Money is a precious asset. People leave their homes and migrate to different parts of the world for better opportunities to earn. The amount of the earnings they send back home supports their families and contributes to the country’s economy. Hence while sending money back home, you need to consider various aspects to achieve the best deal.
You will have some needs while remitting the money based on where the money is going and to whom. You might also remain concerned about the medium of transfer and how and when you want to send or receive the funds.
Hence, getting value from the money you transfer is essential as we all don’t want to lose money. This process mainly depends on factors such as the mode of transfer and the destination country.
In this blog, I will list some ways to make your transfer valuable to you.
Before transferring money, people consider the cost of the transfer first. For those who still follow the traditional medium of transfer, banks are their first choice. But with improved technology, banks are no more affordable.
As reported by World Bank, the average quarterly fee in 2018 was around 7 percent. It was highest in Sub-Saharan Africa, with an average annual price of about 9.11 percent. This percentage is the money that you lose in transfer fees during a global money transfer.
To get the correct value from your transfer, you need to research and compare the prices.
The regulated money transfer operators or exchange houses provide cost-effective and compliant money transfer services. Moreover, exchange cost is another factor that you should keep in mind before transferring money abroad. It would be best to stay away from the financial institutions that incur the cost of their commission from your transfer. Hence while choosing the medium to transfer, you need to confirm about zero hidden costs and intermediaries. This confirmation is necessary as the intermediaries might take a hefty cut for themselves from your hard-earned money.
While remitting money, you should also consider the time to send money. You must calculate your time to send money home based on the exchange rates. If you are a regular remitter or face any pressure or urgency, this won’t work. But on normal days, if you have steady funds available, wait for the exchange rates to turn on your favour and then send the money accordingly. Thus you can get good value from your money transfer.
Obtaining value from your money transfer doesn’t always mean the fund you save. The deal involves choosing a money transfer service that will offer you a secure and safe platform, meet up all your needs, and provide excellent service and customer assistance. Lesser expensive services might always not provide you with complete safety.
Actual value constitutes both performance and price. You should note these values before transferring, as money transfer to a different country is not word of mouth.
It will help if you look into all these values and consider all the factors before choosing the platform. Therefore, this procedure will help you maintain loyalty and trust with the company as remittance is a continuous process.
About ATL Money Transfer
ATL Money Transfer is a renowned authorised platform that offers you a hassle-free remittance service with zero hidden costs. We provide you with low transfer fees and great exchange rates. We are handling thousands of transactions a month, and people have trusted us for years with their hard-earned money. We offer constant and dedicated customer support. We can ensure you that your money will reach your loved ones with adequate care and safety.