Globalization has made life easier in many ways. It provides us with access to high-quality brands, it makes us more informed global citizens, and it can even help us take better care of our families, as long as you’re willing to move to get a job so you can send some cash back home.
However, there are certain things about globalization that make life a little more difficult. One example is sending money to friends and family back home.
If you’ve moved to the U.S. to send money back home, you want to make sure you get the most out of every dollar. That’s why these considerations are so important.
How the Money Will Be Sent
The first thing you will want to think about is how the money is going to be sent. You have a few different choices that include a:
- Bank transfer, if both parties have existing bank accounts
- Pre-loaded credit card
- Paper check sent in the mail
- Money transfer service
In most cases, a money transfer service will be the most convenient and cost-effective way to send money, especially if one or more of you do not have a bank account. It’s especially easy if you choose a high-quality money transfer service like Remitly.
How Much You’re Going to Send
The next thing you’ll want to consider is how much you’re going to send. You can literally send any amount, but you’ll want to think carefully about how much you’re going to send, especially right at first.
If you’re using a money transfer service you have never used before, you may want to send a smaller sum just to see how it works. You can see how long it takes the funds to transfer, how to track the cash, and how customer service works.
Then, once you feel confident, you should send large sums whenever you can. The more money you send, the fewer fees you’ll have to pay.
It’s true that some fees are based on how much you send, and you can eliminate these fees altogether if you send enough money, but they aren’t the only fees you have to worry about. With so many different fees, if you aren’t careful, transferring money can be expensive!
For example, the faster the transfer, the more it will cost. To save on this fee, choose the slower transfer. Your cash may take a few days to get to your loved ones, but you’ll avoid a hefty fee.
Doing your homework to find the service provider with the lowest fees can really pay off too. Every service provider charges different fees.
With a little digging, you can find the one that charges the least amount. Some providers even provide completely free first transactions, which will help you save a little money!
Reliability of the Service You Choose
It feels good to know you’re saving as much money as possible on transfer fees, and it’s definitely worth your time to look for an all-around affordable transfer service. However, none of that matters if you don’t choose a reliable transfer service.
If you choose the wrong provider, you could end up losing all of your money, which makes saving on fees pointless.
When you’re doing your research, make sure you look for transfer services that serve a lot of people. You should also look for a transfer service that has been around for at least a few years.
Look for reviews online. Clearly posted contact information, a modern website, and a proud company history are additional things you can look for before deciding who to trust.
The Current Exchange Rate
Don’t forget to keep an eye on the exchange rate! A quality transfer service will keep track of these changes and update their services accordingly.
Keeping an eye on the exchange rate can help you get a better deal too. Learn how exchange rates work and keep an eye on when they are expected to change so you can send your money at the perfect time.
Always make sure you ask about the exchange rate before you send your money, and look up the official, current exchange rate to make sure you’re getting the best deal.
You work hard for your money. You don’t want to end up losing a bunch of it just because you didn’t do your homework before sending it back home! With these tips, you can make your money go further so your friends and family can enjoy more of your good fortune.