With the growing connectivity of the countries, it’s becoming very common to go overseas for work or settle. Taking every penny they earn in count while people are shifting to some developed countries for a better lifestyle.
The amount of money they send to their homes play a big role in inspiring their communities. Also, the flow of remittances helps people in many more ways. These include lift them from poverty, encourage national development, and make new businesses.
So, it’s important to send money home for all people who remain out of their native countries. This is why you’ll get help from these tips on what the right times are and how to transfer money instantly.
Target The Middle Time Of The Month
These days remittances that the expats send their homes help to support their family to be strong financially. But, sometimes they make quick decisions when it comes to sending money home instead of considering the exchange rate.
A different choice may drive you some other ways than getting the optimum value while sending money at home. If you make a plan for sending money, it’ll save you some money and time as well. Many people send money home as soon as they get paid from the working companies.
The study reports that 75% of transactions happen in the last five days and another first ten days of the month. If you can avoid these mess if your family doesn’t have an urgency then make a schedule of sending money in the middle of the month.
Consider The Weekends As A Good Time
In the last year, more than 200 million overseas employees and expats have sent over 689 billion US dollars to their families. Among this amount, over 529 billion US dollars have sent back to the different countries of the developing countries.
Using a professional money transfer service is very crucial when it comes to cut back on remittance charges. You’ll find the remittance outlets have filled by the crowd during the weekends. But, the outlets are quieter when it’s the working week.
This is because most foreign currency exchange houses are boasting of a big network of their outlets. Hence, their customers might like to visit a suitable place over the weekend when they need to send money to their home quickly.
Fees Matter A Lot More Than You Imagine
On remittances, most of the exchange houses have a flat fee as their charge. As many money transfer companies charge very reasonable rates, you have better deals just around the corner. If you’re a regular remittance sender then find the proper flat fee.
It’ll make more of a distinction to cost than slight fluctuations in your exchange rate. You should indeed avoid it for urgent situations. But, when the cost of currency of the host country is at its maximum, it’s the best time to send back home. Also, you should shop around for the lowest fees to the exchange houses to save some money.