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Transferring money overseas

Note: This is an old article. Many things have changed since.



Western Union
Using the convenience of the Internet, transfer funds online to anyone, almost anywhere in the world, using your U.S. bank issued Visa® or MasterCard® credit or debit card. 225,000 Western Union Agent locations in over 195 countries and territories around the world!
Note: Commission is slightly Higher.


MoneyBookers
Moneybookers is a tool that allows you to safely send and receive money via email - instantly. You can send money from your credit card, transfer money to and from your bank account.
Moneybookers is authorised and regulated by the Financial Services Authority (FSA) in the UK.
Funds are first uploaded to your MoneyBookers account, then withdrawn locally.
Upload : International Bank Transfer, MasterCard/Visa, e-gold, Check
Withdraw : International Bank Transfer (split option), Credit Card, Check.


MoneyGram
The MoneyGram® International Money Transfer network is a quick, convenient and guaranteed way to send and receive money 24 hours a day, 7 days a week. MoneyGram transactions can be exchanged with an individual, or sent to a U.S. business, within minutes through any one of MoneyGram's 81,000 agent locations in 170 countries worldwide.
Customers in the U.S. can also make same-day bill payments to hundreds of companies by sending a MoneyGram® ExpressPayment SM on-line.


If you would like to do a money transfer or send money abroad fast and cheap we recommend MoneyBookers who we believe offer the cheapest method for this type of transfer.


Cost/Efficiency Chart
Sending $300 from USA to UK
MoneyBookers
$0.70 *
 Payments are made instantly if the recipient is a Moneybookers member
Western Union
$29
 Recipient can pick up cash in 20 minutes.
MoneyGram
$25
 Recipient can pick up cash in under 60 minutes.
Money Order
$3-$10
 Five days mailing time. The recipient Will probably be able to cash the money on the same day.
Check
$50
 Five days mailing time plus clearing time for check. Anywhere from 5 - 7 weeks.
Foreign Draft
$25
 One week draft processing plus mailing and bank clearing time(about three weeks).
Wire Transfers
$40-$65
 About one business day
* plus a domestic bank transfer fee of $2.20 if the recipient withdraws the money from his/her moneybookers account