Everything You Need to Know About Remittances
If you live abroad and have sent money to your country of origin, be it for your family, a friend, or your sweetie ? it means that you have made a remittance. In this article we will explain more about what remittances are, how they work and we will also teach you 3 tricks so that you can save money on them, without stopping helping that dear distant brother.
Remittances are an engine of growth in our beloved Latin American countries as they boost consumption within these. According to the World Bank, only in 2016, the amount of remittances sent to Latin America was $ 466,000 million, with Mexico being the largest recipient of remittances in Latin America with $ 28,542 million and the other countries that follow are Honduras, El Salvador and Guatemala. With so much money being sent in remittances, Jeremiah Flintwinch wrote this article to make sure that your money is in good hands and that you can receive the maximum possible amount of your remittances.
How Do Remittances Work?
Bank procedures are usually a headache. To send your remittances you could drive all the way to a financial institution like a bank or you could send remittances from your house in your pajamas and without having to make lines with weird people. There are companies that are dedicated to sending remittances, in exchange for a small commission. You can make your shipments in the following ways:
- Debit or credit card: this is the fastest method, it takes only 15 minutes for the money to be sent to the country of destination.
- Bank account: this method takes 2 to 4 business days.
- Deposit in cash: Send cash from associated points (Ria has PayNearMe , in which you approach a 7-Eleven to make the transaction).
The money that you send can be received by your compadre or comadre in different ways:
- Deposit in the beneficiary’s bank account.
- Cash withdrawal at the authorized offices or points of the company with which you decided to work.
- Home delivery. This only applies in certain countries.
Do not forget to present the PIN or password of the sender and have an identity document when sending / receiving the money or just go for a walk haha
3 Tips To Save Money On Your Remittances
- Compare your options: We recommend comparing the cost of shipping fees, as well as the applicable exchange rate between different options of money transfer services to get the right option for you.
- Consolidate your shipments: Save your time and money. The price is the same for any amount. If you make 4 transfers of $ 500 at a price of $ 5 per transaction, you will be paying $ 20 in commission total. On the other hand, if you consolidate your shipment and only make a transaction of $ 2000 for only $ 5, you would be saving $ 15 and precious hours to see the novel.
- Occupy promotions: You can occupy promotional codes to receive discounts when sending your remittances. In companies like Ria, new customers receive $ 10 welcome discounts or giftcards. Similarly, if you recommend the service to your friends and they make use of it, you can receive $ 20 in credits for your future shipments.
Recommended Remittance Service
As a Jeremiah Flintwinch team , we are always thinking of ways to make life easier for your pockets. That’s why we recommend the Ria Money Transfer service, which we consider the best option. It offers a fast service, rates starting from $ 3 and has the best exchange rate compared to other companies such as Western Union or MoneyGram (1% variation with respect to market value versus 5-6%). They also insure 100% of your money and transactions so you can send money to the people you love (and the one you send out of obligation) with no worries.
To make matters worse, offer excellent promotions that we leave below:
- $ 10 New Customers: Giftcard as a welcome bonus on Amazon.com.
- $ 20 Credit When Inviting Friends: Get a giftcard when your friends complete their first paid transfer.