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When people need to move money quickly, money transfer services are the go-to resource. The ease of access makes the top money transfer business stocks something to pay close attention to if you watch the market. Many forecasters feel that these companies will only increase in value as more people turn to their services to complete financial transactions quickly and safely.
Money transfer systems are a no risk way to guarantee the transfer of funds from one person to another. People use money transfer services often; they are profitable, and there is little overhead. These three factors alone are a great formula for investors.
History of Money Transfer Services
In the past only a handful of money transfer companies were available, and the fees to use them were astronomical. Also, wiring money overseas was very challenging. Typically the payor had to physically go to the money transfer service office to make the transfer occur. The entire process was a giant waste of time for everyone.
But despite the headache involved in the process, quick money transfers were, and still are, necessary when an emergency arises. Sometimes, you have to get cash to friends and family in need. And when you have to do it quickly, you need a reliable and trustworthy service to handle the process.
Based on their reputation, the following money transfer services are worthy of your consideration if you are thinking about investing in a money transfer stock.
Popular Money Transfer Companies
Western Union (WU) began way back in 1851. It was originally called “New York and Mississippi Valley Printing Telegraph Company.” Today, the company’s most popular services are prepaid cards, money transfers, and bill payments. However, Western Union also offers many other services.
Western Union makes it possible to send money to anyone, anywhere in just a few minutes. Just keep in mind the faster the service you need, the more it will cost you. Western Union has recently expanded. It just partnered with Check Into Cash to offer more options and services for customers. To explore some of many new programs offered now that these companies have combine, try a Check into Cash locator and stop in and explore the different services.
PayPal was created in 1998 and was acquired by eBay in 2002. This service can be used to make purchases or to process funds for items that are sold on eBay. PayPal can also be used to transfer funds between family and friends. The bonus of the “Family and Friends” feature is that it is free.
PayPal is also a great tool to use if you want to hide your credit card information behind an additional layer of security. With PayPal, you can make a purchase using your credit card without divulging your credit card information.
PayPal customers in the United States benefit from some of PayPal’s additional convenient features. PayPal issues cards to patrons, and the cards allow consumers to access funds from the PayPal account that is attached to the card.
Today PayPal is the biggest online payment system in the world. What makes it a great investment is there are no physical locations, so the company has little overhead.
Wal-Mart (WMT). Wal-Mart offers a service where money can be transferred from one Wal-Mart location to another for a fee of $4.50. Wal-Mart uses MoneyGram and Ria to transfer funds between stores. You can also send the funds to a MoneyGram location for $4.75. This service can be accessed online or in your local Wal-Mart store.
There are a few stipulations and rules that govern WMT. First off, limits of daily transfers are $2,999 per day. And, most transfers take one day to complete. Faster turnaround is possible, but like everything that is convenient, it comes at a higher price.
With over 320,000 locations in 200 countries, transfers take about 10 minutes, which can easily be spent perusing the shelves of your local Wal-Mart. Convenience and simplicity make WMT a great investment to consider.
Ria, a wholly owned subsidiary of Euronet Worldwide, Inc. (EEFT), began in 1987 in New York City. It was initially created to provide immigrants with a means to send money to their native countries. Now with over 240,000 locations in 130 countries, it is possible to send up to $2,999 online or $999 from a 7-Eleven store.
Xoom (XOOM) is a San Francisco-based company that was created in 2001. Xoom is a bit different than its competitors. It’s the digital world’s answer to money transfers. Xoom can be accessed via a mobile app, or it can be used on a desktop computer. There are no physical locations, but there are many cooperating banks and retailers that will deliver the transferred funds to the recipient.
The Future is Bright for Money Transfer Services
Money transfer services are gaining popularity, and they are here to stay. As technology continues to evolve, the ease of moving money becomes a lot simpler, and ease of use is a major factor in viability.
The security and regulations surrounding money transfers services make them safe to not only use but to invest in as well. Also, today’s money transfer services are also a lot simpler than those of the past. People can easily send money from the comfort of their home. Any business that offers fast convenient and reliable services is a safe investment.