1. The fee for sending the money

There will almost always be a fee to pay to transfer money, whichever type of provider you decide to use. This will vary depending on which provider is used, the method, the amount sent and often the country you are sending to. Some providers may offer an express service, which will cost more.

2. The exchange rate. Either the money is exchanged when sending the money or when collected.

Exchange rates can change on a daily basis and providers usually offer different rates from each other. This will affect the amount of money received, so you should always check with the provider you are using before sending money. You can also check what the average exchange rate for the day is by clicking here.

3. The costs to collect the money. Extra fees to the recipient maybe charged

Sometimes the person picking up the money you send might need to pay another fee when they collect the money. If there is a fee, it will vary depending on the amount sent and the account the money was sent to. MTOs might not charge at all but you should check with the provider you are using. If you are sending the money to a bank account you should contact that bank about their fees.

Online providers may charge a fee to upload or withdraw money from your account at an ATM. You should check their website or contact them about their fees before sending any money..

The majority of banks offer money transfer services, but in most cases you must hold an account with the bank you wish to use. It is usually necessary for the person receiving the money to have a bank account also. Banks tend to be more expensive and take longer to transfer your money, however they do offer additional security and opens the door for additional financial products such as loans, mortgages and savings accounts.

Bank account to bank account transfers - it is normally possible to send money to any bank in the recipient country

MTO's - Money transfer operators will either have their own outlets in the recipient country or have developed partnerships with local organisations for the money to be picked up

Transfers to ATM cards - you will be able to withdraw the money from any ATM in the recipient country

Try and take two forms of identification along when sending money; banks especially will require this when opening an account. You may not need them for every transaction with every provider, but to make the process as easy as possible it is advisable to carry your passport (or other photographic ID) and proof of your address.

Most service providers guarantee the exchange rate at the time of transaction. However, it is unusual for providers to guarantee how much the recipient will receive, as there may be extra expenses to pay when the money is picked up.

Before visiting a provider you can check the market price for your currency by clicking here.

The best way to find out if money has arrived is to keep in touch with the recipient. Some providers may let you know that a transfer has been received by email, telephone or text (SMS), but this is not common. Should the money not arrive, it is always important to keep a receipt and go back to the agent/provider you originally used to address the problem. If they are not able to help you, every country has a regulatory body that you can complain to.

If you need help in finding the relevant organisation then please contact us by clicking here