Remittance Tips: 5 Important Factors to consider before Sending Money to your loved ones
As an expat living away from your country of origin, there will be occasions when you have to send money home. Be it to meet regular financial commitments or for a special occasion, a dire emergency or towards building a savings pool, money transfers happen for a variety of reasons. Whether you are a regular sender of money transfers or only an infrequent one, here are a few tips that you should keep in mind every time you carry out an international money transfer.
Keep an eye on the exchange rate
A lot of service providers, including banks and wire agencies keep a margin on the exchange rate that they offer a customer. Hence, it becomes imperative that you research the best exchange rate being offered, before you send money abroad. It’s also not a bad idea to time your transfer in such a way that it coincides with an exchange rate that’s better for you.
Know the options on hand
Before you send money abroad, it is a good practice to see what options are available to you for money transfer. Would it be more beneficial for you to send money via a bank, or through an international money transfer service or would an online money transfer benefit you more? There are options galore, make sure you weigh them beforehand.
Make it convenient for your receiver
The convenience of both the sender and receiver should be kept in mind while transferring money. If your receiver is not used to online money transfer, maybe an offline transfer service would work better for them. If going for the latter, always choose a dependable money transfer service that has a wide network and easy accessibility for your beneficiary to pick up the money from.
Double check the details
Check that you have given the correct details of both you and the receiver before your money is sent out. Also ensure that your receiver carries the valid documentation when they go to pick up the money.
Know what you are paying for
Another cost to bear in mind when sending remittances is the transfer fee, which is essentially a processing fee charged by the service provider for helping you do a transfer. Sometimes, service providers charge a premium for a instant money transfer Always check the finer print before you make the transaction.
Keeping in mind the above points, you can send money effectively and be assured of the security and convenience of your loved ones.