For millions of expats, sending money back home is one of the primary reasons why they’re away from home in the first place. There are various money transfer tools and services being used today. So which one is the right one for you? Here are some important things to remember when you send money to your loved ones.
Always send through legal channels
This is the most crucial point to keep in mind when it comes to international money transfers. Using formal remittance channels saves you the threat of money transfer frauds and high costs of remittances. Illegal channels of money transfer pose a serious threat to not just your money, but the economy of your country as a whole.
Look for the best option
Before you transfer money, it’s best to consider all options of sending money. If the money is needed urgently, you can send cash. You can also send money to a bank account using an international money transfer service or directly through your bank. Depending on where you’re sending money to, you can also pick services like mobile wallets, remits cards, etc. There are also mobile money apps through which you can send money on the go.
Keep track of changing exchange rates
A lot of service providers, including banks and wire agencies keep a margin on the exchange rate that they offer to a customer. Hence, it becomes imperative that you research the best exchange rate being offered, before you send money.
Consider the receiver’s convenience
Consider what’s the most convenient way for your beneficiary to receive money. If your receiver is not used to online or mobile money transfer, maybe an offline transfer service would be a better option. When sending money offline, always choose a dependable money transfer service like Xpress Money that has a wide network of over 200,000 cash pickup points worldwide and is easily accessible to your beneficiary.
Understand the cost of sending money
Sometimes, the service provider may charge a premium for an instant transfer or backend fees to your beneficiary while collecting the money, in addition to the processing fees that you have already paid while sending the money. Therefore, always read the fine print before you make a transaction.
Keeping these tips in mind while sending money abroad will help you get the most out of your hard earned money and keep your money safe in the process.