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Two Options for Online Money Transfers

You no longer have to go to a money transfer office to schedule money transfers.  You can send money to friends and family from the comfort of your home with online money transfer services.

Many of the traditional money transfer services now offer the option of making a transfer over the phone or online at their website.  Other companies have been started in recent years that exist solely as online services.  Here are two of them to consider.

Western Union

Western union safe cash transfer
Western Union

Western Union has been doing regular electronic money transfers for years and has now expanded into online service via the internet.  You have several options when using their online service for payment.  If you need the money to arrive quickly, you can pay with a debit or credit card.  If it is not an emergency, you can use your bank account to transfer money.

You create an online profile with Western Union that you can go back to anytime you need to send money.  Then you choose your options based on what you need.  The receiver can get their money several ways:

  • In their bank account
  • At a Western Union agent near their location
  • Delivered to their home or office
  • In their mobile wallet

If you don’t feel comfortable sharing your bank information with Western Union, they also provide WU Pay.  With this option, you can set up a payment in your Western Union account and they will send a bill.  Then you go to your bank account’s online bill pay and pay the bill like you would any other.

With all of these options, you receive email confirmation to know that the money has been sent.

Xoom

Xoom is a newer money transfer company founded in 2001 and located in San Francisco.  They handle all transfers online and send money to the following countries:

  • The Philippines
  • Europe
  • Latin America
  • India
  • Canada
  • Australia
  • South Africa

You must sign up on their website before you can send money.  Once you create a profile, you will enter the recipient’s information, including their name and country, how much you want to send, and how you want them to receive the money.  You have three options on this: bank deposit, pick up in person, or delivery to their home.  The latter two options may not be available in all countries.

You will also need to know the recipient’s address and bank information (if depositing into their account) and contact phone number.  You will then enter your payment information where you have the option of paying from your bank account or with a credit card.  You will have a final chance to review the transaction before submitting.

It’s much easier to send money today with online money transfer services.  You have multiple options, which allow you to select the most affordable choice with the best features.  These are two of the best known companies, one that has expanded their services and one that only provides online services.

Send $2,999 to Guatemala for only $4.99 with Xoom

I received a news update today from Xoom.com, a money transfer service that I have used in the past and have been happy with. Xoom is now offering a special rate of only $4.99 to send up to $2,999 to Guatemala, provided that you fund the transfer from your bank account. The entire transaction can be done online.

For cash pickups, Xoom has 1,548 cash pickup locations in Guatemala, including GyT Continental, BanRural, Banco Industrial, Citi (formerly Banco Cuscatlan and Banco Uno), BAC-Credomatic and Banco de Antigua; or Elektra, Gallo Mas Gallo, Hiper Paiz, Maxi Bodega and Paiz stores.

If you want to transfer the money directly to your recipient’s bank account, Xoom offers bank deposits to the following major banks: Banrural, Banco Industrial, and Citi (formerly Banco Cuscatlan and Banco Uno).

If I needed to send money to Guatemala I’d definitely use Xoom.

Good Experience With Xoom.com

Xoom corporation logo

I recently found myself needing to send $750 to a friend named Adam in El Valle de Anton, which is a small town in Panama. I went to my bank (Bank of America) and inquired about sending a money transfer. They told me I had to come back early the next morning and it would cost $45.

Instead, I went home and logged on to Xoom.com, an online money transfer service based in San Francisco.

Checking the rates, I found that it would be $27.99 to send $750 to Panama using a debit card or credit card; and only $9.99 if I funded the transaction from my bank account!

So that’s what I did. I used my bank account to send the money. Until recently money sent to Panama via Xoom could only be picked up at a few selected banks in the capital city, which is 90 minutes away from El Valle. But now Xoom has partnered with the Super99 grocery store chain as well, so money transfers can be picked up at any Super99. And there are Super99 stores everywhere, including in Coronado, only 30 minutes away from El Valle.

The money transfer was completed quickly – within an hour or so. My friend Adam told me that it was easy to pick up the money. He said he didn’t know that money could be sent from the USA to Panama so cheaply, and that he would recommend Xoom to others as well.

Overall it was a quick and easy transaction, and inexpensive. If you need to send money to Latin America, I highly recommend Xoom.com.