New International Cash Transfer Tool Provides Speed, Savings, and Security
Until now, sending money home has been a problem for immigrants. Instead of having to leave the home, go to a wire transfer agent or money order outlet, stand in line, and pay expensive fees, people can now transfer money to their relatives and friends instantly and easily.
Encinitas, CA October 7, 2004 -- Wilson Ramirez of Queens, New York could not believe his ears. His mother in the Dominican Republic had already received the money he sent her just a few minutes ago without having to leave her home! He had simply transferred money from his WMO Global One card to the card he had sent her, using the telephone, and her account was credited with the money almost immediately.
What used to be a time-consuming and expensive process has now become a matter of routine for many immigrants who send money to their loved ones overseas. Instead of having to leave the home, go to a wire transfer agent or money order outlet, stand in line, and pay expensive fees, people can now transfer money to their relatives and friends instantly and easily.
The WMO Global One card is a stored value card that offers the security of a PIN-based system. It can be purchased at retail outlets, over the phone or over the Internet. There is no qualifying required and no credit check simply a verification of identity is necessary. Because the card is not imprinted with any personal information, it is useless to identity thieves and can easily be replaced.
For the millions of people who send money abroad, this card is incredibly useful. A person in the U.S. can buy two cards, each with its own account. The purchaser keeps one card, and the second is sent to a family member or friend. Until the person receiving the card has activated it, it has no value. Once activated, money can be transferred from one account to the other in any denomination up to $2,500. The transfer can be made over the telephone or online via the Internet, and only costs $5.95.
Once the money is transferred usually within minutes the person receiving the funds can either use the card for purchases or access the funds through an ATM. Since the card is a MasterCard Maestro card, it is accepted at almost any ATM or point of purchase outlet in the world. When the money is spent or withdrawn, the exchange rate used is the same as that used for premium banking partners providing more purchasing power.
Until now, sending money home has been a problem for immigrants. First of all, they have to go to an agency or vendor to wire the funds carrying cash with them. Then they usually have to wait in a line and pay high fees to have the money transferred. Once transferred, the recipient has to wait for the funds to arrive, and then pick up the cash at their local agency. This can be inconvenient and even dangerous. Also, the exchange rate attached to the transfer is not always the best, leaving fewer discretionary funds available after the transfer.
Immigrants in the U.S. send literally billions of dollars home every year. The central bank of Mexico is projecting that the figure for 2004 will reach $16.4 billion for Mexico alone.
For people like Wilson Ramirez, the savings and security of providing for their families via this new service is a blessing. In an emergency, funds can be transferred almost instantly at any time of the day or night. And with the costs and inconvenience lower, the transfers can be made more frequently with less concern.
About WMO Global, Inc.
WMO Global, Inc. aspires to become the leading provider of prepaid stored value card and international money transfer services for the rapidly growing population of Latin Americans living within the United States of America. Stored value cards and related services represent one of the fastest growing market segments in consumer finance, and to date the Hispanic population has been underserved. The company can be reached at 888-284-8356 or online at http://www.wmoglobal.com.
Company Contact: Randy Hines
World Market One LLC
285 N. El Camino Real Suite 111
Encinitas CA 92024
e-mail protected from spam bots
Media Contact: Jay Goth
Practical Choice PR
30345 Colina Verde
Temecula CA 92592
951-704-6792 e-mail protected from spam bots
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