Mar 06
Mike SternUncategorized Atm, cash, cash card, China, debit card, finance, Money, Money to China, money transfer, Money transfer to China, send money, send money to China, Transfer Money
If you have ever tried to transfer money to China, have you ever wondered whether your money would arrive in U.S. dollars or in Chinese Yuan? Most people do not.
Remember that even though you might send dollars|, the recipient will receive the money in Yuan. Some transfer services offer to convert to the correct currency for you, but it comes at a price.
Most often, the exchange rate is decided by the business itself, so it is difficult to find a fair rate. You may use a bank wire transfer service, but this only opens the door for other issues.
To wire funds to China through a financial institution, it is imperative both parties have an account with that bank. This makes it easier for the government to track money and ensure no illegal activity is going on.
If the banks are easily accessible, then there’s no problem. But if recipient is on vacation, does not have an account, or lives a distance from that particular bank; then the money transfer will be more difficult than planned.
If a bank-to-bank transfer is not an option, there are other ways. The first is an old-fashioned telegram-style transfer where you send it, and your recipient picks it up. The exchange rates aren’t always the best, always fair] but it’s still a viable option.
One other option is through using the web, but a massive problem remains that it takes too much time for the funds to become available.
Regardless, the days of fast and easy money transferring are near, with the backing of pre-paid credit cards. Someday a person will be able to go online to add money to a card. All the recipient has to do is take their card to the bank and collect the money. Although this method still has some kinks to work out, it may soon be the preferred way to transfer money.
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Mar 05
Beth CocariUncategorized atm card, Banks, cash, cash card, debit card, finance, India, Money, money to India, money transfer, Money Transfer To India, send money, send money to india
The need to send money to India in order to help support family members is very common. In fact, this country is usually at or near the top of the listing of countries that receive the most funds in remittances each year. If you are interested in learning more little-known facts regarding transfers to the area, read on.
In 2005, India topped the register of most remittances for the year at more than $24 billion. China and Mexico were the following two nations on the listing. In 2008, it once again beat out China and Mexico with about $45 billion in transfers. Though clearly India is a very popular nation to remit funds to, it was not always this way. In 1990, just about $2 billion was sent to the area, a number that has increased slowly every year for nearly two decades. In 1996, it equaled over $12 billion, jumping to almost $22 billion in 2003.
Of course, the magnitude of the ability to send money to India has risen in the last 20 years, as well. This is because the GDP now depends on the funds sent, as so many citizens use it to fund their daily lives. In 1990, when transfers were a lot smaller than they currently are, they made up less than one percent of the GDP. In 1995, this amount increased to over three percent, and has stayed around that number since then. Unfortunately, the amount of people who send money to India is expected to fall by roughly seven percent as of 2009.
Despite the fact that the amount, of people who send money to India has indeed declined a bit since 2008, it has so far not decreased quite as much as some experts predicted. This may be because more Indian immigrants are nervous about losing their money, so they transfer it to the slightly more stable Indian market. Also, it is clear that relatives in India that get used to living off remittances still need help with their everyday expenses, so relatives living in the United States are likely to still help them as much as possible. This means that if you have to send money to India, you will not be alone.
Fortunately, the same transfer, selections, as before are still available. You can send money to India using standard pathways like a bank or money transfer agencies, or you can opt to use more technology-driven methods, such as a prepaid debit card. The more you learn about remittances to the area, the easier it will be to select the best way for you to send money to India.
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Mar 02
Lisa WagnerPhilippines Atm, cash, debit card, finance, Money, money to Philippines, money transfer, money transfer to Philippines, Philippines, send money, send money to Philippines, Transfer Money
My cousin and I came to America with his family in 2001. He came looking for a better life for his family while I came to create one. Both he and I would transfer money to the Philippines so that our families could live “high on the hog” as some say.
After arriving I took a job that helped sponsor me for a working Visa. My cousin lucked out even more, he quickly earned two promotions promotions after his first year working. Unfortunately he lacked the confidence to ask his job to help with a Visa. To no surprise he was caught and advised to plead for voluntary departure, which may or may not have been the best plan of action. One thing I do know is that my wallet is surely paying the price since I’m now the one sending over money to the Philippines on both of our parts.
Money coming into the Philippines from other countries is quite important to the economy since it receives more money from remittance than from foreign investment yearly. So it’s no wonder money sent from abroad has a massive effect on the strength of the economy.
Many people wonder where exactly that money comes from. I’ll tell you – it’s from Filipino workers who live outside the country. It is a little known fact that 8% of the Filipino population currently works abroad doing migrant work.
In July 2008, the population was estimated at 96 million, and it’s shocking that 45% of those people live on less than two US dollars a day! That’s why it’s no surprise that those of us wiring money into the country are such a huge factor on our family income. At one time the Philippines central bank expected remittance to reach $18.9 billion by the year 2009. However, this was before Wall Street’s collapse last year.
The Department of Labor and Employment estimates that 50,000 Filipinos living in the U.S. have either lost or are in the process of losing their job this year. Many of those are in the finance industry. But those who do keep their jobs make pretty good money and make up the population consistently wiring money to the Philippines several times a year, despite the effect on our paychecks. Usually, we focus on being thankful thankful for being here and with a job in the difficult recession we are in.
William Gois, regional director for the group Migrant Forum, estimates that money coming to the Philippines from the U.S. will slide by 50% this year. It is not an exact number but it’s still a shocking number. Regardless, I along with many others continue sending money to the Philippines using all possible methods – banks, wire services and re-usable debit cards.
Regardless of the state of the economy or my wallet, I continue to transfer to the Philippines monthly and am confident when I say I am hardly the only one.
Finally! The whole unbiased truth about sending money to the Philippines exposed. You owe it to yourself to visit send money to Philippines and get the facts today.
Jan 31
Mike SternIndia cash, Cell Phone, debit card, India, Mobile Phone, money transfer, Money Transfer To India, send money, send money to india, Transfer Money, transfer money to india
If you ever need to send money to India, you are likely always looking for new pathways to do so. There are of course the usual options that have been used for years, such as financial institutions, money transfer services, and mailing a prepaid debit card. However, now you can also use your phone to send money to India, which is good news if you have family there that needs your assistance financially.
As long as your relatives have Tata Indicom, which is a major cell phone provider in that nation, they can remit and receive money as much as they want. The service is called Green Money Transfer, as no paper is involved. It is all based on technology, and your relatives will just need to sign up for the service before they transfer or accept money.
After they sign up, they should go to the nearest location to them and request a transfer for up for 5,000 rupees. If you are sending money to them, they will simply need a transaction number in order to go to Green Tata PCO location near them to pick up the funds. This is after you have started the transfer on your phone. Though the program has limited locations right now, look for future expansion, or even other similar servicest that permit remittance from the phone.
If you want to send money to India using a phone but do not have this cell phone provider, there are other options. You can send them a prepaid debit card. Once you select a company from which to get the card, you can send it to your relatives, and then call the company to add funds to the card. If your phone has Internet, you can also log on to add money that way. It will cost your family members less than 50 rupees to use the prepaid debit card at retailers, and about 140 rupees each time they remove funds from an ATM, no matter the amount. Each time you send money to the card, you will be charged a $5 fee, so sending large lump sums is more cost-effective than transferring a little at a time. Either way, this option is often much less expensive than using a financial institution, and it is particularly convenient if your relatives do not belong to a financial institution.
Whatever the reason you have to send money to India, there are several choices. Transferring funds from a phone is just more appealing to most people, and typically the cheapest choice. Whether you decide to use cell phone providers or a prepaid debit card, sending money to family in India is doable without breaking the bank, or even holding an account.
When it comes to transferring money to India, getting the right information can be a daunting task. That’s why we put together this confidential report for you at transfer money to India
Jan 25
Mike SternChina Atm, China, cirrus, debit card, Money to China, money transfer, pre paid card, Remit, send money, send money to China, Transfer Money, Transfer money to China
Numerous people have never been to Asia, but that shouldn’t prevent anyone from knowing how to transfer money to China to family members in need. Even if you live thousands of miles away, you should get an idea of your choices before you send any funds. After all, sending money that your recipient cannot use or selecting a dangerous or time-consuming option can harm your goal of helping them out. Simply getting to know the common forms of payment in the state can help you make the best choice.
The actual cash of China is the Renminbi Yuan, made up of 100 fen. $1 USD equals about 6.82 Yuan, though the rate changes daily. Currency exchange is typically only available in China, so most travelers and residents returning to China cannot usually find local legal tender before they enter the nation. However, one of the greatest parts about the ability to transfer money to China is that your U.S. dollars will be changed automatically to Chinese currency in most cases, depending on the service you use.
If you both have an account at a bank that exists in both regions, or perhaps both have access to the same account, you can easily transmit capital to your relatives. If you have access to their account, it is free to transfer money to China using this option, but if you use separate banking institutions, the charge is typically anywhere from $10 to $45. You should find out from your financial institution what they charge for this ability. If you are lucky, your financial institution could permit you to send the money for free to a certain financial institution in China, but you usually have to be using a particular type of account that a could cost money in itself.
Credit cards are not nearly as common in China as they are in the United States. However, most banks there do provide debit cards, such as the Industrial and Commercial Bank of China, and most locations of the Bank of China. This means that your relatives likely have decent access to ATM’s. Macau, Hong Kong, Beijing, and Shanghai are particularly well-known for their abundance of cash machines. Take advantage if they reside in such major cities by sending them a prepaid debit card. This allows them to remove funds from ATM’s for a charge of approximately 10 Yuan, or use it at retailers that accept debit cards. Of course, if your relatives live in smaller towns, especially those in rural areas, you should first make sure they have access to ATMs and nearby banks before taking these routes.
These are the main ways that many people decide to transfer money to China. Trying to send funds before you find out the best way for your family members could prove to be pointless. For example, sending a prepaid debit card might be the cheapest route in many cases, but it is useless if your family members have very little access to ATM’s or retailers that accept debit cards, and thus, no way to access their money. A little knowledge about the city where they live can go a long way.
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