What is the Best and Fastest Way to Accept and Send Money

The best and fastest way to accept and send money according to the research I have done and actual experience is Western Union. The most secured one however is bank to bank transfer of payments.

Accepting and sending money becomes very easy these days unlike before where you have to wait for months before you can received money which is due to you. Before the onset of electronic transfer, the method of sending money was through the postal mailing system which takes months for the letter or order to arrive. Some would even put checks or money inside a letter, but this method becomes risky as it might be lost somewhere.

When sending money, there are three things we need to consider, when we say best, we mean, exchange rate, how fast the money is going to be transferred and received plus track record of the company you are entrusting your money. All in all, we are looking for the fastest and best way to accept and send money. I will discuss three most popular methods of money transfer, Paypal, Western Union and bank to bank transactions. I will not discuss money gram anymore as it is the slowest method of money transfer.

Paypal

It allows payments and money transfer to the use of internet. It is the best way aside from the usual checks methods and money orders. An account from Paypal can be funded from a bank account debit . The one who will received the money from Paypal can ask for a check from Paypal. Or they can have Paypal deposit account, or they can ask for a transfer to their bank account. Paypal is useful as it facilitates e-commerce. It is owned by eBay also.

Paypal charges a fee for the users, a transaction fee for those who are receiving the money. It is usually a percentage of the amount sent or a fixed amount. The charging fee is dependent on the country to which it is sent or the options of payment, currency used and what type is the recipient account.

Depending on which country it is, Paypal s the cheapest. It transfers the following currencies: Euro, UK Pound Sterling, U.S. Dollar, Canadian Dollar, Yen, Australian Dollar. You can transfer money through PayPal without a fee by classifying it as "Quasi-Cash" which means there was no exchange of goods involved.

Western Union

Western Union

It is the biggest company (financial services) as well as communication company. It involves transactions pertaining to quick money transfers, money orders and commercial services. The company has more than 350, 000 agent locations all over the world and it continues to grow. It is located in 240 countries so there is no problem sending wherever you are and as to the locations of the recipient.

Actually you can send money through online, visiting the agent location or by phone. If you have computer and Internet, having an account (transaction through the Internet in their website) in Western Union is the easiest method to send money. All you need is to log in to your account and follow the instructions and prepare the debit card and credit card -Visa and Masters card.

Money in Minutes- You can send money by going to their different locations and just fill up a form, then get your MTCN (money Transaction Control Number), then dial a number and answer some pertinent questions for validation. Ask the help of the clerk or the person in charge of the agent location. The transaction is completed in ten minutes. The person who will receive the money can get the money transfer at the nearest Western Union in their area. The rate is reasonable too.

You can also send through Fedex and the money will be delivered in the house of the recipient the next day and this will incur additional payments. You can also send money and the recipient will received it in their account at banks within three working days.

Bank transactions

You can send money through a bank of your choice (it is preferable to have an account with them) and tell them to wire money to the recipients bank account. You can do this on a regular basis if you want to send money once a week or every month, you can tell the bank personnel to just debit it in your account in a regular basis.

All in all, I would recommend bank transactions as the most secured one, but if you want to make a fast transactions and you are very busy, Western Union is the best and fastest way to send money. 

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Comments 7 comments

Russell-D profile image

Russell-D 6 years ago from Southern Ca.

If you physically are carrying the money, the best way to meet the restrictions countries place on amounts you can bring in or out, is to use a Bank Letter Of Credit. With proper identity, any corresponding bank in the world will issue local currency up to the letter's balance. When you need large amounts of money as for example, to deal with a one time pay roll to be paid in several countries, the Letter is a never fail answer. David Russell


dohn121 profile image

dohn121 6 years ago from Hudson Valley, New York

I have some Western Union stories for you that will make you laugh and cry, but I won't get into it! However, I will say that it doesn't favor small transactions...For instance, it's probably not worth it to send someone, let's say, $20 (believe me, I know).

Great hub Maita! Can I count on you to send me money one day? :D


prettydarkhorse profile image

prettydarkhorse 6 years ago from US Author

Hi David, yes you are correct about that when you hold large money, bank notes are very important and that's the safest way to go! Thanks for reading this one! Maita


prettydarkhorse profile image

prettydarkhorse 6 years ago from US Author

Hi Dohn, now I am sure if you are going to tell me your story I will cry and laugh at it, might laugh and laugh, LOL, but I know what you mean about Wetern Union LOL,,,thnaks fir reading this onw, Have a good day always! Maita


maudine_05 profile image

maudine_05 6 years ago from United States

I used to send and accept money thru Western Union,until I found XOOM.com, its the cheapest I believe,they charges half the price of what western union charges. All one has to do is create an account with them and enter the debit process the money to be deducted from(bank acct/paypal/credit card).Luckily, I have not experience any discrepancy so far with this Xoom.com


prettydarkhorse profile image

prettydarkhorse 6 years ago from US Author

hi Maudine, will look on your suggestion, I think that's good too, BTW, thanks for reading this hub friend,


dashingscorpio profile image

dashingscorpio 6 years ago

Some great information.

You never know when you might need to do a cash transaction.

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