Currently, the most popular method of remitting money from the USA is through the transfer facilities of Western Union and other finance operations that offer money transfers. For the majority of countries, money can be in the recipient’s account and cleared to withdraw in just a few hours: even to developing countries. The process of remitting money is simple, mainly because it is typically a cash transaction. You fill in a form you pick up from the bank, and either enter the amount you want to send in dollars or enter the amount of foreign currency you want the recipient to get. You usually need some form of ID and US contact and address details. You also need to supply full details of the recipient; in particular, watch the spelling of the recipient’s name, ensure that it is correct and the same as in their own identification (don’t use “Mike” when their driving license says, “Michael” for instance). Once you hand over the form and cash, the money is remitted in minutes.
The internet has revolutionized the way money is remitted from the USA to other countries. It’s only necessary to enter a few key words into a search engine and you get a bewildering number of links to websites, all offering to remit money anywhere in the world. The problem is sorting out which website to use. You need to know the online facilities you use are secure, safe and trustworthy and working that out can be difficult. Wherever possible, use a name or brand you know and trust. Most US banks offer internet remittances, just visit their websites and click on the appropriate link. You get full instructions and the usual guarantees offered by US regulated banks. The other benefit of an online service is no cash is involved, so you don’t need to walk around with lots of cash in your pocket; the money is debited directly from your checking account.
A new but fast growing method of remitting money from the US to another country is via a cell phone. Interestingly, countries like China, Kenya and Nigeria are known to have more people with cell phones than bank accounts. The explosion in cell phone and smart phone technology means there is a potentially massive market for remitting money. This is particularly true for those living in remote locations. Up until now the main area targeting for remittances via cell phones has, strangely enough, been Africa with Kenya at the forefront. Safaricom, a leading provider of communications systems in Kenya, stated recently that people using cell phones for financial transactions exceeded those who own a credit card.
At home, financial institutions are awakening to the idea that there is a market waiting to be tapped in the US. Currently, the amount of dollars that can be sent via a cell phone is restricted to small sums, but as the technology develops so will the amounts. There is some concern about regulating this market, particularly with respect to money laundering; however, the convenience of using a cell phone to remit money is going to ensure it will become a popular option in America.
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