Would Transferwise be a good company to send money abroad?

Yes. No doubt TransferWise is a great company to use to send money abroad. Their rates are extremely competitive and they are truly one of the few disruptors in the field of money transfer (many may argue otherwise). It is because of Transferwise’s low fees that many others had to lower their fees to compete. However, Transferwise […]

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Can you receive Western Union without a tracking number?

Two scenarios: You’ve misplaced or forgotten the tracking number, in which case, the tracking number can be provided to you by the person sending it. In certain countries, you might be able to pick up the money without the MTCN, but you would have to call WesternUnion. Source: Pick Up Money – Receive a money transfer at Money […]

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What are things that complicate the system of remittances?

Many things complicate the system of remittances. Here is my brief overview of it the major issues: COMPLIANCE One person’s regulations is another person’s nightmare. Compliance is the biggest hindrance in remittances. Because of the multi-corridor nature of the business, one has to deal with various local, state, federal and international laws &/or best-practices. All […]

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Is it standard to pay remittance charges up front?

It depends on what the model is being followed by the remittance transfer company. In some cases, you might pay up-front, but they will still charge the recipient, in most case they don’t however. Most of the time, you will be paying remittances charges up-front. In the event there are no remittance charges, ask if […]

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