Living away from
family is never easy. There is never good compensation for missing out on their
updates and occasions. Many of those living miles apart from their loved ones
carry the responsibility of sending money back home. With this task comes the great
struggle of finding secure methods for money transfer.
Reliable Ways to Send Money Home To Your Loved Ones |
Over the past couple
of years, technological advancement in this sector has taken twists and turns,
and now, they successfully offer a range of quick and reliable cash transfer
facilities.
Before you decide on
which route to take, it’s vital that you take a close look at money transfer
options in the market and compare prices if you're sending money home. Here are a few points to note:
● Steer
clear of banks
While they may seem
like a good option for money transfer, banks are not the cheapest way to go.
They usually give out lower currency exchange rates and require high transfer
fees.
● Keep
an eye on exchange rates
Always make sure to
check these rates even if the service states that they transfer money ‘free of
charge’, as this usually means they’ll make the money off the exchange rate
they offer you.
For instance, if you are going to send money to the Philippines, calculate the current exchange rate before selecting the money transfer service. It’s important that you work with reliable sources so that your information is accurate, and so that you are also secure in sending your cash.
For instance, if you are going to send money to the Philippines, calculate the current exchange rate before selecting the money transfer service. It’s important that you work with reliable sources so that your information is accurate, and so that you are also secure in sending your cash.
● Mind
the taxes
Depending on where you’re
based, you might have to notify the government before making your transfer as
well as pay your dues of annual taxes to cover it. Do your homework on whether
you’re eligible for tax exemption or talk to your accountant about what to do.
● Check
for transfer speed
There’s no rule to
determine which service offers a faster money transfer. However, nobody likes
waiting to receive their money. So, the only way to prevent such inconvenience
is by overseeing how long it takes each service to make the transfer. Also,
whether they would ask for an extra charge to make the transfer quicker.
The following
services are great options for sending money home:
1. Xpress Money
The company partners
with a great network of agent partners all over the Philippines. Xpress Money
has got compelling exchange rates.
2. TransferWise
TransferWise makes
each transaction typically within three business days. Their website is very
user-friendly and allows users to start sending money upon signing up.
3. Ria
Ria is available in
149 countries. It constitutes a great accessible way to send money to your
loved ones anywhere. According to their website, they also offer bill payment,
money orders, check to cash, prepaid debit cards.
As they put it: “If
you choose to use your bank account, you will benefit from our lowest prices.
If, however, you choose to use your debit or credit card, you will benefit from
speed.”
No matter what option
you select, make sure that it’s affordable, maintains a good value for money,
quick to receive and easy to collect. Look for a service provider that you’re
comfortable to use again.
Do not skip reading
other people’s experiences with transfer services. Check their recommended do's
and don’ts and suggestions on how to get the best service and still keep your
money value.
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