Every year, billions of dollars are recorded as remittances worldwide. With the advent of technology, there are several ways to send money home. With so many selections available, it is very important to make the right decision to avoid paying an exorbitant fee to transfer money. Understanding each of them will help us in sending money in the most optimal method.
There are a couple of aspects while choosing a style of money transfer. They are:
Taking all of the above into consideration, one can select a medium that best suits him/her.
One of the earliest methods of sending money, a cash transfer is a very simple procedure of sending cash by means of a money transferrer. Instant Money Transfer can collect the money or have it delivered with the money transferrer.
Today, several money transferrers have tied up with many leading international banks to empower their customers to make a bank transfer. By means of this service, one can transfer money to the recipient’s bank account.
Online Money Transfer
Mobile Money Transfer
This method of money transfer is ideal for people who have limited access to banks and transfer agents. By means of this technique, money can be transmitted to a receiver’s mobile phone or cellular wallet. This is commonly used in many countries in the African continent. A number of the other countries that have this facility are Bangladesh, Kenya, India and Philippines.
2. Cost of Transfer
The expense of sending money will rely on the exchange rates, style of transfer (cash, bank, online), the commission charges imposed from the remittance dwelling etc.. And they will vary depending on the service provider’s network and the other value added services offered. Simply put, at the end of the transaction, calculating just how much of money the recipient receives will provide an idea of the cost of transaction. While availing a particular type of money transfer support, one should be well informed about the below: