The days of inconvenient and time-consuming international money transfer can be considered history. In the present dispensation, money transfer can be done in just ninety seconds. This is possible because of electronic methods of transferring money from one location to the other.
Some of the most popular options are Western Union, PayPal and Money Gram. For most people in African, Asian and Latin American countries, Western Union is the ultimate method of receiving money from abroad. In this context, abroad refers to the developed economies of Europe and North America. The beauty of this option is that the person receiving the cash does not have to pay any transaction cost. This has been paid by the person sending the money already.
The actual process of getting paid by means of Western Union is that the recipient has the correct pin number from the person sending the money. This pin number can be sent by fax, email or text message. The recipient also needs to have a valid form of identification. This may be an international passport or a driver’s license. The person who has been sent money goes to a commercial bank which offers the service. He or she fills the WU form, states the pin number correctly and gets paid.
For PayPal, the procedure is also quite simple but it is a bit different from the one discussed above. For a start, people who want to get paid by pay have to live in countries where PayPal operates. The recipient may also need to have a PayPal account. When people receive an international money transfer from PayPal, they receive an email informing them of the transaction. The money can be withdrawn from the PayPal account to the bank account and after just 3-5 working days, the cash can be cleared.
Other forms of international money transfer are MoneyGram, VisaCard and MasterCard. These are great options because they can are fast, effective and convenient. In the present dispensation transferring money across international borders has never been easier.