Simple Facts About An International Money Transfer

Moving money outside of the United States to friends, family members, employees or to make a purchase in another country does not have to be a complicated process. The use of international money transfer services can make this a secure, simple and cost-effective process that anyone in the USA can use.

Money Transfer Are Not Bank Wire Transfers

While people use the terms international money transfer and international wire transfer interchangeable, they are actually two different things. Technically, a wire transfer occurs between banks of financial institutions.

This is not an immediate process and can take several days for the money sent from a bank in the United States to be available for the recipient in a bank somewhere else in the world. Depending on the different bank policies, this can be up to 5-7 business days in some locations.

Keep in mind, wire transfers are designed to be account to account, which means the individual receiving the money has to have an existing account at the bank.

Money transfers, on the other hand, are handled by a local agent in the USA transferring funds that are available in minutes at the receiver’s location.

Simple Sending and Receiving

The sender needs to have identification and information on where the international money transfer is going and the legal name of the recipient. He or she also needs to have cash for the amount to be transferred as well as the fee for the service, which is based on the amount.

Once the transfer is processed, the sender receives an MTCN or Money Transfer Control Number. This number is then given to the receiver by the sender. He or she will simply need to provide valid ID as well as the MTCN, amount, sender and sender’s location to pick up the funds.