How can you save on sending remittances?
Knowing how you can save by sending remittances is important from various points of view. That monetary transaction that is made in order to provide an income to a relative in another country or family remittance contemplates the payment of commissions that may affect your economy.
How much does it cost to send a remittance?
Although for some people it is a great way to help their relatives who have stayed in their country of origin, the truth is that the payment of commissions for the service can sometimes represent a major economic problem.
Costs for sending remittances may vary depending on two aspects
- The company or bank used: there are banks that establish a variable commission according to the amount of money that constitutes the remittance. Generally, this bank commission is higher than those of the shipping agencies.
- The exchange rate: There are companies or shipping agencies that even say they do not charge commission for the service, but they do so indirectly when governed by the so-called average exchange.
Precisely, the problem is that this commission according to the exchange rate can drastically reduce the money of the remittance.
Here you have some ways on how you can save on remittances
- According to the amount of money to be sent, compare and choose between the fixed commission banking entities and the shipping agencies that operate under the exchange rate.
- See if the shipping agency reduces fees or the cost of the service according to the amount of money that constitutes the remittance. If so, it is better for you not to make several shipments of several small remittances per month but only one shipment with more money.
In conclusion, in terms of how you can save money in remittances, you have to take into account mainly the amount of money you send monthly.