If you're someone who's still nervous about using internet technology to wire money, don't be. It's so simple, and extremely secure providing you follow a few simple guidelines, that you can move money from place to place, country to country, before the kettle's even had time to boil. Honestly, even sending money abroad has never been easier, cheaper, or faster, and the only major concern these days is whether the money transfer rate is favourable to either sender or receives at the time.

There is a huge amount of family faithful migrants from poorer countries working overseers in jobs which help them to support their families back home by sending much needed cash back. Through ignorance and lack of education, a lot of these migrants still send money home via the post which is just crazy. Sending money abroad, in this case from their host country to their country of residence, can be done quickly and safely online. Once taught, these basic computer skills, and a little understanding about the money transfer rate, will enable all migrants to better manage their contributions to family back home. But it's not only migrants who have problems with wiring money!

Ever heard the saying; A question is only easy if you know the answer? What about; A job is only easy if you know how to do it? There are many other such one-liners but the point is that wiring money locally and independently, or sending money abroad via your computer, is only easy if you're competent using a computer and the internet. Although most homes now usually have a PC and notebooks in the house, the level of computer literacy is phenomenal despite the widespread purchase. Think of it like this. How many homes would have 2 or 3 bicycles in the garage if no one could ride a bike! Sending money abroad and checking the money transfer rate online is simple, but needs learning. If wiring money is something you are likely to do from time to time, then it really is worth your while learning how to do this from the convenience of a home computer.

Those people who are sending money abroad for the first time and as a one-off, might not be too concerned about the money transfer rate, especially if the amount isn't that great. For the hundreds of thousands of people who are wiring money on a regular basis, or are looking to transfer a considerable sum, then the money transfer rate becomes far more of an issue. High street services such as Western Union offer a very fast and convenient service, but once again, this is not the best way to wire money if you're moving large amounts or doing it regularly. These services charge very high commissions when compared to internet transfers, but they are instant whereas sending money abroad using an online service can take anywhere between 5-10 working days, depending on a number of factors..

High Street services such as those offered by Western Union and MoneyGram are useful, and can be, and have been, a life saver for many a recipient over time, but if you're not in a mad rush and have time to plan ahead a little, these options are definitely not the best whether it's a national transfer or you're sending money abroad. The other downside to fast cash transfers is that you have little to no time for checking the money transfer rate, so you could lose on that as well as high transfer fees. The alternative online services really are the way to go if saving transaction fees are important to you.

Whether a sibling at college, a backpacker (often these types mismanage their finances!), or just someone who's lost their job, in other words, the recipients of those who are sending money abroad or locally, are the real ones who truly appreciate the speed and efficiency of services like Western Union. The ability to send cash instantly from a home PC or high street outlet, has, in some cases, literally been a lifesaver. Thank goodness for the wiring money services.

Moving Money 101

In the past, the only way to move money around was manually. Remember the days when Granny used to stick a bit of cash inside your birthday card and send it that way, even though the postal services advised against it? Even business transactions often concealed cash in the manual postal system. Today however, the movement of money is electronic, known as the 'wire'. All this means is that the cash is sent and received automatically by machines (computers), as opposed to physically delivered by man. It's faster, incredibly cheap, safer and more convenient.

The ABC's of a Wire Transfer

The Wire transfer is also referred to as a credit transfer which is basically an Electronic funds transfer (EFT). Physical cash is often used in high street transactions carried out by say Western Union. The sender hands over cash (or it can be credit card), and the receiver collects the cash at the other end. Wiring money via internet banking or other online financial services will not use physical cash as the transfer is usually from the account of one person to another.

Terminology: When you wire money, it's referred to as a wire transfer or a credit transfer. Don’t let the various terminologies confuse because they mean the same thing. It is without any question of doubt the fastest and safest way to move money from point A to point B. The sender could be an individual (you), or an institution. Whoever sends the money is called the entity. Most popular wires are done from bank to bank (personal internet banking option included). It can also be a cash transfer paid at a cash transfer outlet such as Western Union or MoneyGram. The latter 2 are can have your cash reach the recipient immediately, no matter where they are in the world, but they do charge more for this service.

Good News from Moneybookers - Wiring Money Just got Quicker

Moneybookers have recently announced that cash can be uploaded directly from your bank account instantly. Previously you had to wire (transfer) the money from Bank account to Moneybookers which could take between 4-5 working days. See, technology is there to make life easier, not harder, and wiring money has just gotten a whole lot quicker thanks to Moneybookers instant upload.

More Great News regarding Moneybookers: This is not official news from the company themselves, but we have noticed in the past 3 months that even the bank-to-Moneybookers transfer has speeded up. It always used to take around 4-5 working days but not the cash is getting received within 36 to 48 hours. Although this is not an officially released improvement from Moneybookers, it's obvious that in addition to their 'instant upload' service (working only with participating banks), they are now receiving funds in less than half the previous time. Wiring cash has just got faster and at no extra cost.

Moneybookers has a new name. It's called Skrill. It's the same great service and online features, but the name has changed. Currently, at the time of writing this update in December 2011; the new name and logo is sharing space with the old Moneybookers.