Life as an expat can have several challenges, especially if you have loved ones to support back home. While you can send money to support their needs from time to time, things are very different when you need to send money home fast.
Whether your loved ones have a health emergency to deal with or are facing a crisis after a natural disaster, you would want money to reach your loved ones faster.
Instead of trusting luck with sending money home, here are some of the best ways to consider.
1. Consider Bank Transfers
Banks understand the needs of expats and want to facilitate them. That is why they often offer services to transfer money from one part of the world to another in the fastest way possible. While these services may cost more, you can be sure that the needed amount will reach your loved ones in time.
If you already have an account with the bank, all you need is the recipient’s bank details and SWIFT code. Bank transfers are considered to be one of the fastest and most secure ways of transferring money across the globe.
2. Money Transfer Services
Besides the banks, several dedicated money transfer companies can help expats in their time of need. If you are a Nigerian expat, you may be wondering how to send money to Nigeria. Choosing money transfer companies can be the best choice for you.
Money transfer services offer their services and also have on-site locations for sending and receiving money. Depending on the provider you choose, your money may reach the recipient in just a few hours. The fee can be based on several factors, such as the destination and transfer method.
3. Online Payment Services
Several online payment services can help you send money to your loved ones with the tap of a finger. This method can be the best for someone leading a hectic life. You can link your bank account to the service and use this information to send money to recipients anywhere in the world.
While sending money through online services can be very convenient, you may want to consider the transfer fee applied for the services. In addition, it is also important to remember that the availability and services offered by online payment services can vary by country.
4. Prepaid Debit Cards
Another useful option that you can consider when sending money internationally is using prepaid debit cards. You can look into local companies that offer prepaid credit card services that allow money to be sent to an international audience.
If you want the transferred money to reach the audience faster, you must ensure that the recipient already has the ATM card to withdraw the needed money.
This method can be very convenient once you have filled all the requirements. However, remember that this way of transferring money can be considered a bit more expensive than others, as charges for card insurance, loading funds, and ATM withdrawals can also apply to your transactions.