Years ago, banks were the only reliable means of transferring money worldwide. With advancements in technology, there are a number of ways to send money to the other side of the world quickly and safely such as online provides, MTO's (Money Transfer Operators), SMS, and even prepaid cards.

Online Services

Usually for a nominal fee, money can be transferred over the internet with secure online services. More than likely, you will have to register with the service provider and you will need a bank account or credit card to transfer funds from.

Money Transfer Operators (MTO's)

Money transfer operators are companies that send money between various countries. Also known as wire transfers, you normally do not have to open an account to use the service.

The fees vary depending on the amount of money you send and the fees can be quite costly. Depending on the location, the recipient may also have to pay a fee to retrieve the funds.

Banks

Most banks offer money transferring services to their customers. The recipient usually needs to have an account as well. Banks on average are more expensive and take longer to complete a transfer; however, they are a secure option for sending money.

Prepaid Debit Cards

More and more companies are offering prepaid debit cards as a means for transferring money. This has become a quick and easy way to send money whether one-time or on a recurring basis.

You send the recipient the debit card and PIN number and they can withdraw funds from an ATM, pay bills using the card, or even shop. If you need to send more money, you can do it from your location and the funds are loaded onto the card. The recipient does not need to have a bank account. This is a great way to quickly and easily send money locally or worldwide.

SMS Transfers

An up and coming method of transferring money is via your mobile phone. This text message method of sending money is becoming more and more popular. You have to set up an account and link your bank account or credit card to the service.

The recipient will have to have a bank account or credit card to send the money to. If the recipient already has a debit card, you can easily load money onto their existing card right from your cell phone.

Mail

You can quickly write a check or obtain a money order and mail it to your recipient via one of the express delivery companies. They can receive it in a little as 1-2 days depending on the location.

The downside to this is that if you send a check or a money order - One, the recipient has to have a way to cash it and two, they have to wait for a check to clear, which can be up to 14 days, again depending on location. If there is no rush, this might be a viable option for transferring money.

Foreign Exchange Providers

For transferring large sums of money for things such as business ventures or purchasing property, foreign exchange providers, or "currency brokers," are often the cheapest way to go in comparison to the other methods listed. You will have to open an account, but you have the benefit of knowing that your transaction is secure.

As times change, so do the ways that you can send money to family, friends, or loved-ones. Whether you use the traditional banking method, go with the reloadable debit card, or text funds across the globe, you can quickly and securely handle your transactions, sometimes even from the comfort of your home or office.