Remittance services are some of the most viable options for transferring money to someone overseas.
The reason why is because they are quick, efficient, and cheap, especially more so than other options such a wire transfer at your bank.
In addition, most remittance services operate the same way as well, meaning that the process you need to undergo
Here are the five simple steps that you will need to follow to use any remittance service:
Step #1 – Create An Account
The very first step you will need to take is simple: you’ll need to create an account. You can easily use a money transfer service either online or on their website; you won’t need to walk into a physical establishment at all. Creating an account is just like how you would anywhere else; you’ll just need your email and to create a password, and then later you’ll need your financial information.
Step #2 – Have Your Information Ready To Go
You’ll need two types of information in order to send money internationally: your banking or debit/credit card information so you can send the money yourself, and the information about your recipient, including their name, financial account, address, and country.
Step #3 – Get A Quote
This isn’t something that you should overlook when transferring money overseas. Getting a quote from your remittance service of choice is important for two main reasons: it tells you what your fee is (it usually should be between 1-3%, but you’ll want to make sure it’s good for you) as well as your foreign exchange rate, which you’ll need to pay a small margin of.
It is important to get a guaranteed exchange rate in your quote from the remittance service, as the exchange rate can vary significantly from one another in the course of just a few hours.
Step #4 – Send The Funds
Once you are satisfied with the fees and exchange rate in your quote, the only next thing you’ll need to do is send the funds. Type in how much money you would like to spend and then have it converted into the foreign currency.
At that point, there’s nothing to stop you from sending the money to your designated recipient. Just make sure that you’re fine with everything in your order before proceeding.
Step #5 – Get Confirmation
After you’ve sent the money, you’ll want confirmation from your remittance service that the money has been sent and then that it has been delivered (it should be sent and delivered in a matter of minutes in most cases).
You’ll also want to get confirmation from your recipient him or herself as well that they have received the funds.
Using A Remittance Service
For using most of the remittance and money transfer services that are out there, the above steps are the ones you will need to take in order to complete a transfer.