Sunday, November 29, 2020

Making Money Transfers

New contributor Mian Azan analyses the usefulness of money transfers

Do people still use money transfers?

Do people still use money transfers today? Absolutely. The best part is that your money can be delivered in minutes, even to another country.


Why use money transfers?

If your family member is traveling to or living in another country and has a mishap, you will likely want to help them out as soon as possible. What if they had their wallet stolen or needed money to go to a doctor’s office while traveling? You would want to have the peace of mind that you can send the money easily, track it and find out when your relative received the needed funds. With a money transfer, all of this is possible and more.


Other reasons you may need to use a money transfer:

– You need to pay a freelance worker in another country.

– You are helping a relative pay for their tuition or books overseas.

– You need to pay for hotel or other expenses related to overseas travel, such as booking a room.

– You are making a mortgage payment for an overseas home.

– A family member who is traveling had to end their overseas holiday quickly, due to political unrest.


What are the advantages of money transfer services?

Let’s say you are  sending money to Pakistan from the U.K. Your relative needs to get the money quickly because they are stranded and out of funds.


Convenience on the sending end

One advantage on your end, as the sender, is that you can send the money with a credit or debit card, transfer to their bank in Pakistan or use cash.


Also, you have the convenience of deciding which means of sending the money you prefer. You can send money online, creating a profile on the Western Union website. You can also use the cell phone app to begin the transfer, then go to the nearest Western Union location and use cash. The latter process will incur a cheaper fee, although you are able to simply scan your credit or debit card and send the money through the app in that manner as well. Also, you can just take care of sending the money in person at one of Western Union’s 5,200 locations in the U.K. These locations are often at stores you already frequent, for your ease, such as markets, grocers and convenience stores.


Another way that your money transfer is made easier in the future is that you can create a contact list of regular money transfer recipients.


Convenience on the receiving end

On the receiving end, you can choose that the receiver gets the funds directly into their bank account in Pakistan. They can receive the funds in one of the following banks in Pakistan – Habib Bank, National Bank of Pakistan, UBL, MCB Bank or Allied Bank.


If it is more convenient, your receiver can get the cash directly at one of over 9,000 Pakistani Western Union agent locations. They will need to present their passport as identification.


Using the app, you can follow the transfer and keep track of when your relative has received the money. Also, you can look up the exchange rates between rupees and pounds on the app.


Other information

One important caveat is to ensure that the name on the bank account exactly matches the name of the recipient. Otherwise, there can be slight delays.


In some countries, Western Union can instantly send money to a mobile wallet on the receiver’s mobile phone.


You can send 799.99 GBP without providing more identification. If you need to send more money, you will need to provide more information online about your identity. Then, you will be authorized to send up to 4,000 GBP. Bank-to-bank transfers can be up to 50,000 GBP, dependent upon the country in which the receiver will be accessing the funds.


It is easy, safe and convenient to transfer funds overseas to help your relatives when they are in need. It is as simple as using your computer, phone or sending the funds at a nearby agent location. Your relative can receive the funds at an agent location near their overseas location or can get the money in a bank account from that country.  


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