Posted on by Chad F.

America is home to a great array of skyscrapers such as the Empire State Building and John Hancock Center. It is also home to a strong financial services market. For companies and individuals, this translates to low fees when one is trying transfer money abroad. If you are one of the foreign workers in the United States who needs to send funds to workers, friends, and family members in overseas locations, here are some factors to consider first:

Plan Well

When it comes to send money online, one of your goals is to minimize the costs that come with the potential transfers. You do not want your hard-earned money to go to waste, right? There are several institutions that allow foreign workers to transfer money. However, there are price differences when you transfer money via phone, the Internet, or at a physical location. Next, you may find vendors that offer low service lists fees, maybe as cheap as $5. If you need to send money urgently, it gets expensive quickly. Hence, it is important that you decide which transfer method is most affordable for you. This requires some planning. Don’t skip it!

Identify All Possible Online Money Transfer Options

Today, you are no longer limited to sending money through physical remittance outlets. If you own a bank account in the U.S. and that bank has a branch office in your hometown, you can send money to that branch location at an affordable rate. Next, you have access to electronic transfer options too. They are currently popular because of their expedient nature. In the past, sending money in the form of checks via transfer shops was expensive and time consuming. With that in mind, start exploring your options. Review both old and new money transfer options to determine which one suits you better. This way, you will not be taken aback when you are asked to pay nominal fees for transferring money overseas.

Know Your Fees and Exchange Rates

There is no such thing as a free lunch and that applies to online money remittances. If you are not careful, transfer fees can eat up significant portions of funds being transferred. Oftentimes, smaller denominations are expensive on a percentage basis. Additionally, urgent transfers fall on the expensive side too. You should keep in mind that some providers earn by converting currencies. Hence, you should be aware of all the associated fees and exchange rates before you send money online.

Patience

You should never rush when making a money remittance. With patience, adequate research, and time, you can make the process of sending money to foreign locations affordable. Next, it is a sound idea to make small transfers on a frequent basis. This practice will help you save on transaction costs and even cut down fee percentages.

Looking for a cheap, easy, and worry-free way to send money online to your loved ones? At Sharemoney, foreign workers in the United States can transfer money to thousands of locations and bank accounts worldwide with just their laptop/phone/tablet, and in the comfort of their own home. Contact us today for more information!

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