How to Choose a Money Wire Service

Choosing the right money wire service can mean extra money in your pocket. Check if a money wire service is licensed, compare exchange rates and shop around for good transfer fees if you'd like to save money.

Difficulty: Moderately Easy

Instructions

1. Verify that the money wire service you're interested in has a state license to do business. Check with your state's banking agency.

2. Ask about the currency exchange rate. Do a little research so that you know what the proper exchange rate for your money is. This can save you money by preventing you from being taken advantage of by unscrupulous businesses that increase the rate. Inquire about exchange rates until you find a business that will give you a great rate.

3. Consider how fast you want or can expect delivery of the funds. Banks may offer wire services, but they may also take as long as two days for domestic transfers and four days for international ones. Wire services offered by businesses other than banks can often guarantee instant delivery.

4. Compare wire transfer fees. While banks can be slower with delivery times, they may also charge flat rate fees regardless of how much money you send. Private businesses often increase their transfer fee rates as the amount of money you want to send increases.

Tips & Warnings

• Depending on your location and where you plan to send money, other money sending services may be cheaper than wiring. For example, if you are located in the United States and want to send money to Mexico, alternative methods involving the post office and ATM machines may save you money.
• Consider filing a complaint with your state's banking agency if you discover that you've been cheated out of money while using a money wiring service. You may be reimbursed if your specific state requires that money wiring businesses purchase insurance.
• Some businesses may charge higher service rates if you want to use your credit card for a money transfer or want to complete the transfer over the phone. Visiting a business yourself and paying in cash may save you money.