Sending Money Across Borders

Two recent developments with financial services firms have created easier ways for people to send money to family and friends across borders as well as within U.S. borders.

One of those ways is by Internet. A new service offered through Wells Fargo allows two parties who already have accounts with Wells Fargo Bank to transfer funds directly between accounts in real time via the Web. The company is marketing the service as a way married couples that want to keep separate accounts can transfer household funds, students can get funds from parents and supporters, family members can send family members money across borders or couples can get wedding or other gift money from other family members.

U.S. Bank also announced expansion of its MoneyGram money transfer program to the Seattle and Twin Cities area. The service is already available in Chicago, Milwaukee, Madison, Los Angeles and San Diego. It allows people visiting one of 372 locations in those cities to send low-cost money transfers through the MoneyGram network. The bank says it has seen transfers to people in 63 countries since it began offering the service last June. Still, the bank said 45 percent of outbound transactions have gone to locations within the United States.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 11, 1/05