Online Money Transfer
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.
MoneyGram Review
I’ve been having a look around different specific review websites and am surprised by the amount of people who are writing bad reviews for the MoneyGram Money Transfer Service.
The reviews for MoneyGram have ranged from some saying they have received the “worst” service from this company that they have ever received from any company online to others who have said that MoneyGram were trying to overcharge them for a speedy money delivery when it never happened.
There were a couple that were positive e.g. one said “I am satisfied with their service.” and I guess it’s pretty easy to take a shot at a company online when you’ve just had a bit of bad customer service so I’ll continue doing some research into what the real reviews about MoneyGram are saying.
Money Transfer with Xoom
I just came across a video from the CEO of Xoom, John Kunze.
In the video, John talks a lot about Xoom.com being the safe way to send money online. He uses a piece of paper with someone’s personal details on it to represent how they encrypt personal information.
It’s a nicely done piece of marketing covering what is probably the largest barrier to transferring money online being the worry about identity theft and personal information theft from the organisation that’s transferring the money.
Here’s the video if you want to watch it for yourself;
Currency exchange in airports after customs
I’m in an airport at the moment waiting for a flight to open for check-in. It’s interesting that from here I can see into the after customs area of the airport and there is a currency exchange booth in there.
After customs currency exhange would probably be the most expensive option that I can think of for exchanging money into a different currency.