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What immigrants should know about sending money back home

1 Minute Read
  • Compare before you send
  • Keep an eye on exchange rates
  • Delays may occur

If you need to send money back home, there are a few things to consider. In order to get the most out of your international money transfers, you should consider the following tips.

Compare before you send

There are many options for sending money internationally, so it is important to find the best one. Use real-time comparison tools to make your search easier. Identify your priorities and preferences when sending money. Whether you want a faster transaction or a higher number of cash pickup points, each provider will have its pros.

*Here is what some of our remittance partners specialize in:

  • Remitly – When looking for fast and cheap transfers, Remitly is a great option. If you send more than 500 USD, your transfer will be fee-free. They have an economy and express service, where you can make transfers within minutes when using a debit card. Watch out for credit card fees though
  • WesternUnion – If you want to send or receive cash, WesternUnion has you covered with more than 500,000 locations in over 200 countries. They have the option to send money in minutes if you pay by cash or debit card. However, they offer different rates and fees depending on the country you send money to and your payment method, while other providers have single rates.
  • MoneyGramMoneyGram has coverage in more than 200 countries with 350,000 agents. You can send money the same day in some countries, but you must be willing to pay for Moneygram’s fast service, which is on the high end.

Keep an eye on exchange rates

Exchange rates change rapidly from day to day, so staying on top of them will help reduce fees for you. Beware of banks that tend to have the least competitive exchange rates for these transfers. When comparing international money transfers, you should always check the exchange rate at the time of the transaction to confirm that it is what you expected.

Delays may occur

International transfers depend on many parties to make them happen, and many regulations apply to them. It is not uncommon for your overseas transfer to get delayed. This could be due to revisions in anti-money laundering laws or any of these other factors that could delay it. Therefore, it is best to plan your transfers in advance.

 

*While some reasons are out of your hands, a very common one when doing international transfers is an error on the receiver’s data. Double-check the information before confirming.

Categories
General TipsSending Money

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