When a person is forced to work overseas in order to ensure the future of his or her family, knowing how to send money is the basic and most important thing to be learned. A lot of migrant workers send money to their home countries, but get cheated in the process because of ignorance and lack of understanding of basic business finance. It is high time that everyone gets to learn the different legal channels to make sure that hard-earned money is going to be enjoyed by the loved ones they left behind.
The most common way of sending money to other countries is to use money transfer businesses such as Western Union or MoneyGram. Using these companies will ensure that the money will reach its destination as they send them directly to their agents overseas. The catch, however, is that there are wiring costs and transfer fees attached to the transaction. These fees typically increase in proportion to the amount of money being sent.
However, current business trends have led to the innovation of the remittance industries. Today, there are alternative strategies to send money home and the first one is through using walk-in money transfer corporations. These are businesses that allow transfers at walk in offices as well as let people transfer money using the internet, or through phones with the use of debit or credit cards. These companies have local business partners overseas where recipients are supposed to pick them up. The only potential downside is that they have higher fees than other forms of transfer companies. To make up for this, however, they ensure that the money will be received by the recipients in a jiffy – like in an hour or two.
Another possible strategy to use is through the Post Office. In the US, the Postal Service allows wire transfers overseas with the limit of $2,000 per day, with identification being required for transaction that exceeds $1,000. The transfer costs vary from $10-$20 per transaction. Additionally, the Postal Service allows the issuance of international money orders to over 30 recipient countries. Each money order has a ceiling of $700, and the daily maximum for multiple money orders is $10,000.
Finally, banks are possible partners in ensuring that a person’s family overseas depending on the financial laws of the recipient country will safely receive the remittance. The system they employ is fairly simple. Each bank, no matter how large or small it may be, more often than not is a member of a conglomeration of financial institutions, which has built partnerships around the world. Some of these banks even have smaller regional branches, especially where most immigrants originally come from. Most people who want to know how to send money are lectured and briefed by these banks before allowing them to open an account there. These institutions even offer stored value cards that look like credit or debut cards, and they contain the specific amount of money, which can be sent home to take care of loved ones’ needs.