Q:

How do you do a money transfer online?

A:

Quick Answer

In order to transfer money online, visit a money transfer site, such as Western Union or MoneyGram. Choose the country where the money is going, the amount, the ZIP Code where the money is coming from, how the money will be received on the other end, such as cash or deposit into an account, and how the transaction will be paid for.

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How do you do a money transfer online?
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Full Answer

Before transferring money online, Bankrate advises consumers to use only well-known, reliable services and should know the exact amount of the fees are for sending money abroad, according to the Consumer Financial Protection Bureau.

In order to transfer money online requires a bank account or credit card, according to Western Union and MoneyGram. First time visitors to the site will be asked to create a profile before the transfer will be completed. A profile requires creating a username and password.

After logging into the profile:

  1. Choose a country when the money is being transferred to.
  2. Pick the delivery option for when the money should be received either within an hour or a few days. The cost for sending money is based on the amount and how quickly the money is sent. The fees for faster delivery are higher.
  3. Enter the amount of money being transferred. Some sites will show the exchange rate of what a United States dollar is worth to the country where the money is being transferred, such as on MoneyGram.
  4. Enter in the receivers name and address
  5. Choose how the transfer is being paid, either by credit or directly from a bank account.
  6. Specify how the money will be received. It can be delivered to a mobile phone wallet, in cash or deposited directly into the receiver's bank account.
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