[70043,2357] Steve Carter/MA Lib: 6 MONEY.TXT Text, Bytes: 5882, Count: 528, 25-Aug-93(13-Mar-95) Title : Alternatives for Sending Funds to Other Countries Keywords: MONEY CURRENCY STAMP EXCHANGE FEE FUNDS RUESCH This is an updated version of the text file describing the alternative methods for sending currency between countries. It also describes methods for acquiring mint postage stamps for other countries, which can be used for SASE's or payment of small fees. Anyone who needs to send relatively small amounts of funds to pay fees for certificates, searches, postage, etc. will find this information useful. Uploaded by Steve Carter. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ -- Sending Currency Between Countries -- A number of messages in this forum have dealt with the best way to send small amounts of currency between countries (primarily from the U.S. to other countries). This is an issue because the sums needed for genealogical activities such as copies of certificates are too small to use normal channels (banks, etc.). Many banks or credit card agencies charge a minimum of $15.00 for sending cash abroad, although the credit card company may not charge a premium for purchases made in a foreign currency. In many cases, such a service fee is larger than the sum being sent. I thought it might be helpful to summarize the available information about this process for general reference. In the U.S., I have found two methods for sending small amounts of cash to other countries. One is the U.S. Postal Service International Money Order. The other is a bank draft from Ruesch International Financial Services. Both are described. -- U.S. Postal Service -- The U.S. Postal Service will send cash to certain countries. Many countries are excluded from this service: Australia and all of Africa, for example. It will be worthwhile calling a larger metropolitan post office to determine whether a particular country will accept USPS money orders. The process is this: the purchaser goes to a Post Office and asks to purchase an international money order. If that office has any in stock (many smaller offices don't stock these), the purchaser will pay the amount of the money order in U.S. dollars, plus a $3.00 service charge. It is not possible to determine the exchange rate, so it is not possible to have the money order for a precise amount of the foreign currency. The purchaser must look up the exchange rate and calculate the approximate amount of U.S. dollars to achieve the correct amount of the foreign currency. The international money order the purchaser receives from the local post office is not, in fact, the money order. It is an application for a money order, which is then completed with payee information and mailed to St. Louis, MO for processing. Anywhere from three to eight weeks later, the actual money order will arrive at the payee's door, with the amount determined by the exchange rate at the time the money order was processed in St. Louis. -- Ruesch International -- An alternative source is Ruesch International Financial Services, based in Washington, DC. They also have offices in Zurich, New York, Los Angeles, Chicago, Atlanta, and Boston. The process is this: The purchaser calls 1-800-424-2923 between the hours of 9AM and 5PM ET, and asks for the International Division. The purchaser then states that s/he has a personal order, and specifies the currency, amount, payee and any reference information that should appear on the bank draft. Ruesch announces the current exchange rate for that currency, and quotes the amount in U.S. dollars, including a $2.00 service charge. The purchaser is given a confirmation or reference number, which is to be written on the purchaser's check. The purchaser then sends the check to Ruesch at: Ruesch International 700 Eleventh Street, NW Washington, DC 20001-4507 About one week later, the bank draft arrives in the purchaser's mail, to be forwarded to the payee by the purchaser. If the purchaser lives in one of the cities with a Ruesch office, and is in a hurry, the bank draft can be picked up at the local Ruesch office. Ruesch will also send a free foreign currency guide and a brochure describing their other services if you send them a #10 self addressed, stamped envelope. The currency guide provides the exchange rate between two dozen different currencies and the US dollar, as of the date the guide was printed. The guide also shows times relative to New York for each of the 24 countries, summarizes currency import/export regulations for the countries, and offers some other handy information about tipping conventions and international weights and measures. Ruesch also offers other currency-related services--foreign currency travelers cheques, foreign banknotes, US dollar travelers cheques, and VAT refunds--all at reasonable rates. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Steve Carter 167 Lowell Street Reading, MA 01867-2133 /endoffile