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Many foreigners living outside of where they grew up send money to their home countries on a daily basis. But many of these people ask themselves what is the best place to transfer money? What options do I have available and how much will they charge me to send money back home?
We wrote this article in order to help you find the best service to send your money back home. This article will give insights on the best and most popular remittance services for India, Mexico, China and South Korea.
A remittance service provider is a business that transfers money electronically to people and businesses in other countries. For example, you are from India, but you live and work in the United States. Once in a while, you want to send money back home in order to help your family with their expenditures. It is not a great idea to send money through the postal service so many choose to send money via a remittance service provider such as Western Union. This will help ensure that your money arrives where you want it to safely and securely. Remittance service providers facilitate the transfer of money from one country to another country via wire, mail, or online transfer.
The most important thing you need to consider when choosing a remittance service provider is the safety and security of the provider. Always check if the company you are planning to send the money with is regulated and licensed to carry out such services. Besides that, you need to research and compare the exchange rates, as each provider offers different rates. Your goal is to choose the best rate and to obtain a maximum gain. Moreover, you should take a look at the transfer fees since some providers have quite high transfer fees if you don’t transfer a certain minimum amount of money. And finally, have a quick look at the speed of delivery -some providers are able to transfer money within minutes while others might take some days.
There are several remittance services to India, but based on reviews and recommendations the top five are:
Xoom is part of the PayPal family and offers fast and free money transfer, international bill payment, and mobile reload services. The best part of Xoom is their website because it is very user-friendly and makes it very easy for customers to send money back home. In addition, you can make free transfers via bank if they are above $1000 and their banking partners are India-Punjab National bank, HDFC, Axis Bank, and Yes Bank. They even provide an app so you can track your transfer! Transfers normally take 4 hours during ban processing hours to get the money transferred. The only disadvantage of Xoom is that your transaction might take longer or gets canceled.
Remitly is backed by investors such as the CEO of Google and Amazon because it is easy, affordable, and safe. With Remitly, you can do free transfers if they are above $1000. They also offer 24/7 customer support, 100% money back guarantee, and have an app you can make the most of! A disadvantage to Remitly is a fee of $3.99 for transfers below $1000, and the 3% extra charge on credit card transactions.
This company is one of the largest worldwide and they offer free transfer via bank account and have excellent customer service. Their only disadvantage is there long process security check which can make transferring money a pain – sometimes it can take up to 1 month.
The State Bank of India has branch offices in California, New York, and Chicago. In order to be able to access their remittance services, you need to become an account holder. Once you have done this you have free and fast money transfers above $1000.
Western Union is a well-known remittance service worldwide. They have several branch offices in almost every country around the globe. You can transfer money with Western Union via cash pickup, deposit into a mobile wallet, bank account, or prepaid card. Unfortunately, Western Union has several negative comments online about delayed money transfers, among other issues.
Popular remittance services to Mexico
You have several options to send your money to Mexico, as Mexico receives thousands of personal money transfers each day, making the market very competitive. The following five are the most popular and efficient remittance services to Mexico.
OFX is the cheapest of all options as it offers low exchange rates and charges no upfront fees for US dollars to Mexican pesos. The delivery takes from one to three business day and the minimum amount you have to send is $150.
As already mentioned above, Remitly is one of the most popular options, due to low transfer costs and a network of cash pickup in Mexico. If you use a bank account for transferring the money it will take up to three business days to arrive.
Another option for remitting money to Mexico is MoneyGram. When you pay with a bank account, the transaction is very quick and might only take a few hours. The best thing is if you pay with a credit or debit card- this way the money arrives in minutes. Apart from that, they have branch offices where you can send money with cash to over 16,000 locations in Mexico or to a bank account.
Xoom is an important remittance service to Mexico. The provider is owned by PayPal and known to transfer money quickly. On the downside, the exchange rates are expensive with Xoom.
Western Union simply has the biggest network of all remittance suppliers. Western Union has over 24,900 Branch Offices all over Mexico and is therefore often used by people who have family members in rural areas.
For money transferred from the United States, China is the 2nd largest destination right after Mexico. There are about 4 million people of Chinese descent in the United States, making the market for money transferring huge between the countries. Compared to other countries, more Chinese people use informal remittance channels than legal channels. However, the quickest and most affordable formal ways to move your money to China are through Western Union and Money Gram as they have the most pickup locations in China. Here the top five list of popular remittance services to China.
At the moment nearly 6% of the population of South Korea work and live overseas, with top migration destinations including the United States, Japan, and China. Therefore, if you are planning to send money to South Korea, whether to invest in the high tech city Seoul or to help out friends or family members, you have several options. Below you will find the most popular remittance services to send money to South Korea:
WorldRemit only recently launched the digital money transfer to South Korea on the 27the of November 2017. With WorldRemit people will be able to send money to over 120 new cash pickup locations across South Korea.
Clearly, there are some advantages and disadvantages to each provider when choosing your remittance service provider. Our suggestion is to weigh both advantages and disadvantages of each service and make the right decision for yourself. Also, look at the most popular remittance service providers to your country and try to choose one of them. We wish you the best of luck in finding the perfect remittance service provider for your money transfers. If you have any experiences or suggestions to include, please let us and our community know about them!
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