Xoom Global Online Money Transfer

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4 ways to send money abroad
1. Money Transfer Services. There are various services for retail or online money transfers. Xoom.com is the best known, most secure and reliable online service. If you open an account with Xoom.com, you can send or receive money within minutes to/from other people around the globe. You pay the lowest fees in the market for your transfer. Recipients do not require a bank account or Internet connection to receive funds.


2. Post Office. Wire transfers can also be offered by the U.S. Postal Service. Your recipients can receive their funds from various bank branches up to $2,000 per day. For transfers exceeding $1,000 proper identification is required. According to the amount you send a fee ranging from $10 to $20 will be charged for each transaction. Your recipient’s name on their documentation should match exactly the name on the money transfer. Multiple money orders are subject to a daily maximum of $10,000 where as each money order is restricted to a maximum of $700. Your recipients will get local currency upon cashing their money orders. Local or damaged money orders can be claimed with a valid receipt. The cost of $3.25 each applies to any International money order of a value up to $700. Money orders can also be purchased at banks at a slightly higher price.
3. Banks. There are programs serving foreigners send money home that are developed by major U.S. banks as well as local smaller banks. Recipients can claim their money from partner banks where the funds were wired. Certain banks may require you to have an active account with them, so research your local branches for such services. You can also send funds by purchasing stored value cards offered by major U.S. banks. These cards are similar to credit cards with the difference that the amount has to be deposited in advance. Recipients can name purchases at stores that accept major credit cards or withdraw money from various ATM locations. Several banks will issue a check card connected to your U.S. account for your family members abroad. Check cards withdraw funds directly from your checking account and look like common credit cards.
4. Credit Unions. IRnet is a service that electronically transfers funds between credit unions’ members. Several countries in Europe, Africa, Latin America, and Asia are served by IRnet including 3,000 locations nationwide.


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