Is there a way to export transparent models?

I was wondering if there was a way to export a transparent model while keeping its transparency? If it is any help, only way I know how to make it transparent is by using the transparency option in the materials tab and bringing the alpha down. If there are any better ways to change transparency and to export feel free to explain :). Thanks ahead of time.

Your question is unclear - Do you want to render the object, if so, it depends on the engine. Set it up in blender render or Cycles in the materials tab. If you want to have it transparent in a game engine, its better to export the object and set the material there. You can paint transparency maps and use them to blend between transparent and opaque.