Six Tips to Send Money Abroad to your Family
It is very easy to transfer money abroad in today’s times of online cash transfers. You can send money from any place in the world to your native country or to your friends and family staying in any corner of the world either as a gift or for helping them. Here are six tips to transfer money easily to any place in the world.
1. Bank Transfer
You can transfer money from your bank account to an overseas bank account. However, you need to be aware of the charges and costs of such money transfers through the bank (can be expensive!). Banks usually offer to transfer money at uncompetitive exchange rates but the positive side is that the money gets transferred fast. In this process, you need to provide all the details of the recipient and his or her bank account. Banks also ask International Bank Account Number IBAN of the recipient’s and your own account. You can simply go to the bank and ask for guidance regarding international money transfer. You just need to have all the details and the transfer will be done within a short time. It is necessary for the recipient to have a bank account in this case for the transfer to take place.
2. Online Money Transfer
Some banks offer online banking services for international money transfers too so that you can sit at home and send the money through your online account. For this you just need to open your online account and choose international money transfer. The same exchange rates and transfer charges will be applied but the process of transfer will speed up. This process is the same as that of domestic online money transfers so you should not face any problems if you regularly use net banking to pay bills.
3. Use a Mobile Application to Send Money
Thanks to your mobile phone, you can use mobile application too. Mobile apps have the best exchange rates and are an easier option than the banks. You do not need to go anywhere to get your money transferred. You can set up an account with such remittance provider by simply downloading the app from the Play or App stores. Then you need to choose the country that you want to send the money to. The beneficiary’s account number and his or her details need to be provided including address and phone number for contact. The amount to be transferred from your account has to be mentioned and you have to select transfer. The money will be transferred within three business days. For example, bux is a mobile payment application making life easy for the thousands of workers across the globe.
The app means you can send money back home to your family without hassle, all through the convenience of your smartphone or mobile device. Best of all, bux is one of the cheapest way to send money home and the most convenient.
These remittance companies work in cooperation with banks and financial institutions which is why they offer cash deposit and pickup options. If you want to deposit money in your account, the money can be collected from your home by a bank official and deposited in your account and the remittance company asks the bank to transfer the amount specified by you to the recipient’s account. The recipient gets the option of collecting the money from any associated bank and financial institution in his or her city if his or her bank is situated at a distance. The transfer is free if you can wait for three business days. However, an express transfer will cost you a small amount.
If you have a PayPal account and so does the person to whom you wish to send the money, the international money transfer can be done in seconds without any fee charged. Digital money is now accepted for most transactions. However, if the beneficiary wants to encash the amount, a fee is charged and there are also exchange rate charges if the currency used is different. You just need to download the PayPal app and add money from your bank account to the PayPal account. After that, you can transfer money to anybody in the world who has a PayPal account.
5. Traditional Remittance Company
There are also traditional remittance companies, who are approved by the national financial service regulators of most of the countries. These companies charge a flat rate for the transfer which varies according to the speed of the transfer, location of the recipient and the amount of money being transferred. Along with this, exchange rates are also levied which are not very competitive and become hidden charges because you are not aware of them. However, these services are very convenient and reliable as they are present in most of the countries in the world. There is no need to open an account for transfer and the money is transferred immediately. A reference ID is given which the recipient has to show at the other branch after which he or she is handed the money.
6. Foreign Exchange Brokers
If you want to send a large sum of money overseas, then the foreign exchange broker can offer you the best exchange rates. The fee for making the transfer is very low. The money gets transferred within a day into the recipient’s account. This option is good if you want to make occasional transfers. However, for regular transfers, it is better to choose banks or money transfer firms which are approved by the Financial Services Compensation scheme.
There are many other options like bank drafts, personal checks, money orders, cashier’s checks through which you can send money abroad. The domestic helper community is very important and if your family stays in Philippines or Indonesia, then too you can use these methods to send money. All the methods mentioned above are good options for making overseas transactions. They only differ in speed and the charges levied. To compare and find out the best method, you should just check the final amount that will come into the hand of the recipient. You should choose the method which suits you best and is the most convenient.