Remittances are typically money transferred to family and friends, as well as business transactions. With today’s remote working and proliferation of online services, more and more remittances are being sent than ever before. Migration also plays a big role in this as more people are going abroad to live and work. Many remittances are originated from people working and living abroad to family back home.
The internet made it easier for businesses to connect with suppliers, clients, and employees globally, resulting in a sharp increase in overseas remittances for paying business invoices.
- Wire transfer/ bank transfer. A bank transfer is an electronic payment that allows people to send money from a bank account to another via a provider. You can send money from your bank account to your family or friends’ bank accounts wherever they are worldwide.
- Cash pickup. Cash pickup transfer is a payment you send your recipients, which is collected as physical cash from any supported location within a bank or remittance centre’s local partner network.
- Mobile money. This is an electronic wallet service that’s available in many countries and allows people to store, send, and receive money via mobile phones. Safety and ease of use made electronic payments a popular alternative to bank accounts. You can use both smartphones and basic feature phones to do this.
- Home delivery. Yes, this is still a popular option. It’s a service where physical cash is delivered to a recipient’s home address. The recipient needs to present identification that matches the details of the transaction before cash is dispensed to them. Therefore, make sure that you enter a recipient’s details accurately because the delivery driver will refuse to hand over the funds.
Common services when sending a remittance:
MoneyGram. MoneyGram is one of the most well-known remittance options throughout the world. You can send and receive cash in more than 200 countries from 339,000 agents worldwide. MoneyGram allows for a deposit directly into banks, credit unions, or other financial accounts. The service allows money to pick up in person at any MoneyGram agent location. You will need to bring identity documents like IDs to claim your remittance.
Speed Send. Speed Send boasts a speedy, easy, and affordable way for money remittance online, anywhere in the world. You can send and receive money through banks and branches offering Speed Send, all appointed Speed Send Agents or Partner Banks worldwide, and even online. Speed Send is sometimes bundled with offers like remittance with no fees.
Foreign Telegraphic Transfer. This option allows you to send your money abroad securely to more than 200 countries. Compared to the traditional method of transferring funds where a bank visit is necessary, foreign telegraphic transfer (also known as a wire transfer) can be made from anywhere without visiting a bank.
Wondering how COVID-19 could affect your remittance? This ongoing pandemic has seen large scale closures of many industries and restrictions on movement. This makes remittance options via online or mobile banking even more important. Make sure to choose a reliable bank or remittance centre for your transfer. You can check by looking at customer reviews and actual features included in the service.