If you want to send cash, whether it be abroad or local, you should always choose the right method. The wrong method could cost you a lot of money or not be convenient for you or the receiver at all. Thankfully, choosing the right remittance service does not have to be difficult. Here are some good tips to help you choose the correct way to send money.
A lot of people are skipping out on the traditional ways of sending cash because online fund transfers are more convenient. Online methods are great because you can send money virtually anywhere at any time at a fraction of the regular cost. Many online methods cater to most of your needs. For instance, they are normally available in many countries and currencies, which is great for both international and local money transfers.
Take Paxum.com for example – they offer their services in a multitude of currencies and countries. It is easy to use and it is a reliable service for most of your remittance service needs. They offer more than just fund transfers too. For instance, they can help you by giving you a prepaid card that you can use to pay for things abroad and withdraw from numerous ATMs around the world.
Wire transfers are a common method that people use to send money. You can find wire transfers in many places – your bank, online remittance services, real life money transfer stores, etc. Wire transfers are most commonly used by immigrants or anyone who wants to send a bigger amount of money to another country.
What makes wire transfers great is that there are certain non-bank providers that will let you send money to a person without a bank account. Typically, you will just have to give the funds to the non-bank provider and fill out all the details of the recipient of the money. Normally they will require the recipient’s name, number, address, sum of money you want to send, etc. Usually the only thing that the recipient has to do to claim the money is to present a valid identification card and they should be good to go.
Banks are one of the most common ways people send money because it is seen as traditional and secure. Banks are a good option if you simply want to send a small sum of cash to another person, especially if they have an account that is from the same bank. People can also do other things in banks like wire money to other people.
However, banks are not always great for everyone to use. Banks charge a lot more fees compared to the other options, which makes them costly if you want to make an international money transfer. Banks are better for local transactions, but large international fund transfers will cost you a lot especially if you make regular transfers abroad.
While there are many remittance services available, you will see right away that it is not hard to choose what is best for you. Remember the information above to help you choose the right method!