This increasingly popular mode of moving funds works in much the same way that a regular money transfer does, with the main and most obvious difference being that all or part of the transaction is done directly via the Internet.

A big advantage of an Internet money transfer, over the typical transfer done via remittance companies and some financial institutions is that of convenience for the sender and receiver.

For the sender, it may mean not having to join a long line in order to make the transfer; instead it can be done from a computer with just a few mouse clicks.

The receiver can also enjoy the convenience of an Internet transaction that doesn't necessarily require visiting a location or joining or line. Even if they have no computer, credit card or bank account, customers can still easily receive an Internet money transfer.

In recent times, three main players have made their presence felt in the Internet money transfer to Jamaica market - CaribPay, Xoom and Senvia. CaribPay was launched in June this year and offers money transfers between North America, the United Kingdom and Jamaica.

Senders can set up and fund their CaribPay accounts in a number of ways including transfers from prepaid TreasureCards, from credit cards or debit cards, or directly from a U.S. bank account (see www.go-jamaica.com for more information).

Recipients can set up their own CaribPay account to receive transfers. Even Jamaican customers without Internet access can still receive transfers via their own CaribPay MasterCard.

Money transfer via the Internet is a very convenient service, and in most cases it is a lot cheaper than the traditional and currently more popular money transfer services offered in Jamaica. Have your overseas senders investigate some of these -online options to see which may save them and you the most, and offer the greatest convenience.

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