Foreign Workers May Be Charged Excessive Fees When Sending Money To Family Overseas
Released on = March 22, 2006, 2:04 am
Press Release Author = Bay Hills Enterprises
Industry = Small Business
Press Release Summary = If you have ever needed to transfer money to someone in a foreign country you may have seen how expensive it can be and how many different options there are. Today there are internet based online payment systems, bank wires, Western Union, and even black market \'hawalas\' to choose from. A new website gives an overview of the money transfer options open to the savvy consumer, and helps provide a guide through this sometimes complicated process.
Press Release Body = FOR IMMEDIATE RELEASE 3/24/2006
Foreign Workers May Be Charged Excessive Fees When Sending Money To Family Overseas.
If you have ever needed to transfer money to someone in a foreign country you may have seen how expensive it can be and how many different options there are. A new website gives an overview of the money transfer options open to the savvy consumer, and helps provide a guide through this sometimes complicated process.
El Cerrito, CA 3/24/06
Every day around the world, millions of dollars are sent overseas through money transfer businesses. The overseas money transfer market is over $160 Billion dollars per year and growing, which means a lot of competition for consumers. Various money transfer options include:
There is a large amount of people who send money overseas to loved ones in their home countries. India, the Philippines and Mexico top the list of places that receive money transfers, and many of these transactions are from emigrant workers who have left their home country in search of better wages. These workers may frequently send small sums of money back to their family, and consequently, may be charged the most dollar for dollar for money transfers.
The foreign money transfer system has its share of black market money transfer systems are known as \"hawala\" in the Middle East, \"fei-ch\'ien\" in China and \"padala\" in the Philippines. Money from drugs, embezzlement and terrorist funds sometimes pass through these services.
While these informal services used to sometimes be a viable option for regular people who just wanted to save some money, these black market operations are now being targeted and weeded out due to increased terrorist alerts and the Patriot Act.
Even with legal companies though, there are still problems. Fees may be hard to decipher due to basic rates, commission fees, and the always changing foreign exchange rate. Also, the buyer must also realize that there may be an exchange rate applied to the transaction when the money is converted to the receivers currency and that some transfer companies use their own exchange rate which may be significantly higher than the market rate.
From an emigrant cab driver from Zimbabwe sending money to a wife at home, or a concerned parent who wants to send some emergency funds to their child who is backpacking through Europe some money, this information is important to have. To help consumers, a new website http://www.transfer-money-overseas.biz provides some information about all of the options open to people who want to send money overseas.
Art Hill is an online businesses owner who has sent money overseas several times and has used a few different money transfer systems. He built the site http://www.transfer-money-overseas.biz after he became curious about the transfer rates he was being charged.
For More Information Contact: Art Hill support@transfer-money-overseas.biz http://www.transfer-money-overseas.biz
Web Site = http://www.transfer-money-overseas.biz
Contact Details = Art Hill||3020 El Cerrito Plaza #105 ||El Cerrito , 94706||$$country||||510-409-3478||support@transfer-money-overseas.biz||http://www.transfer-money-overseas.biz
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