Transferring, or remitting, money overseas is a huge industry. Global remittance flows are expected to reach $630 billion in 2022. There are several ways for you to remit money, such as bank transfers, debit/credit card payments, fintechs, and more.
It can be very daunting for you to choose the most suitable option, because you have to weigh the differences in fees and exchange rates, and ensure that you avoid the more expensive ones.
In this article, we will unpack the different remittance options you have and help to choose the best option!
What are the different ways that you can transfer money abroad?
There are several ways to transfer money abroad, and not all of them are created equally!
Banks
Banks and traditional remittance services are the most obvious and familiar way to transfer money abroad, and they are often highly trusted by the public. Although bank transfers are often the first method that people consider when remitting money, it is far from being the best option.
Traditional banks operate on a network, performing bank-to-bank transactions where money typically takes 1-2 days to transfer. This time can also increase depending on the amount that you want to transfer, but most transactions are done in 3 or fewer days.
Western Union
Another popular way to transfer money is through Western Union. Many helpers remit through Western Union, since it is a popular, tried and trusted method. There are over 100,000 branches across 185 countries, making Western Union one of the most notable institutions that facilitate the movement of money globally!
However, remitting money through Western Union comes with some disadvantages as well. Many helpers prefer to do it in person, and this involves a painful process of queuing, filling out forms with their particulars and forking out a fee of 10% of the amount that they are remitting back home, which is not the most ideal way to spend one’s days off.
This is not including the bad exchange rates that the helpers have to accept whenever the Philippine peso performs badly against the US Dollar. Western Union also charges more than other traditional money remittance agencies that helpers might use!
How services like JiPay are making remittance easier
The days of transferring money through a central bank are gone, and it is no longer necessary to endure long wait times and high fees just to remit money.
Fintech companies have revolutionised the remittance industry. There are several solution providers in the market today, offering people options and flexibility to compare and choose the ones that cater best to their needs.
At JiPay, we offer remittance capabilities for migrant workers in the Philippines, Indonesia, India and Bangladesh. With JiPay, users can remit overseas with low fees, fast transaction times, and all with high reliability and security.
JiPay’s new money remittance capability allows users to remit money easily and instantly, directly on the JiPay app. Additionally, JiPay only charges a very small fixed fee per transaction (fees differ depending on the recipient countries.)
You can also use the JiPay app as a budgeting app to manage your budget, so you can keep track of all remittances and other spending in one place.
Time is precious, so avoid dealing with long transaction times and high fees. Check out JiPay Remit, available on the JiPay Personal Account today!
About JiPay
JiPay is a budgeting app for everyone to manage their household expenses, no matter where they are.
It comes with a free prepaid Mastercard to do your shopping.
Click here to get the app!