When do you need to transfer money?
There are so many reasons why one needs to send money, and this should determine your mode of transfer. The top 3 reasons why people send money include;
Upkeep & Salaries or fees
This is quite a responsibility, especially for people who have their families abroad. Money for upkeep is one of the main reasons for international transfer and usually are small amounts. That is because it is usually money that is sent regularly, like daily, weekly, or monthly. There is no limit as to how much money you can send for the upkeep of your loved ones. It has been noted that online money transfer services have become people’s favorite when it comes to sending money to loved ones. That is because they ensure that the money reaches the receiver wherever they are without having to go through a middleman.
Other than online money transfer services, cash delivery services like Western Union have been of great help for such transactions because their branches are distributed to almost every part of the world, including places that are considered remote. The best part is, they have introduced the Western Union App which enables money senders to initiate transfers at their comfort. When sending money for upkeep, you need to be interested in the exchange rates and what the transfer agents are offering. That is because a cheap option today can be expensive tomorrow since exchange rates fluctuate, and transfer agents have the tendency of revising their services and adjusting their prices.
With companies benefiting from outsourcing talents, online jobs have become one of the highest paying industries. With freelancers working in other countries remotely, getting them paid is a must, and it applies to any other employee that you have. Immigrants are known to be the main cross-border money transfer customers, and some of them have left their homes under the care of their workers who need their reward as agreed.
There can be times when you can be required to send money abroad abruptly to take care of something serious like medical bills, bail, house repair, and many more reasons. When sending money for an emergency, it is very important that you work with a transfer agent that will provide you with instant services. It is, however, good to understand that fast money transfer services are not cheap, and that is why you are likely to spend relatively more for instant transfers compared to those that take a couple of days like XE Money transfers, which enable you to send money for free. The only problem is, the process can take some days, making it a bad option in the case of an emergency.
Cash transfer apps can also allow you to send money in minutes, and the best part is, you will not have to go anywhere in order to access the money. Therefore, if the emergency money is required at night, online money transfer services are recommended. Most financial institutions don’t operate at night, and since cash delivery services are likely to partner with institutions like banks as pick up points. To make your cash transfer even faster, always ensure that both of you are using the same app if you are making the transfer online. It will also be cheap and less complicated.
Buying property is something that people living and working abroad like to do because they want to invest or own homes when they are still making good money. If you are such a person, it is best if you make your transactions through the bank. Land, for example, is a very sensitive matter that if you don’t make payment using an agent that will give you more accountability, then you can be at risk of getting conned. When making an international transfer through a bank account, know that two banks will be involved, which is yours and the one belonging to the seller.
Also, banks provide a safe platform to send very large amounts of money without worrying about security. When it comes to buying property like land, you will need to make payment through a bank, even if the property is in the same country as you are. That is because the money needs to be traced back to you in case of anything. Online money transfer services may not be ideal for these kinds of dealings because factors like hackers and identity theft issues can be involved. Transacting a large amount of money online has a way of attracting the attention of cybercriminals.
Whatever your reason for cross border money transfer, it has to fall within the three reasons. During your transfer and regardless of which transfer method you are using, always make sure to do some background research so that you can avoid cons. You should also take advantage of websites that compare these services like Exchange Rate IQ in order to lower your chances of finding a bad service or spending more for your transfer.