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Top tips when choosing a remittance service

A REMITTANCE is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.

But how do you choose a remittance service that's right for you?

WorldRemit sends from 50 countries to over 125 countries worldwide. Funds can be collected as via mobile money, cash pick up, bank deposit or airtime top up.

See their top tips below:


1. CHECK THAT FEES ARE DISPLAYED UPFRONT
While many remittance services may seem cheap at first, often fees will be hidden or exchange rates won’t be guaranteed until after the transaction. Avoid being stung by only using services that are completely transparent and upfront about their fees, or using a provider that can guarantee an exchange rate on the spot. Be sure to also compare fees for sending smaller amounts of money – as many services charge high minimum fees.

2. CONSIDER THE RECEIVER AND WHAT METHOD IS BEST FOR THEM
Your choice of remittance service often matters more for who you’re sending money to than you! If your receiver lives in a remote area, travelling to the nearest money transfer agent might be inconvenient, expensive or even dangerous. In these circumstances, look at remittance services that offer more convenient receive options like mobile money.

3. DO YOUR RESEARCH, MAKE SURE THE SOURCE IS TRUSTED
There are a lot of remittance and money transfer companies out there, and it’s easy to feel overwhelmed. Review companies such as Trustpilot are excellent at showing customer reviews and ratings to ensure the service you use is reputable and reliable.

4. CHECK THE SPEED OF THE SERVICE
Often, remittances need to be sent for emergencies and speed is key. Be sure to check how long a transaction will take – if the money you are sending is urgent, you want to be sure you’re using the fastest service possible.WorldRemit prides itself on offering instant transfers to countries, and its Mobile Money offering means anyone can receive a remittance anywhere in the world, instantly.

5. RESEARCH THE COMPANY'S SECURITY POLICY
Be sure to look into what security measures the service has put in place to ensure your transaction is secure. It doesn’t matter how much you’re sending; you should never feel as though there might be a risk that you’ll lose out. Some things to consider are ensuring the website and / or app is secure, and employs proper system authentication and data protection standards. Also remember that an online transfer through a trusted company is much safer than carrying large amounts of cash to and from an agent!

For more information, visit www.worldremit.com or download the app on iOS or Android

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