There are three main methods you can use to transfer money overseas. money orders, bank transfers and cash transfers. By far the most convenient way to transfer money these days is to do a cash transfer through a specialist money transfer company. These companies can quickly and efficiently transfer your money. Whilst it is probably advisable to transfer very large amounts of money via a bank transfer for security reasons the specialist money transfer companies are likely to be your most convenient option.

Here is an outline of how much it will cost you to transfer your money via the most well known money transfer companies. The fees shown are based on a $300 transfer from New York to the Philippines:

One of the leading companies in this field are undoubtedly WesternUnion. They boast a vast network of agent locations throughout over 200 countries with agents in 245,000 locations internationally and generate over $4 billion/year.

WesternUnion fee: $16

Next up are MoneyGram, they have more than 125,000 locations internationally. They are able to have your money transferred from abroad to directly into a US bank account and also to they can pay your utility bills too.

MoneyGram fee: $9.99

Thirdly is a fast expanding company called Xoom. This company offers very competitive fees and offers. Payments can be made with them via Paypal, from your debit card or any major credit card. The set-up procedure isn't immediate as in the case of other companies and currently they operate in only thirty countries. Check the following list to see if you are able to utilise their services:

Argentina, Australia, Bangladesh, Brazil, Bolivia, Canada, Colombia, Chile, Dominican Republic, Ecuador, El Salvador, Germany, Guatemala, Honduras, India, Jamaica, Mexico, Morocco, Nepal, Nicaragua, Panama, Paraguay, Philippines, Peru, Poland, Sri Lanka, United States, Uruguay, United Kingdom, and Vietnam.

Xoom fee: $14, however you can choose their value service for just $7.00. This service takes 4 days. They are also able to arrange for the cash to be physically taken to an address.

Other options include Paypal, however it can be quite difficult to actually get money from the Paypal account as an international user, make sure you know exactly how you are going to download the money to your local bank account before having money sent in this way. it can be impossible to access it in certain countries.(cross border payments)

So, there we have a few of the main options outlined and here are a few extra tips for you to consider when making a money transfer:

1) Check and double check the exchange rate you are being given to make sure you are getting a fair deal. Compare the price online and in the national newspapers. This is where many people lose money!

2) Think ahead. It maybe that you can save money by performing a delayed transaction which is performed over a few days, such as the type of transfer Xoom offer detailed above.

3) Shop around. Nowadays there are so many companies offering this type of service that there are always promotions going on so you might as well make use of them.

4) Look after yourself. Keep hold of all receipts and so on in case their is ever a problem that you need sorting out. The receipts are your proof that you made the transfer, if you don't keep them then good luck!

With the above points in mind you should be able to complete a convenient, hassle free and efficient money transfer without too many difficulties.