Western Union- transfer funds online to anyone almost anywhere in the world.
For Arzaad Mohammed, a native of Guyana who works at Michael Beharry Jewelry on Liberty Ave. in Jamaica, Queens, getting a break on the price of sending money home to his family can't come soon enough.
"It's really expensive," he said of the minimum $12 he spends at Western Union to periodically send $100 to his sister and brother-in-law in Guyana.
For Mohammed and thousands of other immigrants in the city, a potential new law from Washington could result in big savings by boosting the amount of money transfer services offered by credit unions.
Indeed, Caribbeans, who are largely concentrated in neighborhoods like Richmond Hill in Queens and East Flatbush in Brooklyn, sent $850 million out of New York to their home countries last year, according to data from Celent Communications.Community leaders say lower fees for sending money could translate into about $200 million staying put to circulate in the city. "The more financial institutions getting involved, the more it helps the community," said the Rev. Ray Clarke of the First Presbyterian Church in St. Albans, Queens.
The Expanded Access to Financial Services Act, which was passed by the House in April and now awaits a vote in the Senate, would allow credit unions to offer money transfer services - along with check cashing and money orders - to nonmembers.
That could open a floodgate of new competition to challenge Western Union's and MoneyGram's combined 78% market share, significantly lowering transfer fees for local immigrants.
Officials from Western Union and MoneyGram didn't return calls for comment.
"Speaking on behalf of my people, they'd love it," Mohammed said.
Prices at Western Union and MoneyGram vary depending on the amount of money and where it's going. But for working class immigrants unable to send a big chunk of change all at one, the cost can average more than 10% of the transaction amount.
Of the city's 174 credit unions that offer overseas money transfer services, most charge a flat $15 fee, a Daily News survey found. That generally makes them a better deal than Western Union for large transfers of $500 and up, but worse for smaller transactions.
But some think a change in the law to widen the service could prompt more credit unions to jump into the business, and compel those already in to lower prices to reflect a mass market.
"We'd consider it, sure," said Mike Garthaffner, a vice president at Bayridge Federal Credit, Brooklyn's largest credit union that currently provides just business-to-business money transfers.
More than ever, financial institutions here have their eyes on the Caribbean market, the fastest-growing immigrant wave of the '90s. Legal immigrants from Haiti, Guyana, Trinidad and Jamaica now number about half a million in the city, the Census Bureau estimates - roughly the same size as the population of Charlotte, N.C.
Celent's latest analysis predicts that the cost of sending money overseas will trend lower anyway, as more banks use them as ways to lure customers to open checking accounts or buy other services.
With a growing number of immigrants holding high school degrees and becoming Internet savvy, more will transfer money as part of an online banking service within a few years, Celent's report predicted.
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Western Union scraps telegram service
STOP: After 155 years in the telegraph business, Western Union has cabled its final dispatch.
The service that in the mid-1800s displaced pony-borne messengers has itself been supplanted over the last half-century by cheap long- distance telephone service, faxes and e-mail. In a final bit of irony, Western Union informed customers last week in a message on its Web site.
"Effective January 27, 2006, Western Union will discontinue all Telegram and Commercial Messaging services," said the notice. "We regret any inconvenience this may cause you, and we thank you for your loyal patronage."
The terse notice, confirmed Wednesday by Victor Chayet, a spokesman for the Greenwood Village, Colo., unit of First Data Corp., was in keeping with t ...
Western Union- transfer funds online to anyone almost anywhere in the world.
Transfer funds online to anyone almost anywhere in the world. Money Gram Online Need To Send Money Now? Send Money Fast & Easy Online!
Western Union
Western Union (NYSE: WU) is a financial services and communications company based in the United States. Its North American headquarters are in Englewood, Colorado, and its international marketing and commercial services headquarters are in Montvale, New Jersey. Until it discontinued the service, this company was the best known US company in the business of exchanging telegrams.
Western Union has a number of divisions, with products such as person-to-person money transfer, money orders, and commercial services. As of June 9, 2006, the company has 270,000 Western Union agent locations in over 200 countries and territories. Reported revenues top $3 billion annually.
Select Your Method of Making a Money Transfer to China
Moving from China to the United States can be difficult to get used to, no matter your reasons for relocating. The move can be made even harder when you have relatives back home that you need to support, requiring you to make a money transfer to China often. Fortunately, you have a few options when it comes to sending remittance home to family from the United States.
Keep Convenience and Fees in Mind Before You Make a Money Transfer to Germany
If you have family in another country, such as Germany, you need to be aware of the available methods of transferring money from the United States to them. If they just lived in a different state within our country, you could simply send a personal check in the mail. But there are far too many differences between our banking system and Germany's to do so. Previously, you could send an international money order, but since the German post office does not accept these anymore, your options mainly involve the Internet.
The Evolving Money Transfer Business
Over the past five years, we have seen an average of about 10% annual growth in the money transfer market. In 2003, approximately $213 billion in international money transfers were sent. By the end of 2008, that number is expected to be well over $350 billion.
Money Transfers - What to Watch Out For
As we move further into the 21st century, technology is developing to the point that many new methods of sending money overseas are emerging. People in some countries are able to use their cell phones to carry out banking transactions, including money transfers. Almost anyone with an internet connection or a telephone line can now send money just about anywhere in the world without ever leaving the house.
Money Transfer to Brazil - A Grassroots Effort to Decrease the Poverty Levels
If you asked any financial expert about the importance of money transfer to Brazil as recently as a few years ago, the chances are that it was the last thing on their mind However, the level of migrant workers has dramatically increased in locations like Japan, Germany, and the United States
Sending Money Transfers With No Fees
Present day technology has presented us with various methods to transfer money in any part of the world. Speedy remittance is one of the features of these methods of money transfer. Using online money transfer methods you can transfer money at your convenience regardless of your schedules. You can send your money by online money orders, which is one of the most popular ways to remit money to different parts of the world. Money order online could be expensive if you are using it to transfer small amount of money. You should consider various factors such as the exchange rate, bank account availability, destination etc. before you opt for money order online. Whether you wire your money to Peru, Vietnam or any other country o ...
Find Out How Money Transfer Services Work
The term money transfer service refers to the ability to transfer money from one person (or institution) to another.
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FSA John Burns: We anticipate up to 120 UK payment institutions, the majority of which we would expect to be money transfer operators to be fully authorized
Online Money Transfer has made banking all the more easier.
Modern Day Banking has become extremely hectic with loads of transactions occurring at the same time across the globe. With financial regulations stepping up, there are businesses that require banking 24/7. With technology evolving on a regular basis, new concepts of banking are being introduced now and then. With the birth of the internet, all major transactions have become faster and secured. Ditto for mobile banking, banking has been at its convenient best. Gone are the days when you had to wait till the teller counted your number and you silently followed his instructions either to deposit an amount to or have a cheque encashed.
4 easy Steps to Choose the Best Money Transfer Service
Today the world has become a Global Village. With people staying abroad, investing abroad and working abroad, money transfer to foreign lands have become a regular routine. Huge amounts of money is sent overseas daily. Some transfer money to family, children, friends and some for investments and for their business needs.
Money Order Scams - Don't Get Fooled On Craigslist
Craigslist classified listings is a very handy method of selling anything you no longer need You can reach buyers in your own town and throughout the world
UK Residents Buying Property in Bulgaria Must Use Overseas Bank Transfer Services from 2010
Post Office Overseas Money Transfer service recommends UK property buyers research overseas money transfer options