Each year, billions of dollars are listed as remittances worldwide. With so many selections available, it is very important to make the ideal choice to avoid paying an exorbitant fee to transfer money. Understanding each of them can help us in sending money in the most optimal method.
1. Mode of Transfer
There are a couple of aspects while deciding upon a mode of money transfer. They are:

Taking all of the above into consideration, one can choose a medium that best suits him/her.
Cash Transfer
One of the earliest methods of sending money, a cash transfer is a very simple procedure of sending cash by means of a money transferrer. The recipient can collect the money or have it delivered by the money transferrer.
Bank Transfer
Today, several money transferrers have tied up to many leading international banks to enable their customers to make a bank transfer. By means of this service, one can transfer money to the receiver's bank account.
Online Money Transfer
Most portals have the facility to remit the money to a bank account/ credit card /cash payout.
Mobile Money Transfer
This system of money transfer is ideal for those who have limited access to banks and transfer agents. Through this technique, money can be transmitted to a recipient's cell phone or mobile wallet. This is commonly used in many countries in the African continent. A number of the other nations that have this facility are Bangladesh, Kenya, India and Philippines.
2. Cost of Transfer
The expense of sending money will depend on the exchange rates, mode of transfer (cash, bank, online), the commission charges imposed from the remittance dwelling etc.. And they will vary based upon the service provider's network and the other value added services offered. Simply put, at the end of the transaction, calculating how much of money the recipient receives will provide an idea of the price of transaction. While availing a particular type of money transfer service, one should be well informed about the below: