Safe and Economical Remittance of Money Home Hat

Many international students are accustomed to either sending money home or receiving financial aid from their family. By understanding how remittance services work, one can eliminate waiting times and decrease expenses.

Notable money transfer apps or services.

Formerly TransferWise: Wise

Glow for its very affordable fees and have middle market exchange rates.

Works directly with bank accounts in most countries.

For instance, in comparing Wise to my bank’s transfer service, Wise saved me almost $25 on a $1000 transfer.

Remitly

Has offered two options: Express (instantly, for a higher fee) or Economy (cheaper, for a few days)

Best in cases when family needs money urgently.

In a situation when a classmate’s family had a surprise medical issue, she used Remitly Express and the money got sent in 5 minutes.

Western Union

One of the most old fashioned and most used options.

Available in remote areas of the world where banks are unreachable, funds can still be picked up in cash.

Alternatives

PayPal/Xoom (don’t,t use a lot)

Bank transfers are secure and.

Remitly doesn’t have fees and works instantly.

Other options are bank transfer services like Wise, WorldRemit, and TransferWise.

Things to think of when using a service

Exchange Rate: On major transfers, very small differences can increase significantly.

Transfer Fees - Some services have a commission, while others have a flat fee.

Speed - Within a flexible timeframe vs urgent.

Payout Options - Cash pickup, mobile wallet, or bank transfer.

For your safety

You should always check the recipient’s information at least twice; an incorrect recipient’s information will delay the transfer.

Only use reputable, regulated services.

Avoid agents who advertise ‘better rates.’ They typically are untrustworthy.

Expert Advice

Each time you send money, check the rates using the remittance apps linked to your student bank account; the lowest rate this month may not be the lowest next month. Before you hit the transfer button, apps like Wise will show you the final amount your family will receive.

Transferring money home nowadays is very convenient, however, taking the time to consider the fees and the time taken to process the transfer will ensure that your family receives the money with no unnecessary charges.