Looking for a quick option to send money back home? You can use your credit card to transfer money from one country to another. However, there are few things you need to remember. If you use the card for sending money on a monthly basis, it will prove to be an expensive option. The transfer fee will also be higher compared to a wire transfer. Even though credit card money transfer is expensive, it is very useful if you don’t have cash in your account and you need to send money back home urgently.
When you send money from UK from your card, the funds debited will be treated as a cash advance and not as credit charge. Cash advance is basically a service that allows the card holder to borrow cash from the card issuer up to a certain limit. When you make a transfer, you are actually borrowing money from the card issuer rather than using your credit. This advance or short-term loan needs to be repaid within the billing cycle.
Compared to a purchase made from your credit card, interest rate of cash advance is higher, especially if you don’t repay on time. You will not be given any grace period to pay this loan. You also need to know that you cannot take cash advances for the full amount of your credit limit.
If you send money online from a remittance agency, you will be getting the option to make the transfer from your credit card or bank account. It is important to know how much the card issuing bank will be charging if you use the credit card for funds transfer. You also need to know the transfer fee being charged by the remittance agency.
Compared to banks and money transfer companies, online remittance agencies offer low exchange rates. Their transfer fee is also less which makes them one of the most cost-effective modes of sending money abroad.
If you wish to transfer money to China, there are several benefits of choosing an online remittance agency, especially if you make regular transfers. Since these agencies offer competitive currency exchange rates, your family or friends will get maximum of what you send.
Online mode of remittance is not only cost-effective but also convenient. You don’t need to go to the bank every time you wish to send money to another country. All you need is your laptop, tablet or smart phone with internet connection to initiate a transfer from the comfort of your home. When registering with an online agency, you need to provide required details such as name, phone number and so on. This eliminates the need to fill in the required details every time you send money.
This remittance mode is convenient as well as safe. You don’t have to worry about the safety of your money or hackers getting to know your account details. If you have chosen a reputed online agency, they follow strict security measures to ensure that money reaches the beneficiary in a safe and secure manner. Since data travels on the internet in an encrypted format, even if someone hacks it, they won’t be able to decode and misuse it.
During festivals, online remittance providers offer discounts when you send money through them. For instance, their transaction rates are quite low during Christmas. You can also send money to China free as many such agencies waive off transfer fee if you avail their services for sending a huge amount to your family or friends in China.
Planning to transfer money to China through online remittance agency but wondering whether or not it is safe? Here is how online money transfer works:
When sending money online, the remittance procedure doesn’t take much time because data travels on the internet in mere seconds. It is necessary to choose a reliable online agency for money transfer because reputed agencies have numerous safety measures in place for ensuring that the money is reaching where it should. They use multiple layers of data encryption for transferring money through the internet. In case the data is stolen or hacked en route, no one will be able to understand it because it is coded multiple times and appears illogical when being read.
When you click the send button, the command goes out into the internet as coded data and once the recipient’s bank or service receives this coded data, it is decoded and the money is deposited into the account as currency. Then a payment gateway processes all online banking transactions, ensuring a secure transmission of financial data.
There are various advantages of sending money through online remittance agencies. Reputed agencies not only offer competitive currency exchange rates but their transfer fee is also less compared to what banks charge. If you are sending a certain amount through them, they at times charge you nothing as transfer fee. So, make sure you ask the agency about their transfer fee structure.
Online remittance helps save time and money. You don’t have to experience the hassle of driving to the bank every month, filling the slips and making the transfer to send money back home to your family or friends. All you need is your laptop, smart-phone or tablet and internet connection to initiate a transfer from the comfort of your house or office.
Many individuals from China and the Philippines travel abroad in search of better employment opportunities. One such country that has provided employment opportunities for these people is Australia. Many of these individuals prefer settling in Australia rather than moving back to their homelands where employment opportunities are plentiful however labour conditions and wages are far below par. In such cases individual often leave their families behind and take up residence in Australia but not without constantly sending in an influx of cash to their homelands to help support their families.
In such cases there are multiple hassle free options for individuals to send money from Australia to China. Numerous banks are presently presenting online offices where you can without much of a stretch profit exchange from Australia to China or Philippines. This incorporates email cash exchange, online financial balances and numerous others. For the most part this strategy for exchange is offered by those banks which have a branch in each of the nations. Numerous banks are presently presenting online offices where you can without much of a stretch profit exchange. This incorporates email cash exchange, online financial balances and numerous others. For the most part this strategy for exchange is offered by those banks which have a branch in each of the nations. On the other hand, there are a few other autonomous money related establishments that offer you various methods to send reserves online. Through these account, you can even get a lot of deals and discounts.
Many of these companies allow customers to send money to the Philippines free of cost without any other hidden transaction fees. However when you do make any money exchanges, you must give careful consideration to those concealed charges. Every method of exchange you decide will have their arrangements of administration expenses. On the other hand, on occasion, you will see that you will be charged for additional administrations or offices which you shouldn’t pick. These are known as shrouded expenses and must always be avoided.
Online remittance agencies are the safest, quickest and most cost-effective mode of transferring money from US to Philippines. Compared to banks and other mediums, online money transfer services can help you save on transfer fees and currency exchange rates. For instance, when you send money from PayPal, you will have to pay around 8% as transfer fees. But when you send money online, most agencies offer lowest transfer fees and no hidden charges.
When you transfer money from US to Philippines through an online agency, make sure you have chosen a reputed company. If you know someone who has been sending money through online remittance, ask them for recommendation. You can also find out names of the best online money transfer services on the internet and compare their fees and exchange rates to make a final decision.
There are more than 9 million people from Philippines who work abroad in different countries. They send a lot of money to their country on a monthly or yearly basis. Reportedly, Overseas Filipino Workers (OFWs) and migrants sent approximately $21 billion to Philippines in 2012 and this accounted for around 10% of the GDP of the country.
Sending money through online agencies is not just cost-effective but also quick. Your loved ones in Philippines can get the money on the same day or within one day. You can be assured of safety and security of your money because reputed online agencies are licensed to carry out money transfers. Once you register with them, you will be asked for some personal information which is kept confidential. Since the required information is saved in their database, you don’t have to spend time on filling the details every time you wish to send money to Philippines from the US.
International money transfers are a minefield of security concerns, hidden charges and documentation. There are some who send money maybe once a year whereas some send money to their loved ones on a monthly basis to either run a family, make investments, pay for mortgage on a second home and so on.
Whether you have to send money from United Kingdom to India or you have to transfer money to Philippines from the UK, here are some of the tips that might help you ensure a hassle-free remittance experience.
Comparing Exchange Rates
The first and most important tip to consider is- comparison of exchange rates. Banks have a high exchange rate whereas Western Union or PayPal also have high rates for currency exchange. So, if you wish to get competitive exchange rates, you need to select a reputed online remittance agency. Online remittance is the best option for ensuring quick, safe and cost-effective money transfer to different countries. Select few online agencies, find out exchange rates being offered by them and make a comparison.
Second tip is to compare transfer fee being charged by remittance agencies. Fee charged by banks for transferring money to Philippines or any other country is very high compared to online agencies. Some agencies charge merely 0.5% as transaction fee along with competitive exchange rates whereas some charge 0% transaction fee during festivals or certain seasons. This helps your family get maximum money.
Third tip is to ensure that the online agency you have chosen is reputed, reliable and licensed to carry out money transfers. Remember, not all online money transfer services are licensed so; make sure you check the license details before choosing to send money. This is because they usually have hidden charges which means, your family will receive less than what you send.
This is your very first post. Click the Edit link to modify or delete it, or start a new post. If you like, use this post to tell readers why you started this blog and what you plan to do with it.