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A $ 1000 Money Transfer Comparison Between Xoom, Moneybookers, Western Union, MoneyGram and Ikobo

What follows is a comparison of some major money transfer companies operating today.

The comparison is compiled assuming you are sending $ 1000 dollars cash from the United States, New York a recipient in another country in the Philippines.

All prices are correct at time of publication.

Western Union:

Money Transfer Fee: $ 15
Total Value: $ 1,015
Exchange rate of 1 U.S. Dollar = 43.0868732 Philippine Peso
Local currency pay out = 43086.87 Philippine Peso

One of the largest and most reputable money transfer service providers in the market place with over 150 years experience. They provide on and offline services money transfer with more than 310,000 agent locations worldwide in over 200 countries.

Money transfer via Western Union is both physically possible in an agent location or in minutes using their online services. Money is transferred almost immediately. A phone call confirming the money transfer is sometimes necessary to confirm the transaction as well. The recipient needs to supply their passport and also the money transfer control number (MTCN) to pick up their cash.

Pros: Instant money transfers, large global network of agents (collection / delivery points), no need for anyone to provide bank account details, local currency payouts, messaging services and a safe and secure transaction guaranteed.

Main Advantages: funds transferred within minutes, transfer can be done online or offline, receiver will collect the money inn local currency, has a large network of agent locations around the world, receiver does not need a bank account to receive funds and other message services available as well.

Main Disadvantages: Generally this is one of the most expensive providers money transfer, you may be required to make a phone call from your home address to confirm a transfer.

Ikobo:

Money Transfer Fee: $ 5
Total Value: $ 1,005
Exchange rate of 1 U.S. Dollar = 44.31 Philippine Peso
Local currency pay out = 4431.50 Philippine Peso

This system users worldwide network of Visa ATM machines worldwide to transfer money abroad. First you need to sign up for a account online then arrange for a special re-loadable visa card to be sent by FedEx to your intended recipient of the money. You can upload money goes online card then becomes immediately available to the person holding the Visa card in whatever country they happen to be in.

Pros: low fees charged for re-loading the card online, anyone can have a ikobo card assigned to them, very few credit checks are required, reduces the need for someone to have to take large amounts of money around with them.

Cons: Cards can only be used with Visa ATM's which despite being part of a large network can on occasion be limiting factor although it becomes less and less the case.

MoneyGram:

Money Transfer Fee: $ 14.99
Total Value: $ 1,014.99
Exchange rate of 1 U.S. Dollar = 43.210159 Philippine Peso
Local currency pay out = 43.210.16 Philippine Peso

MoneyGram operate in over 180 countries with over 152,000 agent locations for you to collect or send money from. They also have an excellent online service and you can pay money directly into U.S. bank accounts and pay utility bill companies also.

Pros: Money is generally available within 10 minutes of money being transferred. Test questions that can be used to transfer money if the recipient has no identification. Up to $ 10,000 can be sent for any single transaction with up to two per day.

Cons: Bad luck for none U.S. citizens.

MoneyBookers:

Money Transfer Fee: $ 1, fee is 1% of the total amount of money transfer.
Total Value: $ 1,001
Exchange rate of 1 U.S. Dollar = Daily European Central Bank Rate
Local cash pay out = Not known, quote is not provided
Additional fees: 1.75% is also added to interbank exchange rate when there is money between banks.

Moneybookers allow you to send money worldwide online via an email address. Of course all the registration registration procedures apply. However recipients are does not need an account as other money transfer companies require them to have. The web-site supports 12 different languages and payment is possible in 30 countries.

Pros: immediate transfer of money to low and highly competitive money transfer charges, high levels of security, extra services such as sending messages via SMS and fax are also available.

Cons: while their quick and effective network of agents and ability to transfer money globally are as yet still quite limited.

Xoom Money Transfer:

Money Transfer Fee: $ 15.00 for the value service (U.S. account holders only) otherwise it's $ 43.00!
Total Value: $ 1,015 / $ 1,043
Exchange rate of 1 U.S. Dollar = no information exchange rates provided on this web-site.
Local currency pay out = no information provided.

This service runs online. Just follow the instructions user friendly web-site and you will be able to send money very quickly. You can choose for the money is delivered by hand, collected from a location or entered into a bank account or even a PayPal account. You are issued with a Xoom tracking number that you should look forward to the intended recipient.

Pros: Moving money paid is generally cheaper than Wester Union. Being able to transfer money directly into a bank account in the U.S. is seen as a big positive to many people living abroad.

Cons: As yet the size of their network is not comparable to other major money transfer countries including only 30 countries. Examples as yet it is not possible to transfer money in Bangkok, Thailand a major south east asian city.

In Conclusion:

Given this information it appears that the Ikobo's offers the most lucrative transfer fees lowest and best rate of exchange! PayPal have not been considered due to the fact that it is difficult for international users (especially in Asia) to get verified bank accounts where they have money deposited from Paypal. This means money will be in their PayPal account but they simply can not withdraw it to an account ot physically get their hands on it!

As you can see there are plenty of variables in a grade service companies money by switching. It is up to you to choose what exactly it is you need from your company's money transfer and then go and find one that suits your needs most.

About the Author

Money Transfer Review provides free money saving comparison charts, safety tips and money saving advice for all your money transfer needs. Simply click: Money Transfer or Transfer Money Overseas to discover more.