A remittance transfer is a system of international electronic money transfer mode that has become indispensable for individuals to send money to their friends or family across borders conveniently and quickly.
People must adapt as the global economy continues to rise and job opportunities are cropping up across borders. Rather than relocating their entire family, many people pursue international job opportunities that will best support and provide for their loved ones back home.
However, finding a reliable and quick way to send that money home can be difficult. This is where remittances come into play.
Here’re all the details you need to know about money remittance transfers if you’re looking for credible ways to send money overseas to your family.
Who Is a Remittance Transfer Service Provider?
A business that frequently transfers cash from its clients to organizations and individuals in other nations, both physically and digitally, is known as a remittance transfer service provider.
Are you new to remittance transfers or have recently started a job in a new country and are looking for the best way to send money home to your family?
If so, you need to find a reputable remittance transfer provider!
You can feel secure and rest assured knowing that your friends or family will receive the money you worked tirelessly for as soon as possible (although the rules may vary depending on the country).
Bank Transfer vs. Remittance: What’s the Difference?
What differentiates a bank transfer from a remittance transfer is a question that customers ask quite a bit. Three main factors can be used to break down the response:
1. Speed of Transfer
A remittance transfer can typically be completed in a few minutes. It is, in essence, an instant payment.
International bank transfers generally take at least 24 hours but can take up to five days. If you’re short on time, a remittance transfer might be a better alternative.
2. Convenience of the Transfer
Banks typically won’t let you convert transfers into cash. Normally, they only let you send money to the recipient’s account. On the other hand, remittances can be converted into cash that your beneficiary can pick up right away.
3. Cost of Transfer
Although the cost may differ, the sender of a money remittance transfer typically pays only one fee (either the spread or the flat fee).
In most cases, a flat fee and a percentage of the sent amount are required for bank transfers. In the long run, banks might be more expensive if you transfer large sums of cash.
However, it depends on how much cash you need to send and how shortly, since both choices usually have competitive exchange rates.
Send a Remittance Transfer with PFG Smart Credit!
PFG Smart Credit is here to serve as your partner for transferring and receiving funds internationally as the global economy expands.
In addition to our money transfer services, we provide security, reliability, speed, and convenience.
Using our money transfer services, you can transfer funds internationally and domestically in a matter of clicks. You can track the money you send, even while you’re on the move.
