Sending more money at-least more than $10000? Yes, not a tough job. You can either choose to do one of the following,

1. Choose to send smaller amount of less than $2999 using different remittance service providers.
2. Choose to get a quote from one remittance service provider and make a deal for a better exchange rate.
3. Choose to transfer with Usforex or Transferwise as they have higher transfer limit comparing to other remittance service providers.

But in any case, when you do your first money transfer with any remittance service provider, they are going to ask you for a government ID to verify your identity. This is compulsory due to the federal and state regulations in the United States and hence it is important that you must verify your identity on your first transaction.

Below are some of the legal documents that most of the remittance service providers ask for.

Documents required to remit money from the United States

* Social Security Number (Mostly all of the providers wanted to know this)
* Driving license.
* Passport of your foreign country
* Pay stub if any.
* Bank statement for the account from where you want to send money.
* Valid reason for sending the money like mortgage, real estate, education and so on.

Some additional questions as denoted by other forums are:

– Occupation of the sender
– Relationship with the recipient

Sometimes they also wanted to know if the sender is sending on behalf of someone else.

Remitly is a mobile payments service that enables consumers to conveniently make person-to-person international money transfers from the United States. They are really user friendly and makes your routine transactions much easier. Their online service uses the latest technology and mobile devices to eliminate the forms, codes, agents, extra time, and fees tied to the traditional money transfer process.

Remitly is a licensed money transmitter currently operating in 47 states (including D.C.) and sending millions of dollars to thousands of customers each month.

Remitly is backed by DFJ, QED, Trilogy Partnership, DN Capital, Founders Co-Op, Bezos Expeditions, and TomorrowVentures. Remitly is headquartered in Seattle, WA with additional offices in the Philippines.

Do you need a government ID to send your money?

Yes. When you do your first money transfer with any remittance service provider like Remitly or Xoom, they are going to ask you for a government ID to verify your identity. This is compulsory due to the federal and state regulations and hence it is important that you must verify your identity on your first transaction.

Remittance is a process by which money is transferred by a foreign worker to an individual in his or her own country. The financial institution that supports sending the money to the home country from a foreign country is called as the Remittance Service Provider. It was accounted about more than 400 billion dollar was transferred to developing countries by means of remittance. China and India are considered the two top countries that receive most of the money in remittances.

You will find more statistics at Statista

Following are the top 4 countries that are the major sources of remittances:
– United States of America,
– Russia,
– Saudi Arabia,
– Switzerland.

Following are the top 10 countries that are the major recipients of remittances:
– India

– China

– Philippines

– France
– Mexico

– Nigeria
– Egypt
– Germany
– Pakistan

– Bangladesh

Sending money has been a greatest challenge as the final amount that reaches your country may vary a lot depending on three important factors namely, Rate, Fee and Time. These three factors could help you make certain decisions when you look for to send your money. The fourth factor that has to be considered is just “Luck”. Yes, for most of the customers who complain about their remittance service provider, it’s been a nightmare on why the delay happened just for them. Yes, it does happen and ultimately it’s not completely just on the remittance service provider but on the whole end to end process. The reason may be because of the following:

• Delay with Agents,
• Delay with receiving banks,
• Delay on acknowledgement from the receiving banks,
• Delay with processing by the remittance service provider.
• Last but not the least sometimes the time zones and the time at which you send your money also makes a difference.

Time vs Remittance Service Provider:

It is important to note that the transfer time varies a lot based on the remittance provider. This also depends upon the country to which the service is for. Some providers like Remitly, Xoom and RIA Money Transfer does support instant deposits to their major recipient countries that includes India, Mexico, Pakistan and Nigeria.

1. Money that have not delivered on time may become less useful later. So it is important that you plan it well in advance and be prepared.
2. Get the most out of the available favorable exchange rates.
3. Decide the timing at which you needed your money at the recipient, so that you can decide yourselves based on various remittance factors like Transfer Fee, Transfer Time and Transfer Rate.
4. If you feel you got enough time always wait and watch out for best offers from various remittance service providers.
5. Usually, the zero transfer fees are available with best exchange rates from service providers like Xoom, RIA Money Transfer and Remitly. But it also depends on the amount of money that you transfer. Usually transfers of more than 1000$ are free from these service providers.

Online money transfer services are really safe, fast and efficient. Physical checks are sometimes prone to be misused unlike the online money transfer system where your secure information is no longer persisted after your transfer. This also ensures the financial system that was used to transfer money is a verified authority from any banker in the country.

How to ensure your money transfer is safe in a public network?

Are you using your public network to transfer money? Just be aware that almost all of the remittance service providers are running with https with a Secure Socket Layer(SSL) that ensures the information transmitted over the network is safe and secure. But it is also important to note that you verify the trust certificate of the Remittance Service Provider before you start sending money with them.

The olden days of money order and postal checks are really gone. In today’s world money transfers within a financial system has become much faster than the transfers that are between two different financial system.

The general term used here is transferring money electronically.

Electronic transfers are fast and worry free. Each country follows a routine money transfer system when it happens between two financial systems. Some countries does it twice a day and some does it just once based on their locale and timing. Some terms like EFT (Electronic Funds Transfer) also refers to online money Transfer.

NEFT or National Electronic Funds Transfer have different timings followed within a financial institution and a centralised timing nationally and is mostly managed by centralised banks within a country.