds through a prepaid debit card that the recipient will be able to use for cash withdrawals including purchases. Most recipients enjoy these benefits since the card can easily be refilled by the sender using a debit or credit card, a checking account, direct deposit or even cash, and the money can be available within a few minutes although the fees can become higher too.