Category Archives: Miscellaneous

How can a blind person send money overseas?

Grazie Watson wrote:

I want find out information how to send money overseas. Can I do this online or can some one help me as I am a blind person? Hope to get a reply soon thank you.

Answer:

Grazie, my suggestion is that rather than trying to send money online, you call up the customer service line of MoneyGram, Western Union or a comparable service, and let them help you. The money transfer can all be done over the phone. You’ll need to know your credit number and expiration date, and the name, address and phone number of the  recipient.

If you want to use MoneyGram, for example, the customer service number in the United States is 1-800-328-5678.

Best of luck. If you have any further questions, let me know.

Exchange Rate for Dollars to Mexican Pesos?

Veronica Garza wrote to us asking,

“What is the exchange rate for Mexican money into dollars?”

Mexican Pesos
Mexican Pesos

This is not the focus of our website, which mainly deals with online money transfers, but the answer is simple enough. There are several websites where you can check the current exchange rate of many international currencies. I like to use Yahoo Finance’s currency page.

Click on the Currency Converter tab on the right. On the next page you’ll see the currency conversion boxes. United States dollars are entered in the left side by by default, and European Euros on the right. Over-write the European Euros, and type Mexican pesos, and you’ll get the exchange rate.

Today’s rate is $1 U.S. dollar = 13.3733 Mexican pesos.

I hope that helps!

 

 

Online Money Transfers: A Growing Business

By Joyce Morse for SafeCashTransfer.com

Online money transfer is a modern way of wiring money, but it uses electronic funds transaction or EFT through a bank. You might use EFT to pay bills such as a credit card or utility payment when you authorize a payment through your bank or at the payment website.

Transferring money online works the same way, but it is for money to be sent to a business or individual instead of paying a bill.

Send money online
Online money transfer

Why the growth in money transfers and more importantly, why you should you care about them? It is becoming more likely that you will at some point either need to send money or receive money from someone. The easiest way to do that is by using an online money transfer service.

Employment

One of the primary reasons for growth in the online money transfer business is due to the fact that more employers are hiring employees outside of their city or state. They may even work with employees or contractors from another country. These employees need to get paid and sending a check in the mail has many negatives. The check takes too long to reach the destination and it takes too long to clear to make funds available for people that need the money for living expenses.

To solve this problem, introduce the money transfer. While it’s convenient for the sender to initiate payment after services are rendered, it’s even more convenient for the recipient to get within hours or days. Instead of waiting weeks, they can use their money right away.

Global Consumerism

Another reason that money transfer services are growing is due to increased online purchasing. People no longer are limited to shopping in their own city or state; they can buy from anyone anywhere. One of the safest ways to send and receive payment without providing sensitive information is through PayPal or other online payment services. The money is then transferred from the buyer’s account to the seller’s without giving out any bank account or credit card information.

The security provided by these services has helped the online shopping community to grow. People feel safer to buy over the internet when their information is kept secret by payment agencies. This is especially true when you are dealing with a business or individual that you have never heard of before. Sites such as Ebay use this payment method for many of the transactions between buyers and sellers.

It is expected that this method of payment for goods and services will continue to grow at a fast pace both because of international employment and online purchases. The newest trend is with mobile applications that allow money transfers. Many companies are adding this into their services to attract and retain customers that spend more time on their smart phones than on their computers.

As the growth continues, online money transfers will become more common. If you haven’t already used this service, it is likely that you will in the future.

Will contactless payment systems replace cash?

Contactless payments
Will you soon be able to pay for products by waving your phone at a reader?

People hate carrying cash nowadays, and one of eight people believes that cash will become obsolete in the future, according to Barclaycard and Barclays. No one likes having a ton of spare change, or having a wallet stuffed with one dollar bills. And people feel uncomfortable and insecure when carrying large denomination bills.

According to the study, £23 is the average amount of money that can be found in a purse or wallet. Also according tot he study, many people hate carrying loose change, and the majority (57 per cent) of respondents said they refuse to carry around one and two penny coins. One fifth said they avoid carrying cash entirely.

Dan Wass, head of current accounts and contactless at Barclays, commented: “Although we are far from becoming a ‘cashless society’, it’s clear from our research that cash is no longer king.”

Credit cards are less popular these days after the credit crunch of recent years. People are also sick of the various predatory fees charged by credit card companies.

Debit cards continue to be a popular wait to pay for retail products.

Instant money transfers or so-called “contactless payments” in which a person swipes a card or device, and money is transferred instantly, could be the wave of the future.

Contactless payment systems include credit cards and debit cards, key fobs, smartcards and any other devices which use RFID for making secure payments. The embedded chip and antenna enable buyers to wave their card or fob past a reader at the point of sale. Some suppliers claim that transactions can be twice as fast as conventional cash, credit, or debit card purchases. Because no signature or PIN entry is typically required for contactless purchases under US $25 in the US and under £15 in the UK, research indicates that consumers are likely to spend more money due to the ease of the transaction. MasterCard Canada says it has seen “about 25 percent” higher spending by users of its PayPass-brand RFID credit cards.

However, research indicates that some people still refrain from making contactless payments due to fears about security and a lack of understanding about how the technology works.

Methods are being developed to protect people’s security when using contactless payments. For example, although a number of payments can be made merely by touching a device to a shop’s outlet, only a certain number of transactions can be made before a user is required to enter their pin.

Walmart MoneyCenters and the New Kiosks

Walmart MoneyCenter
Walmart MoneyCenter

Plenty of businesses hate and fear Walmart, that giant corporation that outsells and out-prices everyone else. But did you know that banks are increasingly feeling nervous about Walmart as well?

The reason is Walmart’s MoneyCenter offices, which offer a range of financial products including check cashing, bill payment, wire transfers and other services. Manned by customer service agents, they are one of the most profitable areas in Wal-Mart stores, Thompson said. There are over 1,000 of these MoneyCenters in Walmarts everywhere, and they are one of the most profitable areas in the Walmart store, according to Jane Thompson, the outgoing president of Wal-Mart’s financial services unit.

In a new move, Walmart will begin this month rolling out automated versions of its MoneyCenter offices. The “MoneyCenter in a box” concept will feature ATM-like machines positioned in Wal-Mart stores that do not have full MoneyCenters, said Thompson.

Though the move might seem less ambitious than Wal-Mart’s other forays in banking, competitors should take it seriously.

“Retailers should shake in their boots, banks should shake in their boots,” said Brian Riley, a research director in the bank cards practice at TowerGroup. “Because if Wal-Mart starts linking their kiosks to doing reloadable gift cards, they have the power to move a lot of transaction money.”

Thompson would not say exactly how many express MoneyCenters will be part of the pilot program, and was reluctant to reveal locations to rivals.

“It’s going to be kind of like ‘Where’s Waldo’ — you’ll have to find them,” Thompson said during the 6th Annual Underbanked Financial Services Forum in New Orleans held by American Banker and the Center for Financial Services Innovation.

Keeping Costs Down

Many financial services companies have been trying to encourage self-service transactions at kiosks or ATMs in order to keep labor costs down and maximize store hours, so to speak.

“If you take a Wal-Mart shopper, if maybe they want to buy a washing machine and they want to transfer funds online without having to get to their home computer, or maybe they don’t have easy Internet access, they can do that now within a Wal-Mart,” said James Van Dyke, the president of Javelin Strategy and Research. “It makes a lot of sense for a limited segment of the population.”

Walmart has campaigned for years for cheaper banking services and even applied in 2007 to charter an actual bank, though it scrapped that application in the face of tremendous industry opposition. Today Wal-Mart is one of the top sellers of prepaid cards, through a partnership with General Electric Co.’s GE Money and Green Dot Corp.

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I admit that I’ve never tried any of Walmart’s financial services, though I have noticed that the MoneyCenter at my local Walmart is always busy. Nor have I tried the new kiosks. Maybe I’ll take a trial run, so I can write a review here.