Your Remittance Checklist: What to Look For and What to Avoid

  With your money being the most solid proof of your hard work, you can’t just trust any remittance service in an instant. There are so many factors to consider and so many things to check before you can truly say that your money is in safe hands.   This is why every time you send money overseas, you need to have a checklist that would tell you exactly who to trust.   Here’s what that checklist should contain:  
    • Transaction and Service Fees

 

The last thing you want to happen is for you to lose so much money each time you complete a transfer. Different remittance services follow different fee schedules, so it’s best to compare each of your options first and see how each of them would turn out.

 

If you think about services that charge a certain percentage for example, this could be cost-effective if you only plan on sending a small amount of money.

 

However, the fee that you would have to pay also increases as the amount you’re sending gets bigger. In this case, a service that only charges a specific fee regardless of how much you’re sending would be better.

 
    • Exchange Rates

 

Exchange rates are also a huge factor that you have to consider. There are remittance services that follow actual exchange rates that the market dictates. There are a few service providers however, that also apply their own.

 

Make a round of all remittance services and check out the exchange rates they apply. Find the service that gives you the best value for your money.

 
    • Speed of Service

 

This is one thing that you’re not going to be able to check for sure until you experience personally using the service. The best that you can do for now is to check user reviews about how fast transactions are often completed.

 

Especially if the money you’re sending is to be used for something extremely urgent, it would only make sense if you go for someone who can guarantee cleared transaction the fastest amount of time possible.

 
    • Ease of Use

 

Even if everything is done online, there is no guarantee that the entire process is going to be easy. There are remittance services that ask you to jump from one point to another in the guise of added security, but more often than not, you can find simplified services that are just as secure.

 

Find out what you need to do and how complicated their processes are. You don’t really need a service that would require you to jump through hoops just to send a small amount of money, especially when the money is badly needed on the other end.

 

Don’t forget to check on the other end of the rope as well. If the recipient would have to go through an unreasonably hard time before they can get the money, then it’s not worth it at all.

 
    • Security

 

What security measures does the remittance service have in place? No matter how rich you are or how huge you’re earning, you can never afford to lose your money halfway through the transaction because of a security breach that even the simplest security measures could have prevented.

 

Find out how the service keeps the money safe from the moment it leaves your bank account all the way to the time that the recipient has the money in their hands. Find out as well if they have any backup plans in place in case a breach happens.

 

The last thing you want to hear in the middle of such a dilemma is “Sorry, but you can’t have your money back” especially if your only fault was choosing their service.

 
    • Customer Service

 

No matter what goes wrong, a remittance company with a solid customer service team in place will always find ways to make things worth your while. This is why one of the most important things you need to find out is whether the remittance service offers great customer service or not.

 

A great way to do this is to send them a few questions before your first transaction. See how swiftly they respond and how clear their responses are. This will mirror the way they’ll take care of you when all hell breaks loose.

  Go through all six of these aspects each time you look for a new remittance service to use. Without a checklist like this in place, you open up yourself to a whole lot of risks that you probably don’t want to get caught up in.   Special thanks to Liz Rowell for the main image.
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