International Money Transfer Services

A common dilemma which faces Australians, South Africans, Canadians, British, New Zealanders, as well as citizens of smaller countries is sending money internationally. An array of choices does exist for international money transfers, but finding a quick, secure and inexpensive money transfer service is not always easy.

Money Transfer Options

Everyone has heard of the top money transfer companies. Most of the companies have locations throughout the world. Secondary countries have small copycat locations in various locations. The problem with these money transfer service is that you almost always have to perform transactions in person and you must use cash.

This presents a safety issue on both sides, as you become easy prey to those undesirables waiting in the shadows. Some money transfer services will allow you to transfer cash to a bank account, but those are few and far between.

Money transfer services seem to be a better option for people in remote locations who have no bank account and no local address. This service is also suitable for overseas travelers who need quick cash sent from their home.

There are advantages and disadvantages to using money transfer services:

Pros:

1. Multiple locations even in remote areas.
2. Internet access is not required.
3. No bank account is required to send or receive cash.
4. Money reaches the recipient quickly, depending on the location.

Cons:

1. You must pick up cash in person.
2. You cannot transfer money from a bank account or credit card.
3. This is a not a quick fix and not a solution if you send money on a regular basis.
4. Fees can be extremely high.

Cost

When transferring money through a money transfer service, the companies usually charge a percentage of the total amount transferred or a set fee for certain amounts. The amount the recipient receives will depend on the exchange rate and transaction fee that the money transfer agent charges.

This type of service is the best way to send small sums of money, such as on an emergency basis. Considering the fees and the exchange rates, this is not the best option if you need to transfer money frequently.

Other Options

1. If you have to send money to friends or relatives, consider making a payment to their credit card.
2. Consider gift cards. You can purchase them at retail stores or online. Many of them bear the VISA or MasterCard logo. The recipient can use them where these logos are displayed.
3. Consider an ATMCASH card. The recipient is sent a debit card. You load funds whenever the need money.

When you have to send cash to others, there are many options available. While money transfer services are quick and easy, the fees involved often put less money in the pockets of the recipient. Gifts cards are great for one-time emergencies.

Debit cards are easy to obtain and can be used on a recurring basis as they are reloadable. This is an excellent option for people who are unable to travel to pick up money, such as the elderly. Debit cards also work well for students traveling abroad or anyone who relies on money sent from someone in another country.

The Maestro Card

Maestro Card

Maestro is a debit card service that is owned by MasterCard. Maestro cards can be obtained from banks associated with MasterCard and are linked to a customer’s account. Maestro cards can also be prepaid cards.

How It Works

These cards use the PIN system to make POS (Point of sale) purchases. The card is swiped through the terminal and must be authorized by the issuer in order to verify are sufficient funds in the account to cover the purchase. The cardholder must enter a 4 or 6-digit pin number or sign the sales receipt to confirm the transaction.

Where Can the Maestro Card Be Used?

The Maestro card is accepted worldwide, but in countries in the middle-East, its competition has taken over and it can only be used to withdraw cash from certain ATM machines.

In the United States the Maestro network is closely related to Cirrus ATM, which is also owned by MasterCard. A PIN-based debit card system is used and they mainly use a card and PIN without a chip.  All of the debit transactions using a signature are handled through the main MasterCard system.

When to use a Prepaid Maestro Card

1. If you want to give someone a gift, a Maestro prepaid card is accepted worldwide.
2. If you are unable to open a bank account or get a credit card, with Maestro prepaid card, you don’t need credit.
3. If you want to help your children or young adults develop good spending habits; they can only use what you load onto the card.
4. If you have an elderly loved one that is still independent; a Maestro card gives them the flexibility of a credit card, but it limits the amount they can spend.

The Maestro card has many benefits, depending on what you are looking for in a debit card.  They can be given as gifts, used to pay bills, shop online, or even taken on a trip. As with any prepaid debit card, please review the fees before signing up.