When you want to send money to your home country, there are plenty of things to consider, for the best deal. Each remitter will have different needs based on where the money is going and to whom. Should you use a bank, a global money transfer operator (IMTOs), an exchange house, a corner shop or an online remittance player? When do you want the money to arrive? How would you like it to be received?
Getting value from a money transfer depends on factors like mode of money transfer and the destination country. Listed below are some of the ways you can make your money transfer work for you.
Counting the costs
The top consideration for most people is the cost of an international money transfer. Banks are often the default choice for those who don’t shop around. However bank-to-bank transfers are not the most affordable option nor are they the swiftest way to send money overseas.
According to the World Bank, the average quarterly remittance fee in 2018 hovered around 7 percent, while sub-Saharan Africa came in highest with an average annual fee of 9.11 percent. It definitely pays to do some research and compare prices. Most IMTO’s and exchange houses provide cost effective and compliant money transfer services. Xpress Money, one of the most dependable money transfer companies, meets global remittance demands through cost effective, secure and convenient methods of money transfer services.
Exchange rates are an unavoidable cost incurred while transferring money between countries. It would be advisable to be prudent of financial institutions who waive their commission. Making an informed choice will ensure that an intermediary does not take a hefty cut of your hard earned money. Xpress Money gives you low transfer fees with great exchange rates and the best part is that you can use Xpress Money’s currency calculator to assess the value of your money transfer.
The best way to get good value on your money transfer is to pick the most favourable moment to send money based on the exchange rate. This won’t work if you have to remit money at regular intervals, such as the beginning or end of every month. But if you have funds available at any time, and there is no pressure to send money home on a particular date, you can be more selective and send a lump sum when the exchange rate is in your favour.
Value versus price
It is important to remember that value is not just about how many, euros, shillings or rupees you end up with after you’ve paid all the fees and made the transfer. Cheap is not necessarily the same as good. Overall value means choosing a money transfer organisation that meets all your needs and combines cost efficiency with service excellence.
This is where Xpress Money scores well. Not only do you get competitive exchange rates, your cash transfers will be instant and you can choose what works best for you and your beneficiary, from various money transfer methods. The wide gamut of options allows you to send money to a bank account, a mobile wallet or to an Xpress Money agent, where it can be picked up in cash. With more than 160,000 agent locations worldwide, there’s always a convenient location somewhere nearby where your loved one can collect the money. The cherry on the cake is the assured security that ensures you can track the money transfer every step of the way.
True value is a question of performance as well as price. In addition to competitive rates, a good money transfer organisation will provide speed, flexibility and reliability, all rolled into one. If you seek value in your money transfers, Xpress Money is where you search comes to an end.