Father’s Day is around the corner, and no one understands the importance of this day more than those who are away from their families. At such important times when you cannot visit your father, sending remittances seems like the closest option to being there.
However, sending remittances back home can be a challenge, especially when you think about it at such a prime time. Of course, all expats want to send their warmest wishes back home. Hence, treading on this path carefully is very important.
If you are not sure about which factors to consider, here are some to begin with.
1. Consider the Exchange Rates
Whether you are considering sending money to Egypt, Canada, or Thailand, the USD to EGP or USD to CAD exchange rate may be one of the most important factors to consider. You must always consider the exchange rates while transferring money internationally to secure the best deal.
The best way to learn about the ideal exchange rates is to use reliable platforms that provide real-time information regarding the exchange rates. This way, you will be able to choose the best time to send your remittances.
2. Inquire About the Fee
The next important thing you must be worried about is the transfer fee being charged on your remittances. This fee can drastically differ from one provider to another. Hence, it is very important to consider all your options before you make a decision.
Take your time to compare transfer fees charged by different providers. You may also find providers who do not even charge any fee for their services. While that may be an attractive offer, make sure that you do not compromise the safety of your remittance for low transfer fees.
3. Ask About the Processing Time
Everyone wants their remittances to reach home timely, especially when it comes to events as important as Father’s Day. A single day of delay can ruin your plan and leave you disappointed in a service for a long time. You would not want your remittance to be delayed by such avoidable issues.
Instead of good fortune being by your side, it is best to be on the safe side and ask about the processing time required for the remittance to reach the recipient in Canada. If you want the transfers to reach you instantly, you can use methods such as digital wallets and bank transfers.
4. Learn About the Transfer Limits
Some banks and international transaction companies may have transfer limits. You must consider these limits before you consider sending remittances to your family on a day as special as Father’s Day.
Instead of being surprised at the moment and finding out that you cannot send remittances to your family, being informed about minimum or maximum transfer limits can be very beneficial.
Make sure that you talk to your exchange company about any limitations to know about, especially if you are considering sending a larger sum of money this Father’s Day.
