If you are living abroad supporting your family back home -transferring money to them is always a big concern. Only choosing the right platform can help in making this job easier for you.
Now, as Father’s Day comes closer, you will want to surprise your biggest support in life. But living abroad and managing your finances on your own can make you worry about the remittances. However, you don’t have to stress anymore, as this blog is going to shed light on ways in which you can maximize the value of remittances.
Look For the Best Service Providers
No doubt that the bank will deduct some charges when you apply for a transfer. But if you want to save some money, you can go with the companies offering online services for transfer.
While you are researching and comparing the services, ensure that you are doing it thoroughly to make an informed decision.
Investing your time in researching the services will help you to find the right services that will charge you a small fee proportionate to a small percentage of the amount.
Look For the Best Currency Exchange Rates
Many companies keep their exchange rates fixed and static. This can impact the actual value of the money you are transferring. To make the most out of your remittance earnings, look out for the ever-fluctuating international market rates.
Now, you can initiate a transaction when the rates are in your favor. Isn’t it great?
For example, if you live in the US and are planning to send money to your family in Japan, check the dollar to yen exchange rate of the company to make the final decision.
Keep an Eye on Mark-Ups
When you are transferring money, you need to completely understand the process of the service provider. Make sure you have comprehended what amount the service provider will charge you for your money transfer.
In addition to the charging fees, many companies charge a markup, which leads to a substantial cut on the amount you intend to send to your loved ones.
When you are transferring an amount, it is crucial for you to have all the factors in your mind.
Find Promotional Campaigns
Well, promotional campaigns are a new concept to some money-transferring companies, but many service providers have already started working on this aspect. However, if you are sending money using reputable institutions, you can be familiar with this concept.
You can explore time-bound campaigns in which you can get several benefits such as availing fee-free transfers and also an entrance to lucky draws.
This will help you win exciting prizes like cars, bikes, phones, and more.
Beware Of Hidden Fee
While you are planning to make the most out of the remittance, you need to ensure that the company you are choosing is offering a transparent fee structure. It is important to know that some companies charge hidden fees, which can lead to a substantial deduction.
Not many people are told in advance unless the transfer is made. This way, no one can avoid paying it. That’s why, you should be aware of the fee structure and all the other relevant costs.
