Remittance Tips: 5 Factors to Consider Before Sending Money Overseas

There are different remittance options available for sending money overseas. Most people usually decide on a bank of their choice for sending money overseas. But, sometimes, choosing the right bank for your money transfer services can quickly become troublesome. 

Unless you are using Habib Bank Limited – Pakistan’s leading multinational and commercial bank, it’s not necessary that the bank you choose for sending money overseas is the best available one for all the transactions. 

With its countless professional and exceptional services such as Ijarah, Istisna, Running Musharakah, Digital Banking, etc., Habib Bank has cemented its place in the heart of millions of its customers as the go-to choice for sending or receiving money from anywhere in the world. 

Suppose you are not associated with such a bank and acquiring services of some other financial institution. In that case, it is essential to remain aware of hidden costs and exchange rate fees. Here are the 5 critical factors to consider before sending money overseas. 

1. Reliability of the Transaction

Ensure that the remittance company/institute is reliable and that the agency/agents involved have an official work license. Banks and similar institutions are the most trustworthy medium for such transactions, but they might impose a higher fee.

Do not let less transfer fee or higher exchange rate govern your decision of deciding upon a remittance agency. Always do your proper research and after that choose your preferred transformer means. 

2. Plan the Transaction Ahead of Time

Many people make last-minute decisions to send money overseas. Unfortunately, this decision can often force them to go with the high transfer fee and exchange rates. 

To prevent this from happening, it is always recommended to plan your remittance so you can get the best possible exchange rate and transfer fee. 

3. Rates Offered and Expenses

Before transferring money overseas, collecting relevant information, such as the latest exchange rate and service charges, is always good. 

There’s always a hidden cost associated with the currency conversion or the location you wish to send the money to that the service provider charges. 

Don’t miss out on taking advantage of the discounts available during certain seasons and festivals. Transferring larger funds in a single transaction to reduce expenses is also a good idea.

4. Convenience

Sender and receipt convenience should be taken into consideration while sending money anywhere. Therefore, you should select the best option to send money based on transaction cost, exchange rate, transaction speed, and recipient convenience.

5. Customer Service

A helping hand is always beneficial if you face any problems or questions. Make sure that the remittance company you select for sending money overseas has decent customer service in case of glitches like delays or non-arrival of funds. 

When you have worked hard for the money, you must ensure that the remittance is transferred reliably. Considering these key five factors before the money transfer, you can be assured of a safe and secure transaction.

Read More at Marketguest.com