Because many individuals have explored employment options outside of their home country, many still have families left at home. Since the reason on working abroad is to earn a living, sending what is earned is always an issue, because of the distance and the probability of error in the wire transfer.
In order to prevent any issues and hassles from occurring that may mean losing time and money, here are some tips to remember to make sending money from abroad safer, easier and reliable for your own peace of mind and your family’s benefit.
Finding the right bank or money transfer agency. You need to find out the best bank where you can send your money back home. If you are going to use banking facilities to transfer money, the bank where you would be depositing must have the proper affiliation with the recipient bank. If you choose to utilize the facilities of a money transfer agency, do your research first to see their reliability and security before utilizing their facilities. After doing your research, see what they require in order to make the transaction smooth and error free.
Have the Information at Hand. This is often the problem when you are already lined up and waiting your turn to transfer your money. Always have all the identification at hand, a complete, correct count of the money to be sent, the full name of the recipient and the complete address. If you are sending through a bank, then you would need all the previous information, the complete banking details, the SWIFT code of the bank and the security question to confirm the wire transfer. Having to look through your stuff for these information would lead to error and hassle. Preparing all the information beforehand can lessen the hassle as well as prevent any further problems regarding your transaction.
Location and Safety. When transferring funds, the recipient bank would confirm the transaction. Now, to get these funds to your family, you need to choose a bank or money transfer agency that is near or is located in a safe area for your family’s safety. Thus, it is important to make the transfer to a safe location as possible because when they get the money, they won’t fall prey to thieves or robbers.
Double and even Triple Check. When filling out the forms, you need to double and even triple check all the information indicated. This is important because if an error occurs it may take days for the bank or money transfer agency to sort out the error. This may lead to further complications, especially if the transfer is emergency in nature or a requirement with a time deadline.
Prepare for Fees. When you transfer money, either through a bank or money transfer agency, this service is not for free. Prepare that fees would be paid, ranging from taxes, processing and other fees. This is important especially when you are sending exact funds because the common process is that banks and money transfer agencies would deduct fees from the amount provided. In order to avoid this smaller amount transferred, ask for the schedule of fees beforehand so that you can cover all the expenses for the transfer and keep the full amount intact.
As can be seen, there are a few things that are often overlooked that lead to problems and issues when mistakes occur. Before sending money, check out a trustworthy facility, have all the information at hand, find the best location for safety, double check information and prepare for fees of the transaction. When you cover all these bases, you are sure to have a hassle free and full transfer transaction.
For a more comprehensive discussion on sending money back home, do visit us at Indian Expats Choose Home over EU and US for Investment. Please visit the author's site The NRI Community.