Money Transfer Review 
Independent Financial Specialists
Transfer Money Overseas Money Transfer Western Union Online Money Transfer
Here is a comparison of the money transfer markets leading money transfer companies. It compares both their prices and the services they offer.
For sake of example we are comparing the transfer companies based on a one thousand dollar money transfer from New York, USA to the Philippines.
Moneygram:
Money Transfer Charge: $14.99
Overall Charge: $1014.99
Currency exchange rate 1 $US = 43.210159 Philippine Peso
Amount received in local currency = 43.210.16 Philippine Peso
Moneygram are one of the larger and more reputable companies, they operate in more than 180 nations worldwide which includes ion excess of 152,000 outlets from where you can either receive or arrange for money to be sent from.
Positives: The service is fast, money is generally transferred overseas within 10 minutes. most companies will not allow money transfers if the recipient has no formal ID whereas this company will process a transfer by using test questions only if required. One single money transfer can be up to the amount of $10,000 and two money transfers are allowed per day.
Western Union:
Money Transfer Charge: $15
Overall Charge: $1015
Currency exchange rate 1 $US = 43.0868732 Philippine Peso
Amount received in local currency: 43086.87
This company is without doubt one of the leading players in money transfers. They have over 150 years experience. it is possible to transfer money overseas both on line and offline. They have agent location in a massive 310,000 places all over the world , in fact they operate in more than 200 countries.
OnlineOnlinjhe transfers may require a confirmation phone call but are generally processed smoothly and efficiently within minutes. You may also visit an agent location and fill in a few forms, supply your passport, sign a few papers and have your money sent quickly and easily.
Positives: They have a huge network of places to receive and send money from, instantaneous transfers, high levels of security, messaging services and the peace of mind that using a highly reputable company brings.
Negatives: Without a doubt you have to pay for the privilege using their service. Online transfers are limited to three a month and you may also have a maximum send amount imposed upon you Oswell.
MoneyBookers:
Money Transfer Charge: 1% of the overall transfer fee.
Overall Charge: $1001
Currency exchange rate: Information not supplied on website.
Amount received in local currency: Information not supplied on website.
Extra Fees: For every interbank transfer 1.75% will be charged.
Moneybookers can let you send money internationally through just using an e-mail address. Following registration simply following the on screen guide will have you sending money fast. The site can be viewed in 12 different languages.
Positives: Again instant transfers are possible with competitive transfer charges. They also have a messaging service and fax service and offer a high level of security.
Negatives: At the moment they only send money to 30 countries worldwide. Check their site for the country list.
Xoom Money Transfer:
Money Transfer Charge: $15 for US account users, $43 for anyone else.
Overall Charge: $1015
Currency exchange rate: Information not supplied on website.
Amount received in local currency: Information not supplied on website.
Xoom offer a complete online solution for money transfers with a highly user friendly website. Money can be delivered by hand to the recipient, picked-up from an agent location or deposited directly into a US bank account or alternatively entered into the Paypal system.
Positives: Cheaper transfer fees than the market leaders and being able to deposit straight into a US account are major benefits.
Negatives: They do not have the scale of service as say a Western Union or a Moneygram yet. At the moment they are only active in around 30 countries. They are not able to transfer money overseas to even a country such as Thailand despite them being a major hub for South Easty Asian business.
Ikobo:
Money Transfer Charge: $5
Overall Charge: $1005
Currency exchange rate: 44.31
Amount received in local currency:4431.50
This service works using the network of Visa ATM machines worldwide. Basically you open an account with them which comes with a Visa card which you have send to your intended recipient of the money. You tell them the PIN number that you have decided upon, you upload money from your bank account onto the card online which then becomes immediately available to the person with the Visa card.
Positives: Ikobo charge minimal amounts for loading money onto the card, no credit checks are carried out during set-up. It is very useful for long term usage.
Negatives: Occassionally the network of Visa ATM machines is limited but this is seldom the case in most countries.
In Conclusion:
From the above information it appears Ikobo offer the cheapest money transfers plus the most competitive exchange rate. However, there are plenty of variables which effect the cost of the transfers and prices do constantly change, look out especially for special offers or bonus point schemes. As ever the best advice is to shop around until you locate a company that meets your needs at the right price.