- Compare fees and exchange rates from different remittance services. Some platforms offer better rates and conversion fees than others, so it’s worth shopping around. This can save you quite a bit of money, especially if you’re sending large amounts.
- Use digital services when possible. Online platforms and mobile apps typically charge lower fees than traditional remittance companies. Digital services are also very convenient since you can send money from anywhere with your smartphone.
- Consider using a combination of services. For example, you can send a larger amount with a platform offering the lowest fees and then use a mobile app to send small amounts as needed. This allows you to take advantage of different services.
- Check if your bank offers discounted or free remittance services. Some banks have agreements with certain remittance platforms and offer preferential rates to their customers. Check with your bank to see if they offer any benefit for sending money abroad.
- Inform your relatives about how to safely receive the money. Make sure they know where to pick up cash or how to set up a bank account to receive direct deposits. This will avoid delays and ensure the money is delivered promptly.
- Consider opening a cross-border account. Some platforms allow you to open a single account to store and convert funds in multiple currencies. These accounts make it easy to send remittances to different countries as you can easily convert the money into the local currency of each recipient. TransferWise and Payoneer offer these borderless accounts.
We hope these tips are useful to you. RingVoz always keeps you connected! Good luck sending remittances to your loved ones.
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