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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 to make an international money transfer.
If you are one of the foreign workers in the United States who needs to send funds to colleagues, friends, and family members in overseas locations, here are some tips for a trouble-free money remittance from the USA.
1. Plan Your International Money Transfer Thoroughly
When it comes to sending 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. There are several institutions that allow foreign workers to make a money transfer from the USA.
However, there are price differences when you transfer money via phone, online, or at a physical location. Next, you may find vendors that offer low service list fees, maybe as cheap as $5. If you need to send money abroad 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!
2. 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 traditional and online 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.
3. Know Your Remittance 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, money transfer fees can eat up significant portions of funds being transferred. Oftentimes, smaller denominations get more expensive by a significant percentage.
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.
In Conclusion, Be Patient
You should never rush when making remittances from the United States. With patience, adequate research, and time, you can make the process of sending money to foreign locations from the United States affordable. Next, it is a sound idea to make small transfers on a frequent basis. This practice will help you save on money remittance 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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