As the saying goes, everybody needs some money sometime. Whether we lose a bank card, find that we have mistakenly overdrawn an account or suddenly encounter a massive bill that needs to be paid within days, the fact of the matter is that it can be difficult to find a viable financial outcome. One of the best ways top bridge the gap between debt and liquidity is through the use of a money transfer service. So, how do these businesses operate and what are some of the main benefits that they can provide. We will answer these two preliminary questions before looking at the top firms as well as listing some useful suggestions to remember.
Online Money Transfers: A Financial Lifeline
The principle behind any type of money transfer is quite simple. One entity (or individual) will send funds to the recipient through the use of an online portal. The transfer itself is usually accomplished within a matter of hours or less. Of course, the agent will charge a small fee to gain a commission off of the deal. This fee can be a flat rate or it can represent a percentage of the total amount of money being sent. For security reasons, it is usually necessary to provide physical proof of identification through the use of two separate documents. These can include a passport, a state identification card or a driver's licence. A recent utility bill as a proof of address might also be necessary.
The Top Online Money Transfer Agents in the United Kingdom
Not all transfer services are created equally. Some charge much higher rates than others. There can also be times when only domestic transfers are permitted. In order for you to make the most appropriate choices, we have put together a list of the top five providers within the industry today. They are listed immediately below:
- Western Union
- FX Exchange Currency Transfer
- Post Office International Payments
- WordRemit Money Transfer
OFX Overseas Money Transfer
As a rule of thumb, it is always better to work with well-known organisations. They are more likely to be able to cater to your needs and their online access portals are known to be secure. This brings us to our last main point.
Top Tips to Keep in Mind When Choosing a Transfer Agent
One of the most important determinations to make is the type of online security protocols that a company employs. The most respected have adopted with is SSL security. These are the very same algorithms employed by banks and similar financial institutions, so you can remain confident that your personal details will remain safe. Some other variables to interpret include:
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What have others said about the service?
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How do the fees compare with other agents?
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Can you speak with a live representative in the event of an issue?
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How quickly will the funds arrive at the destination?
Money transfers can represent very real lifelines in the event of an emergency. Finding the best providers is the first step towards experiencing a streamlined and efficient service.
