Online Money Transfer
Transferring your money into gold
I’ve just seen an advertisement suggesting to go to XForex.com as a way for transferring your money into gold due to the unstable price of other investments that are available.
The site is purely an online forex trading site so it’s interesting to see that they’re promoting the purchase of gold directly. When you go to their homepage, there isn’t anything mentioned about gold transfers neither is there anything reassuring you that they are in fact a gold trader.
If you do a search for buying gold online you end up with bullionvault.com and kitco.com as the first two results as they’re companies where you can buy gold directly.
Generally, if you’re interested in transferring your money into gold you may be better off just purchasing it directly.
Converting Money Online
When you’re looking to convert money online, there’s a good chance you’re either searching for ways to convert money from one currency to another between different bank accounts or you’re generally just looking for a currency converter online.
Whichever it is that you’re trying to achieve, there are reasonably simple options available.
For your first option where you actually have some money in an account somewhere and you’d like it to be converted to another currency in another account somewhere else in the world, you might want to use a service like Currency Online. A company like this has been set up specifically to help you achieve this task, that’s their main focus and they do it well.
If you’re only after the second option, trying to find out what converting money online would cost you and how much money you would end up with if you did do it then there are many different conversion tools available including the above currency conversion tool as well as others from people like MoneyGram, Western Union and many more.
Whichever option you’re looking for, just remember that there are different quote rates based on whether or not you’re converting money online between countries or just within your own country as well as many other factors that can change the conversion rate.
Moneygram Questions
After having a further look around for more information to add to our Moneygram Review it seems there are quite a few situations where people have asked if the Moneygram order they have completed is legitimate or not.
Here are some examples;
I have received two Money Gram Money Orders the first in the amount of $500.00 with a routing number of 091900533 & indicating payable thru Wells Fargo Bank, South Central, N.A. Anchorage, Alaska and could have been purchased at Raley’s Bel Air Nob Hill Food Source. It also shows Issue/Drawer, Money Gram Payment Systems, Inc.
The other Money Gram Money Order is in the amount of $300.00 and shows the same routing number and both were purchased on 8/25/2009, from BlurtIt.
The answer that came back was;
I got three from scammers. This is an old trick. They use Craigslist to buy things with fake Money Orders and then ask for the “overpayment” to be wired back to them. Since it takes weeks for your bank to find out the check is phony, the crook (based in Africa) has your real $$$ which you wired to him.
So, the questions appear to be legitimate issues, be careful that you know where the money is coming from and that you know exactly what it is for before handing over any detailed information.
Currency Converter Online
When you’re looking around for the best place to give you quick and easy results on currency conversions it can be a little mind boggling with the different rates that are given depending on whether your buying, selling, using TT payments for off-shore currency or local payments through physically deposited checks.
The local online currency converter that I sometimes use…
Bank indemnity for foreign checks
Today I was forwarded a bank indemnity document that a bank wanted our small business to sign so that we could deposit foriegn checks into our business bank account.
The level of indemnity was incredible, there was no limitation on the amount and the recoverable payments were based on whatever the bank deemed that it wanted to pay.
The terminology used was “or may in its discretion pay in respect of such claim(s)” which would open a small business up to any liability that the bank feel appropriate with no limitations.
That would be an unacceptable risk without…
Credit card charges on foreign currency
When you’re paying for goods in another currency, whether you’re actually in another country or just paying in a different currency online, if you use your credit card then the credit card company and possibly your bank as well are going to charge you for exchanging the money over to your own currency.
The key here is understanding where each of the credit card charges on foreign currency transactions actually happen with the particular card and bank that you use.
In some cases the credit company will charge a percentage of the transaction for the change in currency and in others the bank itself will charge this percentage. In a few circumstances both the card company and the bank will charge you and it may not be immediately obvious where you have been charged, at what rate and what was actually just a fluctuation in the foreign currency exchange rate.
The best thing you can do…
Bank Charges for Foreign Deposits
The local bank our small business works with has just changed its charging structure on bank charges for foreign deposits and they’ve managed to reduce their own paperwork at the same time as increasing our bank charges. Unbelievable!
Previously we had to go through a big drama whenever we wanted to deposit money into our account from an overseas check that was in a foreign currency. We had to fill out a deposit slip for each and every check that was presented and every single deposit slip that was in foreign currency had to be signed by the Director of the company. Crazy.
Now they’ve changed the rules again…
Discussions on MoneyGram
After the previous post about a MoneyGram Review I had been reading I thought it would be worth looking through another site that discusses MoneyGram in depth and allows reviews of its money transfer service.
Reviewcentre.com has a MoneyGram page that currently gives the transfer service a score of 2.6 out of 5 stars from 11 reviews. The site allows reviewing by stars in different sub-categories.
Here is how MoneyGram was rated;
Wire Transfer Methods
It’s interesting to have a read through the Wikipedia entry for Wire Transfer as it shows up what the obvious methods of a wire transfer are although it does look like the wiki article has more than a little bit of spam in it, probably from interested people who want others to know about their own wire transfer methods or ways of using their product to transfer money online.
Money Transfer you can Trust
One of the difficult things with finding the right money transfer service online is making sure it’s one that you can trust will give you good service and help you out if something goes wrong.
If you take a service like Currency Online, they are working hard let people know that there are real people with quality teams trading money behind the scenes, all working hard to make sure you can trust their money transfer service along with working to bring you the best possible client service that they can for an online business.