Many people around the globe send money home to help out friends/family as a gift for weddings, graduation, etc. However, lots of folks don’t know which way to go and what qualities they should look for when trusting their hard-earned money with a third party.
If you’re one of those people, we’ll provide you with three essential tips to help you send money home fast and easy!
Be Wary of Fees & Rates
Transfer fees and the exchange rate are the two most significant factors determining if the transaction is affordable, responsible, competitive, etc. The exchange rate/fee will vary depending on the amount, the remittance provider, particulars of both sides of the transfer, etc.
Some companies charge flat fees, while others take a percentage of the transfer amount. Generally, it’s wise to pay a fixed amount rather than giving up a portion of your money, especially if it’s a lump-sum transfer.
As you probably know, the exchange rate never stays the same because it depends on various factors such as the GDP, inflation rate, economic growth, political issues, etc. But generally, some online money transfer companies consistently offer the best rates, no matter the currency.
Stay Away From Banks
As the remittance market is rapidly growing every year, people expect the cost of money transfers to go down. Sadly, many remittance providers continue to demand punitive fees. Banks are the prime example, the costliest method to send money home.
Many banks charge at least 10% of the total transfer volume as a fee, a totally unreasonable sum. Compared to banks, online money transfer companies take a very small fraction as a fee. In addition to their costs, banks are heavily regulated and take far longer to process the paperwork, obtain approvals for every single step, execute the transfer, etc.
Look For Convenience & Support
Yes, many remittance providers are better than banks, but that doesn’t mean all of them are perfect. Some money transfer companies make the whole process challenging and tiresome.
Some may even ask that you go there in person and fill in the paperwork required to make the transaction. So, look for ones that provide simple online signup and help you get on with it in a matter of minutes. Moreover, you need a multi-platform service to send money home with your smartphone, PC, and/or laptop.
International money transfers can sometimes be confusing and complicated, so it’s crucially important to have access to customer support. For example, you need 24/7 customer support to track the transaction and report back to you in case of a glitch (like a one-day delay on the sender’s part). Despite popular belief, many companies don’t provide such support.
For many first-time users, international transfers appear complicated, risky, and uncertain. It can be, but you can make it into a much easier and manageable process by considering several essential factors. If you choose wisely, your remittance provider can take a heavy burden off your shoulders.
You need a provider that charges competitive fees, provides 24/7 support, and is compatible with various platforms. The good news is you don’t have to look very far because Lycaremit checks off all these boxes. With Lycaremit, you can rest assured knowing that your money will arrive home in the fastest, cheapest way possible. So, don’t hesitate and register right away.