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These days, the Internet is one of the most common ways of sending money to someone in another country. Without having to go to the bank, one can remit huge amounts of money to their friends and family overseas. However, convenient as it may be, sending money online is not a failsafe process. As with any other form of remittance, it is best to be well informed before sending large sums of money over the Internet.
Debit/credit cards can speed up the process
Using a debit/credit card to transfer money can be faster than other methods of payment, such as using your bank account. Although some of the associated fees can be higher, using a debit/credit card to remit money online can take as little as 15 minutes, whereas a bank account transfer can take up to 3 days. And remember, using a debit card is always better than a credit card in terms of the fees you need to pay. This is because when you use a credit card to remit money, your credit card company may consider it a “cash advance” that will start accruing interest right away.
Be clear about all fees that you have to pay
Sites that offer remittance services online often have extra fees associated with them, be they agent fees, recipient fees or handling fees. The key here is to make sure that you know exactly how much you have to pay in total, and how much money your recipient should expect to receive in his/her currency. Sharemoney always shows you your total before you submit your money transfer. You will never be charged more than what is displayed on our website.
Know the exchange rates
Some remittance services use worse exchange rates than what you expect but of course, they do not advertise this fact. Once again, it is important to be careful and ensure that you are getting good exchange rates so your recipient gets as much of your money as possible. While some sites may try to make an extra buck off your money transfer by offering you a horrible currency exchange rate, Sharemoney works hard every day to offer you competitive exchange rates. For convenience’s sake, we also display the exchange rates of our competitors so you can compare them side-by-side and select the company with the best rate. Exchange rates fluctuate every day, so always check before you send!
Look out for online fraud
Phishing scams, where a fraudulent email is sent posing as legitimate banks/remittance services, generally target unsuspecting users in order to obtain their passwords for sinister purposes. Other remittance scams claim to provide money transfer services, but instead embezzle the funds that they have been entrusted with. Make sure you only send money through a trustworthy service. Read customer reviews before you send money through a website to see what insight other customers can provide, and make sure the company you’re using is operating under all proper government regulations.
Know the terms of delivery
Always check terms of delivery when using online remittance services. Know how long it is anticipated to take for the money to reach your recipient, as well as the mode of delivery. Contact your recipient to provide them with all relevant information and to make sure they have received the money.
Availability of tracking features
Some online remittance services like Sharemoney, have a convenient tracking feature, which allows you to know if your money has safely reached the recipient as well as provide you with information about its transfer status. This feature is especially helpful to provide peace of mind for both the sender and the recipient.
Now that you have known the important aspects to look out for when you want to send money online, why not get started at Sharemoney where we can help you make money transfers securely, affordably and easily?
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