Safe and Economical Remittance of Money Home Hat
Sending money home or getting financial support from family is a common occurrence for many international students. You can avoid delays and save money by being aware of how remittance services operate.
Well-known Remittance Apps and Services
Wise, formerly known as TransferWise
Renowned for its mid-market exchange rates and cheap fees.
In the majority of countries, it works directly with bank accounts.
For instance, when I compared Wise to the transfer service offered by my bank, Wise ended up saving me almost $25 on a $1,000 transfer.
Remitly
Provides two choices: Express (instant, slightly higher fee) and Economy (cheaper, takes a few days).
Ideal for situations where family members require money right away.
When a classmate's family experienced an unexpected medical expense, she used Remitly Express to send money, and it arrived in a matter of minutes.
The Western Union
Among the most traditional and widespread choices.
In isolated locations where banks might not be reachable, cash pickup is available.
Alternatives
PayPal/Xoom (quick, but costs more).
Bank wire transfers are safe but frequently costly and slow.
Things to Consider When Selecting a Service
Exchange Rate: On big transfers, even minor variations add up.
Transfer Fees: A percentage is taken by some services, while others charge flat fees.
Speed: Flexible timelines versus urgent ones.
Payout Options: Cash pickup, mobile wallet, or bank deposit.
Safety Advice
Verify the recipient's information twice at all times; incorrect information can cause transfers to be delayed.
Limit yourself to reputable, regulated services.
Even if an unreliable agent offers "better rates," stay away from them.
Expert Advice
Every time you send money, check rates using remittance apps connected to your student bank account; what's the cheapest now might not be next month. Before you confirm the transfer, apps like Wise even show you how much your family will receive.
It's easier than ever to send money home, but being cautious about fees and speed guarantees that your support reaches your family without incurring needless expenses.
