Decades have passed since the invention of the World Wide Web, paving the way for the establishment of the “Global Village”. And while now it seems that our incorporeal society is as tight-knit as ever, little has changed in the process of international money transfers.

While they are considered the most secure way to send money abroad, most banks and international money transfer agents tend to take away a big chunk off your cash, while offering hiked-up exchange rates. If you wish to send money to your family or friends living in another country, there are less costly alternatives.

Cash Transfers – Western Union and MoneyGram

Once known as the best transcontinental telegraph service, Western Union is now a leader in overseas money transfers. The international financial services and communications company has more than 320,000 agents in over 200 countries, making it possible for one to send money securely and immediately to almost anywhere in the world, by mail, online, or even by phone.

MoneyGram is Western Union’s rising competitor. Though it is a slightly smaller establishment (186,000 agents operating in 180 countries), it provides slightly cheaper transaction rates.

Online Payment Services

There are a number of reliable websites where you can conduct transactions safely, securely and for just a fraction of the price of a bank transfer. They are best used for sending small amounts since most of these online operators charge a percentage of your transfer. Moving money around from one country to another is quick and cost effective when it is done through a trustworthy Internet-based financial service.

eBay’s independent baby, PayPal, is a popular choice among online consumers. Needing only a name and an e-mail account, you can set up an online payment account, which you can use to send money to other account holders living anywhere in the world. London-based service, Moneybookers, allows its account holders to send money to any e-mail address with minimal charges.

Card-to-Card Sharing

If you are not comfortable with online payment services and cash transfers, there is still a way you can send money to your loved ones abroad securely without having to use a bank account. MiCash Inc. is one of the financial services companies catering to underserved customers, and is a pioneering provider of general purpose, reloadable prepaid debit cards. Like any other form of plastic payment, prepaid debit cards can be used to purchase goods and services, pay bills, and withdraw cash in tight spots. With an additional payment of just two dollars, customers can receive a companion card, which can be used in card-to-card sharing.

A card-to-card share to a MiCash Maestro Companion Card is instant and can be done either by phone or through the Internet. You can give the Maestro to your closest family member and conveniently transfer money between your major account and the subsidiary with the same security of bank transfers. Maestro is accepted at ATMs in more than a hundred countries worldwide.

You can also use your prepaid debit card to send money through Bancomer Transfer services to thousands of locations across the world with the help of MiCash’s friendly customer service.