Dos And Don’ts List To Follow While Remitting Money
With friends, family moving abroad and work obligations helping us build international connections, you are bound to make money transfers to people in other countries. And given that monetary laws, interest rates, and other charges are different in each country, it can be cumbersome for people who are new at this.
If you are planning on remitting money to someone overseas, it is best to do your research, look at various money transfer services, and factor in other possibilities. Not paying attention to these finer details might mean you end up paying an exorbitantly high transfer fee or end up losing a lot of your hard-earned money. Don’t know where to start? Keep this checklist handy before you remit money.
Factors To Consider Before You Remit Money
Being prepared beforehand is always essential especially in cases when you cannot hand out physical money to the person intended. This is why it is necessary you find out all the hidden costs and charges by reading up about the services a said transfer money abroad agency is offering.
Whether you receive money or remit it, knowing the overhead charges involved is essential to help you figure out how much you actually need to send. Other such things you need to keep in mind are:
1. Inspect the Agency and Go for Trustworthy Ones
The first and most important step to shortlisting your preferred mode of transfer money abroad is doing the groundwork of finding the best agencies out there. For remittance, keep in mind that there will be charges involved hence if an offer or a financial agency looks too good to be true, it is. Steer clear of them.
The company or bank you choose should be reliable and licensed. Always ask about the remittance path right from sending to hitting the intended person’s account. You might find that banks and financial agencies charge more interest rates but are reliable and trustworthy in the long run.
2. Check The Interest Rates And Offers
The global remittance market is huge and growing at an exponential rate every year. This also means that the transaction costs involved are on the expensive side. If you are sending money for the first time, make sure you check all the overhead costs, interests, and exchange rates of different countries. These might vary depending on the bank but this is where your research comes in as you will be able to lock the bank with the lowest remittance transaction charges.
The fluctuations in exchange rates are dynamic and from the moment you decide on the amount you want to remit to the moment you actually do the said remittance, the prices will have changed. Thus, cross-check how much you are actually spending right before you hit the send button.
3. Cross-check The Receiver’s Address
The last thing you need is the money being remitted to the wrong bank account. Not only you will lose money but you might not be able to pin down the account holder’s contact details to urge them to send it all back. Thus, always double-check the receiver’s address given you are paying extra for the transaction and other costs.
4. Plan In Advance Before Remitting The Money
Until it’s an emergency, try to schedule your remittances well ahead of time. This will save you unexpected price fluctuations in the exchange rate, exorbitant interest charges from the agency/bank’s end, and also ensure you send the money to the right account.
5. Be Vary Of The Time Frame
When you are locking down your preferred bank to do the remittance, make sure you ask about the time it will take for the money to reach the receiver’s account. Knowing the pathway and the time frame will help you in sending the money on time and avoid last-minute glitches.
6. Go For The Most Convenient Option
When remitting money abroad to your family or friends, their convenience should be taken into consideration. Check on all the factors right from the mode of payment (online, cash, or cheque) to the speed of the remittance and also the interest rates that you will have to bear. The last thing you need is standing in a queue for no reason to send money, especially if it is an urgent case scenario.
7. Pay Attention To The Customer Service
From internet outage to glitches on the website of the bank, there are tonnes of the reason why a remittance can go haywire at the last minute. This is where the customer service of the bank or the agency you choose comes into the picture. They should be prompt and well-equipped to handle your queries and help you out in case you can’t trace the problem.
digibank by DBS offers a seamless remittance service that is paperless, instant, and doesn’t incur extra charges. You can now remit to various countries within a short span of time without worrying about overhead charges or any hidden costs. Check out the remittance service here.