People need to transfer money both domestically as well as internationally. While there are a lot of different options from sending a check through the mail to using an online transfer processing service, security and cost savings should always be a consideration.
The good news is that it is possible to provide a domestic or international money transfer service in Miami through a secure, low-cost option. When choosing the company and the service to complete the wire transfer, there are several things to keep in mind.
Security Factors
The most secure way to provide a money transfer service in Miami is to use a reputable, global wire transfer service. Western Union is an international service which provides a high level of security in the transfer. The sender will have to provide identification and give the name of the receiver. In addition, the sender will receive a Money Transfer Control Number (MTCN) which is unique for the transaction.
The sender must then contact the receiver and provide the MTCN, the exact amount of the transfer and the location from which the transfer originated. The receiver will need to provide the MTCN, the information on the transfer amount and location of origin, as well as his or her identification which must match the name provided by the sender.
This entire process can be completed in minutes, providing the receiver with immediate cash in hand.
Saving Money
The fee for a money transfer service in Miami varies by company and financial institution. Shopping around and finding the best rates will save money, particularly on larger transfers or for ongoing types of transfers.
It is less costly to send a single, larger transfer than multiple smaller transfers. This is due to the set fee per transfer rate, which is a flat rate. By sending a larger lump sum, there is only one flat rate transfer fee, which can add up to considerable savings.