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Old 10-05-2010, 02:30 PM
Allan Allan is offline
Junior Member
Join Date: Sep 2010
Posts: 11
Default Some remittance ideas
When you want to transfer money from one country to another you have a number of different options. Which option fits your needs depends on your specific requirements, e.g. do you have a bank account? Does the recipient have a bank account? Does the recipient want to collect the money from their bank or the post office, the convenience store etc? Or do you want to charge the recipients credit card? Do you know the recipient personally? how urgently does the recipient need the funds?

Depending on these requirements you will then find that different companies offer different options. With Paypal, for example, the recipient must have a bank account and he must register that account online with paypal. After Paypal has approved the bank account he can transfer the funds from Paypal to his/her bank account and then withdraw it in cash. This takes some time and because paypal and the banks are charging fees it can be quite expensive.
In my own experience, using a service like Western Union has the advantage that the money is available for the recipient within minutes, and they can collect it from the post office or other western union branches, but it usually is too expensive if you are sending a larger amount, as the fee they are charging gets higher depending on the amount you send.
For higher amounts I recommend to use a bank that offers a flat rate remittance fee (provided the recipient has a bank account).

Of course, there are other ways to send money, e.g. you can send your friends a empty "rechargeable prepaid credit card" through the mail. Once they have received the card you can charge it and they can use it to withdraw cash from an ATM machine (slightly higher fees) or use it to make online or offline payments.
Hope this helps a bit.
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