Date Posted: 14/09/2020
There are a lot of ways to send money to your family. I know this can be a problem, especially if you are working in another country and want to send them some financial help. You do not have to worry because this blog will teach you different ways to do that and how easy it is to transfer money regardless of where you are in the world.
Online Money Transfer
This is popular because it’s also simple and hassle-free. You can do this sitting at home by pressing the send button on your account. Voila! Your money is sent.
For this one, you have to open your online account and then choose international money transfer.
The exchange rates might be the same, but transfer charges can still apply. It’s almost the same process as domestic online transfers, so you won’t face any problems.
Bank transfers from your bank account to a bank account outside of the country is possible, but it can have many charges. Some banks transfer money in an uncompetitive exchange rate. The good thing about it is that money can be transferred fast. You can use this if there’s an emergency or last-minute thing you have to do for your family.
What you will do is to provide all the details of the recipient as well as your account. Some banks also ask for the International Bank Account Number (IBAN) off both of you and the recipient’s bank account. You need to go to the bank and ask for help regarding international money transfer.
Make sure you have the details, and it’s going to be easy and fast to transfer. Take note that the recipient needs to have their bank account for the transfer to be successful.
Everything is accessible right now because you’ll do money transfer on mobile phones in mobile phones. When you have a mobile app, you do not need to go out or go to the bank to transfer your money.
You can set up an account with a remittance provider by downloading the app from the App Store or Google Play. After that, choose the country that you want to send the money. You should know the receiver’s account number as well as address and their phone number.
Indicate the amount you will transfer and then select transfer. Usually, the money will be sent for three business days. One example of a mobile payment application is TNG, which thousands of workers use across the globe. Another example is Bux, which you can use just for a cheap amount to send money to your family.
PayPal is a popular means of sending money. It’ll be great if you and the person you’ll be sending the money to have an account with Paypal. The funds can be transferred in seconds without any charge. However, there would be a transaction charge if the recipient decides to encash the amount. You can access PayPal through its website, or you can also download the app. Afterwards, you can transfer money to anybody in the world who has a PayPal account.
Foreign Exchange Brokers
If you plan to send a large amount of money, then going to a foreign exchange broker should be your top choice because they offer the best exchange rates. The fee is usually low. At the same time, the money is transferred within the day into the beneficiary’s account. This option is useful when you make these occasional transfers. For regular transfers, it is more advisable to choose banks or money transfers that are approved by the Financial Services Compensation Scheme.
Traditional Remittance Company
These are traditional remittance companies that are approved by financial service regulators. They charge a flat rate for the transfer, which also varies on how fast you want your transfer to be, the recipient’s location, and the amount of money you would like to send. This service is usually convenient and reliable since most counties have this. But be aware of hidden charges. You don’t need to open an account to proceed with this.
Other options available are bank drafts, money orders, personal checks, cashier’s checks that allows you to send money abroad. All the ways indicated above are good options to do money transactions oversees. What changes are just the transaction charges but rest assured they are reliable.