The online money transfer industry is huge and can only continue to grow in the future. Many of you will already have an account set up - those who don't should expect to register one in the near future as banking and finance becomes more electronically dominated.

Online money transfer services can serve a variety of purposes: sending money, receiving money, sending and receiving money, accepting credit card payments online, sending money via email and international wire transfers to name but a few.

Some customers may use money transfer services for many of these purposes, however, most will focus on only one or two.

For example, those who use money transfer for shopping online will mainly be sending money. Those who trade through online auctions will be sending and receiving.

This variety in purpose frequently results in people paying far more fees than they need to.

The fees charged by online money transfer services vary greatly - with some, it is free to send, others a fee of 5% applies. The same scenario applies to receiving money.

If you find yourself being charged fees on a frequent basis, switching to another service could save you alot of money. The best option is to have multiple accounts, and use different ones for different purposes.

In order to find out which services are most beneficial for you, visit whichmoneytransfer.com which reviews all the major services and compares the key aspects, including sending fees, receiving fees and average withdrawal times.

Signing up to a service is free and usually takes less than 5 minutes, therefore it is well worth taking the time to find the best deal.

If you are yet to sign up to an online money transfer service, start off on the right foot and find the service/services most suitable for your needs.