There are times when sending money to a loved one from across the miles was a complex. First, the sender must go to a Money Transfer Service Agent, fill out a form, tender the money to be sent, pay the service charge, and inform the recipient to give the tracking number. From the recipient’s end, he/she must also go to the Money Transfer Service Branch from his/her location, fill out a form and give the tracking number to obtain the money.
Not only are money transfer costs expensive, the transaction can take time to complete as well. Add to this, there is a serious concern about safety particularly when sending a large amount of cash to long distances. On the other hand, consumers nowadays have a better choice in doing money transfers. Did you know that you can save significant costs by using prepaid debit cards?
Money Transfers and Prepaid Debit Cards – Perfect Partners
Prepaid debit cards are available for anyone, regardless of his/her credit rating. Even people with bad credit history can get a prepaid card without any hassle. Once the card has been issued, the cardholder can start using it for making payments or sending money anywhere in the world.
Of course, the recipient must also apply for a prepaid debit card to receive the money from his/her account. Generally, there is no additional service charge or transaction fee involved when sending or receiving money as long as both the sender and the recipient uses the same prepaid debit card.
When you need to send money, you can simply visit your bank and personally make the deposit or you can transfer funds from your savings account through online banking. Most prepaid debit card issuers today provide the online banking option so you can transfer funds right from your own computer at any time.
As soon as the transfer has been made, the recipient can automatically withdraw the money from the nearest ATM or use the prepaid debit card for paying bills or purchases. It takes you no more than a few seconds to finish the transaction.
Who Can Use Prepaid Cards for Money Sending
People who need to send money to a loved one who lives from afar on a regular basis should definitely get a prepaid card. Parents who need to send allowance for their children in college boarding schools can benefit to a great extent from a prepaid debit card.
If you live in the US, you can make money transfers to someone who lives from a different State or even outside the US virtually free of charge. Prepaid debit cards are now supported by key credit card Networks such as VISA, MasterCard and American Express so they can be acknowledged everywhere these logos are accepted globally.
Are you a home business owner with freelancers or independent contractors working for you? If yes, why not send them their earnings by means of a prepaid card? Even if you have in-house employees, you can manage your payroll more easily by sending monthly salaries with a prepaid card.
Copyright (c) 2009 Tara Tiemann
Tara Tiemann is a credit analyst of Go-preid.com and has been a resource site for people who want to live debt free! If your on a budget using pre-paid credit cards and pre-paid cell phone services can save you big money!
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