Money Transfer Review  
 Independent Financial Specialists

Transfer Money Overseas     Money Transfer     Western Union     Online Money Transfer               

The Ikobo Money Transfer Service Reviewed

Ikobo is a private corporation launched in 2001 as a faster and more economical money transfer solution. Ikobo utilises modern technology that they believe makes them cheaper, safer and overall superior to the other leading brands.

Ikobo makes use of the extensive network of 25 million ATM machines worldwide to enable money transfers. They allow customers to reload a visa card online by one person in one country which is then used by the recipient of the money elsewhere in the world. They claim that being part of the Visa network gives them added security and convenience to customers.

How it works:

a) Join the iKobo membership site providing them with your personal information.
b) Inform them of who you wish to send money too.
c) Let ikobo send your recipient a prepaid and re-loadable Visa card which they can then use in any ATM machine where visa cards are accepted.

This service however is not instant. If you need to get money to someone immediately you might need to look elsewhere. The sender has to first get ikobo to Fed-ex a card to the intended recipient. This will cost you $24.95 to send the card internationally from the US and will take 3-4 days to reach them.

It is free to reload the card from a bank account online but if you use a credit card you will be charged a 3% fee. There is also a monthly maintenance fee of $0.99 and ATM withdrawal fee o $1.99 and a declined withdrawal fee of $0.99.

However once set-up you can transfer money overseas instantly at cheaply. They rightly claim that they have even more places for customers to pick-up money than Western Union provides, three times as many they claim and eight times as many as MoneyGram.

Overall ikobo would seem to be a wise choice for people with ongoing money transfer needs and who need  more flexibility than having to wait in-line at counters to receive western union or MoneyGram money transfers.