Money transfer systems are designed to facilitate the process of transferring money from the sender to the recipient as much as possible. To send funds, you do not need to know any details, except for the last name, first name, patronymic of the recipient and his date of birth.
How to send a transfer if the recipient does not have a bank account
Sometimes it is necessary to send money to a person with whom there is no way to meet and who does not have a bank account. In this case, money transfer systems come to the rescue, which have actively proven their reliability, simplicity and speed.
Such systems usually operate with a bank. That is, they officially license their "point" in one or another branch of any bank, after which they add it to their list (available for everyone to see). The agent bank is provided with a complex of computer programs through which employees can make transfers within the system network.
How the translation is made
From the client's point of view, the entire process of transferring funds is very transparent. A person turns to the agent bank of the money transfer system, expresses a desire to transfer money. Moreover, the sending client is not even required to provide a passport, the manager enters the information of the last name, first name and patronymic from the words of the applicant. Then the department (bank-agent, location address) is specified, where it is supposed to receive funds. Also, from the words of the client, information about the recipient is entered (usually this is the last name, first name, patronymic, and date of birth). After that, cash is accepted, and the transfer is recorded in the system (it is assigned a serial number) and sent. The number is communicated to the sender.
The person must transfer the transfer number, amount and address of the agent bank (where the transfer is sent) to the payee. During the day (and more often within a couple of hours), it is already possible to receive money. To do this, you need to go to the specified address, name the transfer number, amount and provide a passport to confirm your identity. If the transfer number and its amount, as well as the recipient's identity, are visually checked by the manager issuing the transfer, then the client immediately receives his funds.
Bank fees and money transfer systems
Of course, neither the agent bank nor the transfer system will work for free. The sender for the services rendered in excess of the amount sent will pay a commission for the service of the transfer. This commission is assigned individually in each money transfer system (usually it varies from 0.5% to 10% of the amount sent. And sometimes it is limited to the minimum amount of commission for one transfer). The bank and the system share the commission among themselves in a certain percentage.
Money transfer systems are an incredibly convenient and fast way to send funds over long distances.
