The face of the money transfer market is rapidly evolving. Traditional channels are being quickly replaced by quicker, cheaper and more efficient channels which are revolutionising the way we send money elsewhere in the world today.
No longer do customers have to spend on expensive wire transfer and get short changed on currency conversions when transferring money outside the United Kingdom. This is possible with Money Transfer Cards. These money transfer cards are essentially prepaid credit cards that you can purchase and provide you with great alternatives to wire transfer and other models of money transfers. The simplicity of the entire process of sending money is so convenient for everyone who needs to send money to anyone across the globe. If you have family members travelling overseas or living overseas, using such Money Transfer cards makes it extremely easy for you to share travel money or remit money to them as additional funds for their everyday use.
Money share or money transfer prepaid credit cards are cards that are preloaded with money that you can use for your purchases. A lot of people now use these cards for shopping in actual stores and in online stores as well and these cards are usually MasterCard, Visa or Maestro branded and can hence be used anywhere in the world that accepts those brands.
While the traditional money transfer facilities are still reliable, using prepaid credit cards to share money and transfer money between friends and family has just increased the convenience and also the costs as opposed to the traditional channels.
How Money Transfer Cards Work
Well, this is fairly simple. Money transfer prepaid cards are usually available as a two pack or in some cases, you can apply for a primary card and then apply for up to 4 additional secondary cards and distribute to those additional cardholders. Some prepaid cards have a shared balance which means that as soon as you load your primary card, funds are available to be shared with the secondary cardholder. The other method is using a card to card transfer. In this case, the primary user would load funds on to their card and transfer a specific amount to the secondary cardholder. This can be done via the online card management facility or by using SMS account management messages. In most cases, the transfer and availability of funds is instant which means none of the form filling, hassle, time wastage or cost of traditional channels.
Getting a Money Transfer Card
Just like any other financial product, you would have to give your personal details to apply for a prepaid credit card that you intend to use for money transfers and sharing money. This typically includes providing proof of address and ID and your money transfer cards are on their way to you.
The added benefit of using prepaid credit cards as money transfer cards is that you do not need to have a good credit record to be eligible for one as there are no credit checks involved with getting a prepaid credit card. In most cases, subject to the above, there is guaranteed acceptance. The market for money transfer cards and prepaid cards in general is set to grow in 2011 and beyond and prepaid money transfer cards are surely the way for the future.