International Money Transfers and How They Work

money

Were you ever wondered how international money transfers work? There are plenty of factors, which matter. Your data is exposed, making the relationship with a company quite complicated.

General Overview

Let’s see how “giants” in a transferring industry deal with many possible requests:

International Money Transfers
  • OFX international money transfers (OzForex) –a competitive rate and a zero fee when sending some cash overseas are breaking moments before closing a deal. How can you transfer? So many ways – from online to a direct bank account deposit. The service of speed will surprise you – most transactions take 1-2 days. With an accessible interface you can count the exchange rate amount to be sure about the transfer fee;
  • Google Wallet international money transfers – open platform for better result. They payments or sending money are available at eCommerce stores. The point is –all transactions go through a remote Google server. “So what?” you may ask. Apple Pay has already provided this kind of service, hasn’t it? Merchants prefer Google Wallet in 80% of all cases, because of its loyal Android customers. You also can send money someone with the app or deposit to a bank account;
  • Western Union international money transfers – “must-have” among transferring companies are supposed to provide the best service. Dealing with Western Union has been a good idea since the first money transfer in 1980. You can pick up the best location, make a good deal through the official website, and so much more opportunities! Growing as a company, WU established a strong foundation helping students to get a scholarship and creating charity initiatives to make Earth a great place to live.

From true giants to beginners international transfers have already become a routine procedure. Some of them (including MoneyGram) even have a loyalty program with additional bonuses. For example, with MoneyGram promo code you may get a one-time discount to a transfer or some specific transfer with zero fees. So, time to dig deeper and explore the inner mechanism of how those services process so huge amounts of money every day.

Principles of MoneyGram Service

MoneyGram Service

Like any other big company, MoneyGram has many locations around the world. It has a good reputation among loyal customers, but still – what are the secrets for successful operations?

There are systems, normally used for worldwide transactions, and MoneyGram company is not exclusion.

  • SWIFTSociety of Worldwide Interbank Financial Telecommunication; works, when you request a money transfer according to “bank-to-bank” type. So, SWIFT doesn’t send cash, only messages. The system has its bad sides, as it takes more time, and sometimes patience, when the banks don’t have an established commercial contract. Financial institutions still use SWIFT because of its reliability and standardized procedures. If you’re aiming to be secure about the funds and don’t overpay, SWIFT technologies are designed for that. They’re completely adaptable for ever-evolving technologies;
  • SEPA –the abbreviation for Single Euro Payments Area – is the principle maintaining only one currency to simplify a cross-border transferring in European countries. In this case, banks have either a previous arrangement or a network of intermediary banks, allowing transactions to be performed faster. SEPA is like a domestic transfer, successfully operating among not only EU countries. The main benefits are the security of transfers and cost-effectiveness.

How to Save Money on International Bank Transfers

Any system in the world is not good enough if it can’t prevent the frauds’ activities. To avoid the MoneyGram scam, you have to follow some basic rules:

  • Don’t share any of the payment details over the phone – there may be tons of possible schemes to get information;
  • Never send cash to so-called “loan companies” you know nothing about;
  • Double-check the lotteries you’re taking part in for more charges – helps you to prepare.

These principles apply for every big company, engaged in transferring. However, the most notorious examples of scamming take place because of a human factor. Living in the 21st century allows you to connect with the other people quick! Scammers can set up the deadline, and when you don’t meet it, prolong to another date. If a similar thing happens, just never contact them again. It’s a clear sign you’re on the edge of losing money.

Maybe, the big “plus” in a whole story with transfers is – you’re not forced to deal with them. You’re the owner of your secured data, and no one has the right to manage your money. But an understanding of how the process works from the inside may help in the prevention of significant troubles. Take care, money is not the thing to play with!