Founded in 1987 in NewYork and owned by Euronet Worldwide, Ria Money Transfer stands among the largest money transferring companies in the world. It is used by millions of people worldwide and is available in more than 140 countries. Ria Money Transfer offers a variety of financial services including currency exchange, money transfer, check cashing, mobile phone refill, and bill payments.
One of the greatest perks of Ria is its wide availability. The company’s services are available in more than 300,000 locations throughout America, Asia, Africa, and Europe. They even operate in some areas that are usually hard to reach. Their money transfers are fast and more than often, money becomes available for the receiver to pick up the same day that it is sent. Though the speed of money transfer depends on several factors, Ria’s money transfer does not usually take more than 2 days. It is very easy to make a transfer through local agents and the process is simple and fast. Unlike many other money transfer services, Ria lets you send very small amounts that other services usually don’t allow. Users can choose to fund transfers through a bank account, credit card, debit card, or cash. Beware though that funding with a bank account can delay the transfer for up to 5 days. Although the company’s exchange rate is not the most competitive in the market, it does offer a fast, simple, and convenient service in return.
Despite the overall great features of Ria, there are certain drawbacks associated with this company. If you’re using their online portal to transfer funds, you can only send $2,999 in a single transaction. This limit can be increased though, by visiting a local agent and providing additional identification details. The company has a maximum transfer limit of $7,999 per month. The company’s exchange rates are not very impressive and at 1.5% to 2.5%, they are slightly below the mid-market range. Moreover, cash is the best option to fund your transfers because bank accounts take much extra time while funding with credit cards can cost you a much higher fee. Another problem with the company is that although you can receive funds in more than 140 countries, the same is not true for sending funds and there are limitations on the countries from which you can send funds.