Sending Money to Loved Ones Overseas

June 23rd, 2008

I just ran across this article a little earlier today.  Sorry, I know it was written a couple months ago, but it’s still good regardless.  Apparently, UK has been trying to make sending money to family and friends much safer for everything by creating a new customer charter for money transfer companies.

As you can imagine, getting the funds safely overseas is a major concern for everyone.  The UK Department for International Development writes:

People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.

Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.

You can see the article here.

They decided to start a site called http://www.sendmoneyhome.org, aimed to allow “consumers to search international payment companies and compare transfer methods, costs, and speed of transfer.”

So next time you want to send money overseas, make sure you do some homework first.   When it comes to money, especially with your family and friends, there’s nothing better than having a peace of mind that your funds will get there safely.

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