Holidays may be a great time to unwind and celebrate, but they can also put a strain on your finances. Financial transactions can take a bit longer during holidays. Usually, this isn’t a problem because you can use debit and credit cards, check your balance online, and withdraw cash from an ATM.
On the other hand, unexpected, significant life events can cause enormous headaches when they coincide with bank holidays. If you need to send a substantial sum of money for an emergency, you should look for another option.
In this circumstance, there are several online remittance options. We’ve compiled a list of some of the most prominent ones here below.
PayPal
PayPal is a cost-effective way to transfer funds. It allows individuals and businesses to send money electronically from one PayPal account to another. It should be free to send money through PayPal, but it isn’t. A cash payment fee will be applied to both the sender and the recipient.
As the transfer volume moves beyond a certain limit, the fees start to go up as well. Plus, there are extra fees for sending money to friends or family members using cash from a bank account. International transaction fees are around 1% higher, and you must account for the conversion rate when sending money in another currency.
Remitly
Another quick and easy money transfer method is Remitly. It charges fair fees and provides competitive exchange rates. Remitly accepts credit and debit cards, and their fast service allows you to send money in minutes.
Because there’s no minimum transfer limit, Remitly is ideal for sending small amounts to family or acquaintances in other countries. However, when it comes to fees, Remitly isn’t entirely truthful. More than a third of their fees are hidden in the exchange rate markups. Furthermore, Remitly’s out-of-date website structure makes sign-up a bit complicated.
Western Union & MoneyGram
Western Union and MoneyGram are similar firms that provide easy money transfer services to other cities, states, or countries. They charge a predetermined fee for the transfer, determined by the transfer’s speed, the recipient’s location, and the amount being sent. When transferring money overseas or internationally, you must consider the currency rate and any additional expenses.
When sending money internationally, these transfer firms don’t always provide a competitive exchange rate and charge hidden fees. However, convenience is among the significant benefits of these services.
TransferGo
TransferGo has a considerable customer base because of its low rates and fees. TransferGo provides a fast service enabling consumers to transfer money in a matter of hours, but it comes at a high cost. Customers must pay additional fees when using debit or credit cards.
One of TransferGo’s most significant drawbacks is that customers may only receive money through a bank deposit.
Furthermore, many customers are unsatisfied with the lack of high-quality customer service on weekends and during non-working hours.
TransferWise
TransferWise has become one of the most popular ways to transfer funds worldwide. To assist in modernizing the international money transfer business, this service provider has local bank accounts in different countries. TransferWise sets itself apart by allowing transactions at the current market exchange rate.
Lycaremit
Lycaremit is among the leading remittance companies, having clients from all around the world. Lycaremit is a popular choice because of its cost-effectiveness. Lycaremit customers may send/receive money to major and exotic places in as little as 48 hours.
Another essential feature of Lycaremit is that clients may reach out to customer service at any time, seven days a week, helping them deal with any potential delays. Furthermore, all transactions on Lycaremit are entirely safe and secure.
Bottom Line
There are several international remittance providers, each with its own set of advantages and drawbacks. Some companies have reasonable rates and fees, but they aren’t transparent. Take your time and search the internet for the most up-to-date rates. Ensure you’re not giving your money away.
You’ll need a company that provides mid-market exchange rates, reasonable fees, and support for a vast number of countries and payment methods, as well as 24-hour customer service.
Fortunately, you won’t have to look that far since Lycaremit provides all of these benefits. Hence, don’t hesitate and register with us.
