With global populations more able than ever to move themselves and their families in search of work, to be with loved ones, or in these difficult days, in search of safety. With friends and families more distributed across the globe, sending money home is an increasing priority, both for individuals and businesses.
There are various solutions that allow people to do this and it’s worth shopping around, as even small differences in commission and processing fees can add up to large deductions from the sum you are transferring.
Your first stop is likely to be your own bank. They have the necessary infrastructure and business links to safely and legally transfer money to accounts in other countries for you. This is likely to be a convenient option for you, as you already have all the necessary account and security information, and there is no need to set up any kind of new profile or remember any new passwords.
That said, banks are also commonly the most expensive way to transfer money abroad, adding a heavy commission on top the interest rate. This is magnified if you are using a highstreet bank which has the enhanced costs of bricks and mortar branches and staff, unlike an online only bank.
If you are using a bank, it’s best to talk with a member of staff, either in-branch or over the phone, to make sure you no exactly what you’re paying for and if any alternative products are available that may help to limit costs.
Online Money Transfer Services
A long established, but newly resurgent business model. Western Union is the transfer firm you are most likely to be aware of. These companies, like banks, have the established structures necessary to send money securely, but, especially if you are using a newer firm, it’s researching thoroughly and consulting consumer advice to make sure you are dealing with a reputable firm making reasonable charges.
Mobile Phone Credit
This is much more dependent on where you are sending the money, but in some countries, especially in regions of , an overseas top up of phone credit is the ideal way to send remittance to families and friends back at home. Due to differences in economy, unstable local currencies and the huge uptake in users for mobile technology phone credit has achieved the status of a de facto currency.