When you are working overseas and you need to send the money back to your home, you have to be very careful to select the best way to send money to Asia. Obviously, you would love to send the maximum money to your loved ones and you wish to save the higher transaction fees, service fee, and exchange rates.
There are certain things that you should consider while selecting the best company to send money to Asia.
Bank or Money Exchangers?
The first thing for which most of the overseas workers are confused, is that they don’t know whether they should send the money using an international bank that can send the remittance to their loved ones or should they select a local money transfer company?
Well, if you are so much worried about the security of your money, then banks are the best choice for anyone as this is the most reliable service. But in that case, you have to pay higher transaction fees, service fees and you will get lower exchange rate. As a result, the receiver will get less amount of money.
So, it is recommended that you find a trusted money exchanger who is specialized in transferring money internationally, specially to under-developed markets in Asia. One such option is MoneySends which is an Asia-centric remitter that transfers to over 20,000 collection points.
Things to Consider before selecting a Money Transfer Company
While you decided to send the money to Asia using a private money transfer company, you should consider the few things mentioned below:
- Legal Status: The money transfer company you select, should have a legal status and it should have a license from the government from where they operate to transfer money to Asia.
- Exchange Rate: To get more money, you should check what exchange rate is offered by the money transfer company you have selected. If you are sending money from the USA to Pakistan, you should check how much PKR you will get for $1.
- Transfer/Hidden Fees: You should know all the details of the fee associated with money transfer service. The higher fees or any hidden charges will cost you much and the receiver will get less money.
- Minimum Amount: Check what is the minimum amount for their best offer. Some companies charge higher fees on low amounts and low fees on big amounts. So check if you can save a lot of extra fees by sending only an extra $50?
- Turnaround Time: Few companies transfer the money to Asia in just a few minutes while others need multiple business days. So check if you are in an emergency, you should select the company who allow the receiver to collect the money in few minutes.
- Pickup Methods: Check what pickup method is available? Few companies only allow to pick up the money using a cheque, while others like MoneySends, allow receiving money from a bank account, from another local branch of the same company in the receiver’s country or through mobile accounts as well.
- Reputation: Last, but not the least, you should know about the reputation of that company. Ask from other country mates who have previously used that service. Ask them about their experience, good or the bad. Also, check the online feedback about that company.
These are few things that you should consider before you select a money transfer company to send your money to Asia. If you consider these things, you will get a good amount at home and your money will be safe.
Rashid Nawaz is a professional blogger and a News report. He works for SMH News Agency in Jhang and he is a news reporter on Dunya Urdu as well.