Sending & Receiving Money From Abroad: Beneficial Tips

Let’s imagine you want to transfer money to a loved one, a friend, your spouse, your children, or other relatives in another country. They don’t have a bank account, which is a problem. Traditional bank-to-bank and wire transactions are therefore out of the question. 

So, how are they going to get the money? The role of international online money transfer providers become prominent in this situation. Although many remittance companies are available, each with its unique pros and cons, you need to filter and choose an optimal one. In this article, we’ll provide you with some valuable tips to find the best money transfer  provider.

Photo by Karolina Grabowska from Pexels

Avoid Banks

Online money transfers have become extremely popular and convenient, hence there’s no reason to use banks, renowned for their long transfer times and exorbitant costs. For example, if you wish to send $1000 from the United States to an Asian country, the average bank would charge you $20 in exchange rates plus a flat fee, which may add up quickly if you send and receive money abroad often.

Exchange Rate

The exchange rate varies greatly from one provider to another. it’s worthy to know that in addition to constant market fluctuations, most services and institutions utilize their exchange rate, making the situation much more confusing. Therefore, you should choose a remittance company that offers competitive exchange rates and avoid paying additional hidden fees as a result of a disadvantageous exchange rate.

Transfer Speed

Do you believe if you pay more you receive faster service? In some cases it’s true, but not always. Immediate transfers are available through services such as Western Union or Deemoney, although they come at a high cost. If you’re willing to wait a few days, several methods can help you save a lot of cash depending on when you or the recipient needs the funds.

However, the good news is you can be a beneficiary of both cost-effective and fast service. That solution is called Lycaremit.

Transfer Fee

There’s no doubt the first and striking factor in international remittance is the transfer fee. Some services charge a fixed fee, while others charge a percentage, and certain ones charge a combination of both. You should be on alert. Distinguishing these types of fees isn’t always clear and transparent. Therefore, you should definitely read the fine print.

Bottom Line

As you learn more about your destination currency, exchange rates and other effective factors on sending or receiving money, you can feel more confident when you’re sending money to your relatives or buying goods.

Lycaremit can assist you the next time you need to send funds. We make money transfer simple by providing handy options for sending cash online, through the app, or the website. If you wish to learn more, all you have to do is register with us.

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