How to Choose the Best Way to Send Money to Family Back Home?
Thanks to internet penetration, it has become increasingly easy to join the global talent pool. The advantage is that one can pursue the career of their choice in a region that offers the most lucrative remuneration. However, relocating to another country comes with challenges, one of which is sending money to family back home. The good news is that the rapid digital adoption has put many options at our fingertips.
Whether you wish to transfer money to your own account in your home country or need to send cash or make a transfer to a family member, there are several ways to do so. But with so many options available, how do you choose the best international money transfer services?
Here are some parameters to consider before sending money to another country.
Cost is often the first consideration, especially if you wish to send a large amount or need to send money regularly. There are two main elements that make up the cost of transferring money. The first is a fixed fee or commission. As the name suggests, the fixed fee is a standard amount charged, while the commission is a percentage of the amount you wish to transfer. Not all providers of international money transfer services will charge you fee or commission. But some charge a substantial amount, and it is worth enquiring about these before you begin transferring funds.
The second element in the cost of transfer is the exchange rate. This can fluctuate often. It may be a good idea to keep an eye on the exchange rate if you transfer money regularly. You can also stay abreast of news and predictions, to decide which is the best time to make your transfer.
Not often, but some methods deduct money from the recipient too. This means that your beneficiary does not receive the complete amount you sent.
Enquire about all costs and make an informed decision.
Security is the biggest concern when sending money. Choose established, popular, and reliable providers of international money transfer services. You can choose a reputed exchange house or bank. You can also opt for service providers like Western Union, which have been around for decades. If you’re making an online transfer, ensure that you can track your transactions and get an alert when they money reaches its intended destination.
This becomes an even more important criterion when money is being sent for a purpose. This could be to make an EMI payment or to help a family member during an emergency. The speed of international money transfers varies depending on the service provider you choose. Some methods may take up to 5 business days.
Technology has offered us more convenient ways to transfer money internationally. You can make a transfer from the comfort of your home, even by using a debit or credit card. Also, you can decide whether you’d like your beneficiary to pick up cash from an agent or receive money directly in their bank account or even their e-wallet.
Many international money transfer services offer other financial products too. Digital banks, for instance, offer reward points, deals, and other benefits for using their services.
Apart from these parameters, great customer service and preference of your beneficiaries also matter. For example, your parents may prefer cash pickups from local agents, while your children’s tuition fees can be made with a bank transfer.