A money transfer is a payment order for a specific amount of money. You must pay the amount you want transferred before the money is sent. Processing and service fees apply; however, costs vary depending on the amount transferred. When picking up a money transfer, you must bring proof of I.D. This is done to ensure transfer funds are distributed to the right person. You'll need to complete some paperwork, but not a lot.
Money transfers provide the same conveniences as personal checks. However, they're not directly linked to a bank account. You can use them to pay a merchant or service company, pay credit card bills and repay loans. Some banks offer international money transfers; although, additional fees may apply.
To pick up a money transfer, visit a participating agent or bank with a valid form of I.D. Arrive on or after the pick-up date provided and fill out a receiver's form. Provide the agent with the transfer or control number provided to you by the person who sent you money. Show proof of identification. The most commonly accepted forms of I.D. include passport or national I.D. card, driver's license or state-issued I.D. card. Sign any additional forms or receipts and collect your money transfer.
If you do not have a transfer or control number, give the agent your first and last name as well as the name of the person who sent you money. The agent may be able to look you up in the system if you have proof of I.D. Provide the transfer amount and date of transfer if you have this information.
Lost Money Transfer
If a money transfer is not there when you arrive, check with the sender to see if she spelled your name incorrectly on her receipt. If she didn't, have her make the appropriate changes over the phone or on the Internet. Depending on the company, she'll need to provide a transfer control number along with your name, contact information, date of transfer and transfer amount.
Many agents pay funds using a money order. If you lose the money order, you may be able to pay a service fee to have it replaced. However, this service may only be available if the money order has not yet cleared. If the money order has cleared, the issuer may only agree to send you a copy of the cleared money order. Some agents will investigate claims of theft and refund the purchase amount. Rules and restrictions vary by agent.