Are you an expatriate and looking to send money to your family living abroad? Feeling unsure what you need to consider and what not? Most expatriates, especially those who move abroad for the first time, often feel so… If you are one of them, don’t fret anymore!
In this informative blog post below, we’re going to shed light on some of the most crucial factors to consider when sending money across borders.
Currency Exchange Rates
As an expatriate, you should find out the current exchange rates that significantly contribute to the amount you want to send internationally. Be aware that currency exchange rates can fluctuate, potentially affecting the final amount your recipient receives.
For instance, a money transfer to Philippines or any other country necessitates you to look for companies that offer competitive exchange rates. What’s more, it’s essential to enquire about hidden costs to know how they impact the final transfer amount.
Some companies may charge a percentage of the transfer amount as a service fee. The amount you want to transfer to your homeland factors in these hidden costs associated with currency exchange rates.
A Safe & Secure Money Transfer Method
No matter if you intend to use a bank or a reliable and accredited money transfer services provider, be wise to double-check their authenticity and security dynamics upon online money transfers.
Assuring yourself about the safety and security benefits a money transfer service provider offers can go a long way in sending money abroad regularly. You can also feel relaxed and worry-free to know the amount has been transacted to your family more safely and securely.
Convenience of the Recipient:
Sometimes, the recipients are unaware of the convenient payment methods available. Most of the time, they are also unaware of sending and receiving money online, so it’s best to make an offline transfer.
All you need to do is find the most trusted person who can send the amount to your recipient manually. But if your beneficiary prefers to receive money online, the options are endless. You must opt for the safest money transfer option and proceed with the transaction from the comfort of your location.
Transfer Charges
This factor also holds great significance if you send money to your loved ones abroad most often. Service charges can make or break your decision to make transactions internationally. You must be familiar with the service charges you need to pay when sending money back home.
If you are sending a large amount overseas at once, it will contribute to your service charges accordingly. So, it’s advisable to search for a company that offers flat charges, which means you pay the same fee regardless of the amount you intend to transfer. This can be beneficial when sending large sums, as it ensures you don’t pay a higher percentage in fees.
Time of Delivery
Time matters most when an expat needs to send money to their loved ones abroad. Mostly, money transactions are made in fixed durations. If you want to save more time, you must know the costs and charges that you need to pay to your bank or money transfer service provider.
Doing extensive research on all the aspects of sending money overseas in advance will save you more time and last-minute inconveniences.
