Money Transfer Services

ABSTRACT: Money transfer services have evolved through time. People were not satisfied by only making money. They were looking for a way to transfer this money to their intended places. Moreover, the increased number of immigrants created a need for transferring their remittance to their families. Money transfer services have evolved through time, starting from the using the post office ended with the most advanced technology just by click and send. Many immigrants have used informal ways to transfer their remittances, due to its cost and convenience. Recently, the regulation has increased due to the criminal operations. While others have used the formal ways such as banks, people have different needs and demands that can be satisfied according to their needs. These needs can be met by some factors such as cost, speed and security. These factors mainly have an important effect on the choice of the client. A survey in North Cyprus was conducted in the study among the different users of money transfer services. The users were from students, workers and some business. Different demands from different users have shown that the choice of the channel to transfer fund was affected by some factors such as cost, speed and security. Most clients used SWIFT to transfer their fund to its intended places due to its low cost and convenient according to all respondents of the survey. The results of the survey also indicate that different channels of money transfer services do not have an effect on the choice of clients. That means client’s choice of the channels used to transfer their fund is governed by their needs. Key words: Money transfer, remittances, formal transfer, informal transfer. ……………………………………………………………………………………………………………………………………………………………………………………………………………………