Most people living and working abroad send some of their earnings home for relatives, friends or investments in their home countries. There are many traditional and modern ways to transfer money to recipients globally and various different types of financial services and products that can help one with this task.
Money Transfer Companies:
One of the most common ways of sending money to people in another country is with the help of a money transfer agency. Money transfer companies can be reached through a money transfer agent at dedicated centres or by phone or online. Some money transfer companies specialise in online transfers and mobile money transfers too.
More about money transfer agencies:
The Cost of Transfer: The cost of transfer depends on the product or money transfer services that one opts for, the destination country, and mainly the amount and the current exchange rate (if the transfer is in another currency).
One must remember that the amount transferred plays a large part in deciding the premium or agency fee to be paid. Smaller amounts are subjected to higher transfer fees, hence transferring larger denominations together is more fruitful.
Poor exchange rates offered by some money transfer companies can reduce the amount of transferred money, hence one must find a trusted money transfer agent for their needs.
Redemption: Each money transfer service provides the sender and beneficiary, options for redeeming the transferred money. Recipients can pick up the money from the mobile transfer agency collection centre of their choice, in their country or, one can opt to receive money via:
- Cash
- Mobile wallets
- Prepaid or ATM cards
- Bank Accounts
Mode of Payment:
Traditional money transfer companies offer the most opportunities for sending remittances, domestically and internationally. A money transfer agency accepts payments in cash for the transfer when using a money transfer agent or provides services via the internet or by phone using a debit card, credit cards or net banking.
Be aware, using a credit card to pay for the money transfer most likely will cost more than paying by cash or a bank account transfer, as the card issuer or the money transfer agent could charge a fee.
Questions to ask when selecting a money transfer agency:
When selecting a money transfer agency to remit internationally, always ask about:
Transfer Fees: How much is the fee to send money? Is it a one-sided fee or does the recipient get charged?
Exchange rate: How much will currency be worth in the recipient's currency (exchange rate)?
One can check websites to make sure the agency is charging what they claim on their sites.
Transfer methods: How does the money reach the recipient?
Delivery options and locations: What options has the recipient got to receive the money?
Extra charges: Will the money transfer agency charge a fee for using a credit card?
Cancellation charges: Is there any cancellation charge, if one opts to cancel a transfer within 30mins (before it being received) and the right to full refund along with paid transfer fee?
Error and Complaints: What does one do if there is an error and how to submit a complaint? The turnaround time for correction and rectification is also important.
A money transfer agency brings ease in sending money home, through their quick, secure and effortless transfer techniques. One must, however, be aware of money transfer scams, and never share account details or transfer funds to strangers using a money transfer agency.
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