CurrencyFair Review

I still remember the days when it used to consume several hours only to send some funds to a different country. And now it is very simple, it hardly takes any hard work. It’s also less expensive now than the money it used to be. Lots of business now are coming up with new strategies to send funds around the world more efficiently. Just recently, a new firm, CurrencyFair captured my attention. I was fascinated and considered I ‘d find out about it in detail. Now I am going to take you through my findings about CurrencyFair.

CurrencyFair Review

About CurrencyFair and P2P payment method

CurrencyFair was established in 2009 in Ireland by founders Brett Meyers, Sean Barrett, and Jonathan Potter. It’s transfer service runs entirely online. They created an innovative, p2p method to move money around. CurrencyFair works on a marketplace idea. A customer can just trade their currency with a different customer similar to a market. It makes use of the fact that around the globe people want to send funds to other destinations. For instance, if somebody wishes to transfer funds from the UK to Portugal. Then again, there is a different individual who wishes to send funds for the same amount of money from Portugal to the UK. At CurrencyFair, they will simply swap their currencies with each other saving them a great deal of money on transfer fees. Isn’t it simple? CurrencyFair is utilizing this approach to transfer millions across countries every year. It’s not really 10 years since the business was founded, and it’s currently up and working in over 30 nations.

CurrencyFair online money transfer

CurrencyFair has developed a very advanced site for online funds transfers. The entire procedure takes only a couple of minutes. If you currently have an account, it will take even lesser time. A new user can sign up for an account at no cost by submitting all the needed information. If you need to transfer above EUR 1000, you will have to get your account validated by sending a proof of ID. To start the transfer, initially you should sign in to your account. Transfer the needed amount from your account to your CurrencyFair account. When CurrencyFair receives this money, you can now continue to transfer it. You can select either their Quick Trade or Market Place service. In a Quick Trade, your money get immediately converted into the needed currency. Then you can send it to anyone you wish. If you choose Market Place service, you have to define the amount and the currency exchange rate you are trying to get for an exchange. If somebody accepts your currency exchange rate, you just exchange your currency directly with them. Then you can send it to your receiver. Enter all the needed details of the recipient, and CurrencyFair will transfer your funds in a day or 2. Its incredible how you have various choices at CurrencyFair to select what’s best for you. If you want to know more about how CurrencyFair Marketplace works I recommend reading a review on SaveOnTransfers website.

CurrencyFair fee and exchange rates

CurrencyFair offers extremely low transfer fees when you compare it to a standard bank. Bank’s transfer fees are actually high and vary between 3% to 5% of the sum transferred. The good news is, CurrencyFair charges just 0.35% to 0.6% of the total amount when you are utilizing the Quick Trade service. In case of a Market Place transaction, they charge only 0.15% with an extra cost of EUR 3. If you wish to move your funds faster by choosing their priority service, the EUR 3 fee becomes EUR 8. CurrencyFair promises to be approximately 8 times less expensive than a normal bank. However it’s not good enough; there are various other service providers in the opposition too. Can CurrencyFair fees be the most affordable of them all? To find out, I am going to compare it with 2 popular services: Western Union and TransferWise. Here is an assessment of their transfer costs on transferring various amounts to various countries.

Country Amount CurrencyFair TransferWise Western Union
USA £100 USD 4 = £3.090 £1.20 £2.90
France £100 EUR 3 = £2.669 £1.15 £0.00
Australia £100 AUD 4 = £2.192 £1.44 £2.90
Country Amount CurrencyFair TransferWise Western Union
USA £1,000 USD 4 = £3.090 £4.78 £2.90
France £1,000 EUR 3 = £2.669 £4.29 £0.00
Australia £1,000 AUD 4 = £2.192 £5.48 £2.90
Country Amount CurrencyFair TransferWise Western Union
USA £10,000 USD 4 = £3.090 £40.64 £0.00
France £10,000 EUR 3 = £2.669 £35.68 £0.00
Australia £10,000 AUD 4 = £2.192 £45.79 £0.00

We can notice CurrencyFair has a fixed transfer fee for all amounts. This is fantastic when sending huge amounts of money but not as great for smaller amounts of money. In my comparison, I found Western Union is a perfect choice for large amounts, even better than CurrencyFair’s low rates. It basically charges no money for transfers. CurrencyFair is definitely not the number one in its league, however its fees are still competing. If you can secure excellent currency exchange rate through CurrencyFair’s Market Place, it could possibly be a better deal.

Let’s have a look at all of these companies’ exchange rates.

Country CurrencyFair TransferWise Western Union
USA 1.3144 1.31722 1.3132
France 1.1289 1.12998 1.127
Australia 1.779 1.78259 1.777

It’s clear the exchange rates of CurrencyFair is very similar to the other 2. On top of that, there is also an opportunity that you can find a better exchange rates than this. There are a lot of people who get better exchange rates at the CurrencyFair marketplace!

Is it ok to use CurrencyFair?

Is it ok to use CurrencyFair?

Absolutely nothing is more vital than the safety of your funds. To guarantee this, CurrencyFair holds the consumers’ funds in a different account away and secured from all potential hazards. The business’s own cash stays in a different account. The online transfers on its site is also really safe. Their site is secured with a 256-bit encryption. They keep their site safe from all sort of malware activities and individual information theft. As their site is experiencing more visitors, they are embracing more advanced security solutions for their site.

CurrencyFair has its headquarters in Ireland. It is signed up as an Authorized Payment Institution by the Central Bank of Ireland. It is also registered with the regulating agencies of every country they operate in. They put a lot of hard work into security measures and safety, and this means you must feel secured putting your funds in their hands.

My last take on CurrencyFair

I noticed CurrencyFair had too much going for them. I was most impressed by their ingenious fund transfer procedures. Also, they have great consumer feedback. The consumers have rated it at 9.3/10 on Trustpilot. Isn’t it incredible? Most users liked its quick and easy services. CurrencyFair is steadily expanding its customer base every year by offering outstanding services and fantastic offers. They are also in a continual process of reaching out to new countries. In general, I feel CurrencyFair is fantastic, and you must consider trying it.

HiFX Review

HiFX Review

HiFX doesn’t need any introduction in the global fund transfer business. This popularity is primarily because they provide trustworthy services at economical prices. In last 20 years, they have never failed to satisfy their customers. This has made them earn an excellent score of 9.4 out of 10 on Trustpilot.  We will discuss more about HiFX and review their services ahead in this article. Let’s try to explore what makes it one of the most favored providers in the business.

How to transfer money with HiFX

As mentioned earlier, HiFX is a purely online company, and you can make transfers through their website only. You can create your account by submitting your details and a copy of your ID for your account’s verification. HiFX verifies each and every account to prevent any kinds of frauds or scams. With a verified account you can make a transfer in minutes. First, log on to your account and choose the transaction type. You’ll need to fill in the amount you are going to send and also the amount of currency that will be received. Next, you will be required to fill in the details of the recipient and the bank account where the money will be sent to. Always double check everything before hitting submit. If everything is fine, make payments by any of their payment methods. The money will reach the recipient in 1-2 business days.

How reliable is HiFX?

Customers have really trusted HiFX for last 20 years; their glowing reviews show how truly reliable they are. Their customers have scored them an average of 9.5 out of 10 on Trustpilot. HiFX is regulated and licensed by FCA, which compels them to follow certain guidelines. One of the key requirements is to keep the clients’ money in segregated bank accounts. Every year they provide financial solutions to over 6000 businesses and transfer billions of dollars. They manage and satisfy over hundred thousands customer around the world every year. In order to protect the privacy of their customers, they use world-class technology on their website. For last 20 years, HiFX has performed better than the expectations of its customers; because of this, HiFX is definitely one of the most reliable names in the business.

How reliable is HiFX?

How much will a transfer with HiFX cost you?

If you are wondering which service provider charges the least, you will be interested to know that HiFX charges nothing for fund transfers. They also offer very impressive exchange rates. But in the case of a payment made with a credit card, that fee would be applicable. It’s important to mention here that there are a few service providers who are offering better exchange rates than HiFX. You will notice a big difference in the amount received by the recipient if the exchange rates are poor. If the exchange rates are lower, you will receive less money in the end. In my opinion, zero fees gives HiFX a lot of advantages over the others. But to remain competitive, they need to improve on their exchange rates as well. Even a small difference in the rates can make a tremendous difference. In that case, even offering zero transfer fee will not make much of a difference to its potential customers.   

Advantages of HiFX’s services

HiFX possesses certain qualities which, when bundled together, makes it an amazing service provider. HiFX is growing rapidly and has now reached over 170 countries. Even though they have a large customer base, they manage to satisfy pretty much all of them. They have a great team of customer support staff who make sure that all of your issues are solved. They also have amazing speed; most of their transfers are finished in about one day!   Even in the cases of complicated transactions, the money gets delivered in maximum 4 business days. This is much faster than banks who can take up to 10 business days to process your transfer. HiFX also lets you choose from one of its many payment methods like credit or debit card or through bank transfer.

Advantages of HiFX's services

The Flaws I Observed in HiFX

It’s rather difficult to find flaws in HiFX, but I observed some limitations in their services. Their focus should be on improving their exchange rates The rates they are offering now are okay, but there are other services that are providing better. Better rates would draw more customers to their business because the customers always want to spend less. Also, HiFX makes all their transfers directly to the recipient’s bank account. They don’t provide direct cash pick up from a local office like many other service providers.

Overall review on HiFX

So far, I am really impressed with HiFX, and you should try it. I came across so many great reviews of their services. Almost every customer praises their economical pricing, great customer experience, and smooth transaction. HiFX has been featured multiple times in prominent publications like The Daily Telegraph, The Sunday Times, and The Guardian. They admire HiFX every time!  They have also acquired a strong financial foothold after becoming a part of Euronet Group.  To me, HiFX seems more preferable since they have been in the business for 20 years, much longer than most of the other fun transfer companies. This certainly makes it the most desirable choice of them all.

TransferWise Review

Gone are the days when people used to wait for hours in banks to send money to other countries. Now it does not only take lesser time but it also costs less. So many companies have now come into the picture that has changed the customer’s experience of fund transfers. One of the most prominent name in the list is TransferWise. This name has completely changed the way money used to travel between two countries. It offers you the best deals in the market and it’s up to eight times cheaper than the traditional banks. Not only this, it converts your currencies at real mid-market exchange rates, saving you a lot of money. Keep reading this article to know more about TransferWise, its fees, services and much more.

What is TransferWise?

TransferWise is one of the leading P2P service providers for sending funds internationally. It was founded in 2011 and has its headquarters in London. You can send payments to individuals as well as to businesses using its online account. It functions entirely online using its website and mobile app. It does not have any physical branches . It only sends money to the bank account of the recipient. The company has grown multiple folds in only 7 years into the business and now operates in 60 countries. It gained its popularity by offering extremely low fees, without any hidden charges.

How does TransferWise work?

This company was founded by Taavet Hinrikus and Kristo Käärmann, two gentlemen who were living in London but belonged to Estonia. Taavet used to send payments from Estonia to London and Kristo used to send payments from London to Estonia. In this process, they were paying a lot of banks fees. They eventually realized that this could be done without paying any fees at all. This is how the concept of peer to peer payment came into their mind and they started this venture.

In peer to peer payment, the company holds some funds in every country in which they operate. When someone makes a request to send a payment, the amount gets deposited to the origin country’s account and the equivalent amount from the destination country’s account gets delivered to the recipient. This is how they save a lot on the fees as the money doesn’t leave the country. They charge a small fee for this transaction and you also get real mid-market exchange rate. When a service provider doesn’t give you real mid-market rate, you also lose money during the currency conversion. In this way, you not only save money in fee but also in exchange rate. At transfersreview.com, you can see how much you can save in your next transaction as compared to other popular service providers.

TransferWise Review

TransferWise fees

It offers very competitive fees which are extremely transparent. You don’t have to pay any hidden charges. When you initiate a transaction you can see the total fee which will be charged to you. This fee includes a small percentage of the amount being sent along with a flat fee. This flat fee depends on the countries and currencies involved in the transaction. Apart from this, you may also have to pay credit card fee if you use your credit card to pay for the transaction. The credit card fee depends on the credit card type and the currency.

Let’s have a look at the payable fees when $1000 is sent from the US to these countries using TransferWise.

Country Amount sent Applicable Fee
U.K $1000 $8.7
Australia $1000 $8.7
India $1000 $8.94
France $1000 $8.45

You can see the fees are very low comparing to a bank and many other service providers. Usually, a bank charges $30 – $60 for such transaction that is a robbery.

Exchange rate

In most cases, TransferWise gives you true mid-market exchange rates which are the fairest in the business. It freezes the exchange rate for the customer when the transaction starts. So the amount does not get affected by the fluctuations while the payment reaches the recipient. In this way, the recipient gets the specific amount they have expected. This feature is called “Guaranteed Rate”. This guarantees the exchange rate you will get at the time of delivery.

Let’s have a comparative look between the exchange rates of TransferWise and actual mid-market exchange rates to see if it actually uses real mid-market exchange rates.

Conversion TransferWise real exchange rate Mid-market exchange rate
USD – EUR 0.85715 0.85732
GBP – EUR 1.13390 1.13375
USD – INR 68.1750 68.1862
GBP – AUD 1.7887 1.7887
GBP – CAD 1.7887 1.7631

It is clear that their exchange rates are very close to mid-market rates and can really be called real mid-market exchange rates.

Is TransferWise safe?

Safety of their money will always be an important matter of concern for customers. While making any big or small transaction they need the guarantee that their money will reach its destination. Here your money is always safe in any transaction. The company is regulated by UK’s Financial Conduct Authority. They keep the company’s fund and the client’s fund separately. The client’s funds are always safe and in case of any financial issues with the company the client’s funds are never in danger. Another concern which most of the online user have is the security of the company’s website and payment gateways. Their website secures all of your sensitive information with smart HTTPS security encryption. It has done international transfers worth billions of dollars and has never given a reason to doubt their security.

TransferWise bank account

In addition to sending payments internationally, it also offers you a borderless account. You can use this account to send and receive payments and to spend money in different countries. You can receive payments from more than 30 countries using this account. With this account, you get Australian, British and US account number along with European IBAN number. When you send or receive money using these details you save money in terms of fees from both ends. You can also keep different currencies in your account and exchange them into other currencies whenever you wish. In every exchange, you get the real exchange rates applicable to all other transactions. You don’t have to pay any monthly fee or keep any minimum balance to keep the account active.

TransferWise bank account

Conclusion

TransferWise is indeed a great choice for those who frequently send money to other countries. It has very good reviews from its customers and on Trustpilot, it has a score of 9 out of 10. Around 88% of customers at Trustpilot has rated it as “Excellent” and praised its simplicity and low fees. In such a small time it has managed to establish a strong base for itself with millions of loyal customers globally.

4 ways to send money with PayPal

Since its inception in 1998, PayPal has been quite a favorite service provider for transferring money across countries. With its user-friendly platform, it has gained millions of customers all over the world. In just a few clicks you can send or receive money through PayPal. All you need is a PayPal account and the email or phone number of the person you wish to send money to. PayPal has multiple options for sending money. You can choose from any of the options suiting your need. In this article, we will explore 4 different ways through which you can send money with PayPal.

Once started as a personal platform for sending money, PayPal is now used significantly as a business platform as well. Now you can not only send or receive money to your family but also make payments to your customers or receive payments for your goods or services. With few easy steps, you can set up your account and get started.

4 ways to send money with PayPal

1. Send money through your PayPal Balance

The PayPal balance available in your account gets utilized first to fund your transfer whenever you initiate it. In case the balance is not sufficient, you can use other options like credit or debit card to fund the remaining amount. The PayPal balance increases whenever you accept any PayPal payment sent to you. You can also increase it by adding money through a bank account.

Add money to your PayPal balance from a bank account

You are required to link your bank account to your PayPal account so you can add money to your PayPal balance. Once the details of your bank accounts are submitted and verified you can use this bank account to making payments as well as for adding money to the PayPal balance. This balance can be used to fund the transfer as well as to pay for any other purchases. But the best part is that even if you don’t have any money or PayPal balance you can still pay for your purchases with its other payment options.

Transfer money to your bank account

You can also transfer the payment you receive in your PayPal account to your own bank account. You just have to click on “Withdraw Money” option under “Payment method” tab and the money will be transferred to your linked bank account. In case you have linked multiple bank accounts you can select the preferred one in which the money will be sent. Usually, it takes 3-5 business days to complete the transfer.

2. Send money using your credit or debit card

If you have just set up your account and have no PayPal balance, even then you can send money using your PayPal account. In this case, you need to link your debit or credit card with your account. You can link up to 8 debit or credit cards.

Link your debit or credit card with your account

You can link your credit or debit card through “Payment method” tab available on the home screen. You will be needed to verify your card before you make any transaction. Two small transactions of few cents will be made through your card for verification. The details of these transactions can be found through online banking. You will have to fill in these transaction details in the PayPal verification form. After the verification is done you are free to use your credit or debit cards for any transaction through your PayPal account. The information once entered is saved and for future payments, you just have to check and review the payment options. The linked cards can only be used to make payment and they can’t be used to add PayPal balance to your account.

Link your debit or credit card with your account

3. Send money from your bank account

The available balance in your bank account can also be used to fund your money transfer through PayPal. It is similar to sending money through your credit or debit card. In place of payment option, you have to select your bank account. It is mandatory that your bank account is linked and you have accepted the direct debit agreement to process the transaction. The money is deducted directly from your bank account.

4. Send money through PayPal credit

Another way of funding your transfer is through PayPal credit. The PayPal credit account and PayPal account are linked. So when you use your PayPal credit to pay for your transfer it reflects in your PayPal credit account which you can settle later. You can also send money to yourself from PayPal credit, but you may have to pay interest on the amount if it becomes applicable.

PayPal Credit

PayPal Credit is a digital alternative to pay for your purchases through your PayPal account even when you don’t have money. The payment for these purchases can be done later. Your PayPal Credit account gives you the flexibility to pay within 6 months for all your purchases costing $99 or more and there will be no interest levied. You can use your PayPal Credit for payments wherever PayPal is accepted such as eBay and other online shopping websites.

You need to fill an online application form on the PayPal Credit website to apply for your account. Once your account is approved you can start making purchases with it. Even though the applications are approved within minutes they are subject to credit approval.

PayPal Fees

The transfer fee of PayPal is fairly reasonable. It would cost nothing for a U.S based PayPal account holder to transfer money to another U.S based PayPal account if the payment is made through PayPal balance or bank account. A fee of 2.9% of the transferred amount is to be paid in case a credit or debit card or PayPal credit is used for payment along with a fixed fee. This fixed fee will depend on the currency of the transaction.

A reasonable fee of $2.99 is charged for sending money to Canada and European countries and $4.99 for other countries when the payment is funded through PayPal balance or bank account. An additional fee of 2.9% of transferred amount is charged when a credit or debit card or PayPal credit is used for payment along with a fixed fee depending on the currency of the transaction.

Conclusion

Over the time with the increased demand for online payment systems has now become a necessity for everyone. PayPal offers many convenient payment options wherever you send money to somebody, pay for good or services. It’s great for online purchases as you personal information, including card numbers, is never disclosed. It’s free to pay with PayPal, however the fee for sending money can be relatively high for non US resident.

How to get loans with bad credit history

Many people have a habit of making late payments of the bills or defaulting on loans. This results in a bad credit history. If you have a bad credit history, chances are that your loan application may get rejected or you may be charged a very high-interest rate. But this is not the end. There are plenty of other options from where you can get quick cash loans even with your poor credit ratings.

How to get loans with bad credit history

Credit unions

You can borrow money from any credit union which is affiliated with your employer or belongs to your community. They will not care about your credit score as long as you are a faithful member of the union. You may even get a favorable interest rate on good terms and conditions.

Online personal loans

If you are not a part of such credit unions, there are a number of online money lenders who will approve an instant loan for you despite a bad credit score. Here are a few companies who provide quick cash loans without any credit history check.

Online personal loans

www.12monthsloansbadcredit.com

This online service works as a channel between borrowers and its lenders. They send the loan request on your behalf to a number of direct lenders and in return provide you a fast loan on bad credit score with the best possible terms and conditions. Usually, the loan gets approved within 1-2 business days. Despite poor credit rating, you will get a personal cash loan from some of the lenders they work with.

Here, they provide three kinds of loans. You can apply for a loan up to $1000 Under Payday loans, up to $5000 can be borrowed in installment loans and in the personal loan you can take up to $100,000. The interest rates and other charges of loans vary as per the state rules and regulations from where you belong. The maximum loan amount and interest rates are dependent on the government’s regulations. There are no charges to apply through this website.

www.opploans.com

Opploans is one of the most popular options for people with a bad credit score needing a loan. You can get fast approval on your loan without any credit checks. They carry a soft credit inquiry which focuses on your ability to pay back the loan and not on your credit history. With this, they come up with a special repayment plan which suits your needs. It offers 99-199% APR for loans up to the period of 36 months. There are no pre-payment fees and other hidden charges.

www.onemainfinancial.com

One Main Financial offers you a variety of loans as per your need. To be eligible for the loan, credit score is one of the criteria, however, they don’t only focus on your credit score and there is no minimum score needed. There are some other scales which can make you eligible for their loan, so there are high chances for you to get a personal cash loan from here. They offer personal loans of $1500 to $30,000. The interest rate varies from 16% to 35% based on the length of loan period which is 24 months to 60 months.

Secured loans

These loans are taken against any of your valuable assets like house, car or jewelry. The amount of loan is thus secured by the asset. In case the borrower is not able to pay off the loans the lender can sell off the asset to recover the loan amount. In such cases, the credit score of the borrower is not affected.

Additionally, you can also try to convince your bank about your capability to pay back your loan and ask them to reconsider your application for the loan. If you know somebody having a good credit score, you can also ask them to co-sign your loan document. This can help you get a better interest rate or reconsideration of your rejected loan application. Meanwhile, with timely payments, you can try to improve your credit rating so that in future you don’t have to face such situation. A good credit history will always help in your hard times.

MoneyGram vs. Western Union Comparison

When it comes to our money we all look for the most reliable options. We want to opt for companies which have served its customers for decades and are established as a synonym for quality and trust. When it’s a matter of international money transfer there is no one who isn’t familiar with the names of two giant in this field – Western Union and MoneyGram. Both the companies have served their customers for a very long time and even in this fiercely competitive scenario, they are able to hold their flag like before. The global presence of their cash pick up points has made them a distinguished service provider in the era of online and mobile cash transfer. These cash pick up points definitely is a lifesaver for people in emergencies and in developing countries where people may not have a bank account. Since they cater to similar kinds of customers they often become a subject of comparison. In this article, we will attempt to have a comparative look at these two service providers and explore the various aspects which a customer would like to know before opting for any of the two services.

About Western Union & MoneyGram

Western Union was founded in 1851 in the US and is one of the most trusted names in the business. Initially established as a telegraph company they later moved into the business of money orders and wire transfers. At present, WU has more than 500,000 pick-up locations present in 200 countries.

Just like WU, MoneyGram is also a US-based company which was founded in 1978. The company operates in 200 countries with 347,000 agent’s locations worldwide. MoneyGram offers money transfers and bill payment services to its customers.

Money transfer through Western Union

WU has made it very convenient for their customers to send money to anyone they want. You can choose to send money online through their website or their app. You can also send money by phone or by visiting one of their local offices.

You need to create your profile first if you are transferring money online or through their app. Once your profile is set up you can start the transfer by clicking “Send Money”. You can pay for your transfer either by your credit or debit card or directly through your bank account. You can also pay in cash at one of their local agent offices. In the next step, you need to select the way the recipient is going to receive the money. The recipient can directly get the money in their bank account or as a mobile money transfer. They can also pick up the money in cash from any nearby WU cash pick up point. The mode of receiving money may differ from one country to another. In the end, you need to just review all the information you have entered and submit the request.

MoneyGram vs. Western Union Comparison

Customers who wish to make a money transfer within the US can also do it over the phone by calling on the WU money transfer hotline. You will be required to present your debit or credit card information along with the receiver’s details such as their name and complete address.

Another easy and popular way of sending money is to send it in person by visiting any of WU local agent office. You will have to produce your government ID and credit or debit card information along with the receiver’s details.

Customers in Canada also have an option to transfer fund from Western Union from any of the Wal-Mart outlets. This facility is available at the Wal-Mart’s customer service counter. You can get an additional discount of 5% on the total transfer fee.

The maximum amount you can transfer through WU is $5000 which gets delivered within minutes to up to 5 working days depending on the country and the mode of payment.

Money transfer through MoneyGram

MoneyGram also has similar options like WU for sending money and payments. In MoneyGram, you can also send money online or using their app as well as by visiting the nearest MoneyGram location. The money can be sent to the recipient in their bank account or in a mobile wallet. The recipient can also pick up the cash from a MoneyGram pick up point.

While transferring money online you need to fill in the details of the receiver and the amount you wish the send. You can make payment either by your bank account or by using credit or debit card. After the verification of your identity, your money will be sent to the receiver and you can track the transfer online too.

If you wish to transfer money in person you can directly contact the MoneyGram local office along with your ID and receiver’s information. You can pay for the transfer with either credit or debit card, or in cash.

MoneyGram vs. Western Union Comparison

Another additional option which MoneyGram offers is that you can also send money with MoneyGram Sendbot. You need to log in to Facebook or Facebook messenger app and click on “Get Started”. You will have to log in to your MoneyGram account and by following the simple instructions you can send money easily.

A maximum amount of $2999 can be sent by MoneyGram which usually take a few minutes to 2-3 days to get delivered.

Transfer fee and exchange rates

The transfer fee varies significantly for both the services depending on a lot of factors such as the country, the amount of money, payment options and how the money is received. The countries having high traffic usually have less transfer fee. However for both the services you will have to pay more if you are paying through your credit or debit card in comparison to pay through your bank account or in cash. The minimum fee in case of Western Union as well as MoneyGram is $5 which goes up to a maximum of $100. The exchange rates of both the companies are almost similar which also varies from one currency to another.

MoneyGram vs. Western Union: Case Comparison

With so many variables in place, it would be convenient to see an actual case of money transfer to make the comparison more useful. I tried to transfer 1000 USD to EUR from the US to France using Western Union and MoneyGram. There are the results.

Payment method Receiving mode Transfer Fee Exchange Rate Amount Received
MoneyGram Online : Bank Account Cash Pick up $25.99 $1 = 0.822 822.24 EUR
Online : Credit Card Cash Pick up $80.99 $1 = 0.822 822.24 EUR
Western Union Online : Bank Account Cash Pick up $26.00 $1 = 0.7875 787.50 EUR
Online : Credit Card Cash Pick up $81.00 $1 = 0.7875 787.50 EUR
Payment method Receiving mode Transfer Fee Exchange Rate Amount Received
MoneyGram Online : Bank Account Bank Account $4.99 $1 = 0.822 822.24 EUR
Online : Credit Card Bank Account $30.00 $1 = 0.822 822.24 EUR
Western Union Online : Bank Account Bank Account $5.00 $1 = 0.7875 787.50 EUR
Online : Credit Card Bank Account $30.00 $1 = 0.7875 787.50 EUR

In the above comparison, it is quite clear that with MoneyGram you can get 34.74 EUR more than what you get with Western Union. The transfer fee for MoneyGram and Western Union is same in each case, but it is the exchange rate which makes the difference. You might have also noted that transfer fee is significantly higher in case of cash pick up as compared to receiving funds in the bank account. The exchange rate offered by MoneyGram is better than Western Union. MoneyGram also took lesser time to transfer money. So in case of emergency, it is always better to go with the faster option. But if you have time you can also research and see which service provider works best in your case. Even though there are many new options in the market, companies like Western Union and MoneyGram are established names and with their customer’s trust in them, they are here to stay longer.

What is Cash back card and how to pick the right one?

Nowadays cash back has become a very general term when we are out shopping or making big or small purchases. Many banks and credit card companies are offering some very attractive cash back offers to their customers. Cash back is basically an incentive given by the credit card companies for spending money on their credit card. You get a chance to earn back a percentage of the money you have spent. Generally, a spending limit is defined for these cards in which the cash back is offered to the customers. These limits can be a minimum spending limit after which you get eligible for cash back or a maximum spending limit up to which the cash back is offered to you. This cash back can even be maximized through quarterly promotional schemes and other festive offers. As opposed to cash or debit cards, these cash back credit cards let you earn some rewards for your purchases. But often customers fall into the trap of earning more reward points and end up spending more than required. This is why you need to be very careful with your purchases with cash back cards.

What is Cash back card and how to pick the right one?

How to choose the right cash back card

There are plenty of options available to choose from a variety of cash back cards. However, selecting one which fits your spending patterns and needs is very important. It will help you maximize the benefits you can earn and collect the rewards points. These cash back cards come with a lot of terms and conditions and you should go through all of them in order to find out which one is best for you. There are certain factors which you can consider which will help you make the decision.

Cash back percentage

It is basically the percentage of the amount of your spending that you will earn as cash back. Majority of cash back cards offers a flat rate on all purchases while some offer better rates on some specific purchases. For example, you have an option to get better cash back for your purchases at gas stations as compared to all other purchases. In this case, if you spend a good amount every month on gas it will maximize your cash back as compared to other cards which don’t have this option. Similarly going through the cash back schemes of all cards and comparing it with your spending pattern will help you get the maximum benefit.

Annual subscription fee

Many cash back cards come after paying an annual fee while some have none. But you will also find better cash back schemes in the ones with an annual fee. You may feel that by paying a certain annual fee you will be able to get more benefits as compared to those cards who don’t charge any fee. You might have to do a little calculation and see if it is worth paying the annual fee or you should go for the cards with no annual fee.

Redeeming reward points

Different cash back cards have different ways of redeeming your cash back points. Some cash backs are sent straight to your bank account while on some you get a statement credit in your credit card balance. Other options may be to convert them into gift cards or e-certificates. Find out how these different cards are paying the cash back and which option suits you better.

Other features

It is also important to find out that apart from the cash back, what other feature these cards have. Few things you can inquire about are that if there are any additional benefits associated with the card. Find about any options to maximize the reward points by any loyalty cards. Also the kind of monthly or quarterly offers they come up with. You should also check whether there are any additional charges involved if you use these cards outside your country.

Cash Rebate

The Cash rebate is a term often used by sellers and is usually refers to refunding a part of the cost of a certain article sold. In general term, this is like a discount. But now cash rebate is often used by banks and credit card companies in place of cash back. Here also it is meant for refunding of part of the amount you have spent. You may find in some places they are used interchangeably.

How to choose the right cash back card

Here I will be taking you through some of the main features of popular cash back cards

Walmart Cash back Credit Card

Cash back credit card from Walmart offers cash back in the form of a statement credit of $25. For this, the customer has to make a purchase of $25 on the same day of joining. Apart from this, you get cash back of 3% on the amount spent at Walmart.com. On your purchases at Murphy USA as well as Walmart Gas you get 2% cash back and 1% cash back everywhere else.

Chase Cash back Credit Card

Chase card services offer a number of different cash back cards with different cash back schemes. While Chase Freedom cards have no annual fee, its Sapphire card is free for the first year only and after that comes with a $95 annual fee. Every new member gets Chase rewards in the form of a bonus of $150 for a purchase of $500 from the card in the initial 3 months. With Freedom Unlimited Card you can earn 1.5% unlimited cash back on every purchase whereas in Freedom card, you earn 1% on all of your purchase. But for bonus categories, it can go up to 5% up to the maximum limit of $1500. You can check Chase Freedom bonus categories for each quarter to find out the categories in which you can maximize your cash back.

Discover Card

Discover card services offer a variety of credit cards under its umbrella. Under the cash back cards, it has Discover It card with no annual fee. It offers cash back of 5% on selected places in each quarter up to a certain quarterly maximum amount. In all other purchases, you get flat 1% as cash back. Through Discover card online services you can apply and pay for the card online. The Discovery card payment can also be done through e-mail, phone or direct deduction from your bank account.

American Express Blue Cash back Card

American Express Blue Card has two varieties. In Blue Everyday card, you don’t have to pay an annual fee while it gives you $200 cash back for spending $1000 in the initial period of three months. In Blue Preferred card there is an annual charge of $95 and you get $250 cash back for spending $1000 in the next 3 months just after joining. Amex Blue card can be linked and paid through your American Express account.

Conclusion

Before selecting any cash back card, always perform an assessment of your spending pattern along with the available features of the card in order to select the best suitable option. Ensure that the card’s cash back scheme should fit your spending habits. Avoid spending extra money in order to get a certain benefit. This will negate the benefit of owning a cash back card and in return, you may start spending more money than you used to spend earlier.