Most immigrants send some of their salaries to friends and relatives in their home nations. There are different methods to forward cash to recipients abroad, as well as, several kinds of financial services. These include money transfers, debit and prepaid cards, and banks and credit unions.
Money Transfer Companies
Typical money transfer companies provide many choices for transferring cash. They receive money for sending at their walk-in offices. Some even allow you to forward cash by phone or online using your account number, debit card or credit card.
Recipients can get the cash from the local agent of the transfer company in their home country. On the other hand, they can also retrieve it in their mobile wallet or bank account.
Credit Unions and Banks
A typical wire transfer can be quite costly, although there are credit unions and banks that offer programs with lower fees. This helps people transfer cash back to their home-town more reasonably. They wire the money to a partner credit union or bank in the other nation.
The recipients can then leave the cash in their account or claim it themselves. These services function differently at various institutions, and it may need you to be the account holder. It would be wise to visit credit unions and banks in your location to determine the remittance services they provide.
Prepaid and Debit Cards
Prepaid cards, also referred to as stored-value cards or prepaid debit cards, are similar to checking or credit account debit cards. However, they only hold exact funds that you deposited onto them days, weeks, or months before.
There are reloadable cards where you can load more cash to them over and over for future needs.
Your choices for transferring cash and rate of the transfer rely on the service or product that you use, exchange rate, the amount you send and destination country.