A payment service where, without opening payment accounts in the name of the payer or beneficiary, cash is received from a payer for the sole purpose of transferring the corresponding amount to a beneficiary or to another payment service provider acting on behalf of the payee and / or where the funds are received on behalf of the beneficiary and made available to the beneficiary;
How does that work in practice?
You go to a money transaction office of your choice to send money to a person abroad. You have the following data and documents with you:
- A valid ID.
- Your own name and address.
- The name and address details of the recipient.
- Information about the origin of the money.
- Information about how the money is spent.
- Information about your relationship with the recipient.
- The amount you want to send.
(It is possible that the employee of a money transaction office asks for supporting documents or additional information.) After you have provided all requested information and this has been checked by the employee, the employee will provide you with information about the amount that will be paid out, the currency and the rate in which it is paid out and the costs of the money transfer. The transaction will then be executed and you will receive the information you need to provide to the recipient so that he can collect the money abroad.
When receiving money sent to you from abroad, you must also provide the above information. You also need the details of the transaction, which must be paid out.
Advantages of a money transfer
The benefits of money transfers are:
• It's fast!
• It is reliable!
• The costs are transparent!
• Money transfers are available worldwide!