Reliable Ways to Send Money Home To Your Loved Ones

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.

● 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.