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Often times when family is over seas of in a different country sending money can be a tall order. If you know how to send money orders however you can quickly, easily, and securely send much needed funds to family that may be in a different country or even in the same country just far from you. Sending a money transfer is far more secure than sending cash or even a regular check and it has far lower fees than electronic funds transfers from your bank to theirs.
The process is incredibly simple and there are now online sites like sharemoney.com where you can send money directly to your recipient. The first step is to determine how much money you are sending. Generally, when talking with a family member or loved one you can determine together how much money you need to send. It is important to keep exchange rates in mind when sending money to other countries.
Say for instance you are sending money to family or relatives in Mexico, for every dollar that you send, your relative will receive the same amount in the currency of the country that they are in. With a site like sharemoney.com, you can see what some competitor’s rates are and decide what is right for you. Say for instance your relative needs $200 USD, you would then check the exchange rate and determine how much you needed to send in order to get your relative that amount of money in Mexican pesos.
As with all money transfers, the exchange rate for an international money transfer is not going to be straight across the board so to say. The money order company will offer you a comparable exchange rate and keep the difference to pay for the money transfer, the processing, and the delivery of the funds. A good example is the current exchange rate for US and Mexico on sharemoney.com. The Sharemoney rate is $1.00 to 18.91 pesos. The “global” exchange rate that is only available to large banks would be $1.00 for 19.30 pesos. For this small difference you can quickly and securely send funds to your relatives without paying the high bank wiring fees.
Sender and Recipient Information
After you determine the amount you’re sending, you simply need to fill out the pertinent information. The address, name, and perhaps other identification may be needed to send funds. After you have filled out both your information and that of the person receiving funds you can then decide which delivery method works best for you.
With an online money order you have a bit more flexibility in the delivery method than you do with a typical paper order. You can either have the funds delivered to a secure pick up location if they do not have a bank account for instance, you can have it sent to their home, or you can have it direct deposited to their account. These are all very fast methods and generally these transactions are taken care of in a day or so of being initiated.
You will also need to pay a small processing fee but this fee helps to insure that your money is safe, secure, and that it is quickly sent to the intended individual. Sending a money order is far simpler than you may imagine. Knowing how simple it is just might make your decision to send money a bit easier.
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