If you are an expat in a foreign land, it is likely that you watch the exchange rate like a hawk in search of the perfect opportunity to send money home. In the past few months, the events on the world stage have stirred up a flurry of activity in the forex market. So, if you wish to ride the remittance tide, hop on right away.

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While there are several ways to send money across borders, you must wisely choose what works best for you from among these options:

• BankTransfer
• WireTransfer
• MobileWallet
• Creditor pre-paid Debit Cards
• Cashtransfer

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At times, the recipient back home might not even have a bank account. This is especially true for developing countries like India, Philippines, Africa,Pakistan, Vietnam, etc. So, it is important that you consider the following factors before deciding on which mode of transfer to use to send money:  

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1.    Speed of Transfer

Depending on how quickly you need the money delivered, you may opt for one method over another. A mobile wallet transfer or money transfer service will allow you to send money faster than a money order or a mailed prepaid debit card.

2.    Level of convenience

It is important to consider what the most convenient method is for both you and your recipient. Depending on what your recipient is using the funds for and where they live, one method may make more sense than another.

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3.    Cost of transfer method

Another factor to think about when choosing a method is the costs associated with each transfer method. Although mobile wallet transfers often do not incur fees, if your receiver prefers cash, this technique may make it more difficult for them to retrieve the money. Most of the time, using a credit card to transfer money will result in the highest fees. Prepaid debit cards and money orders often have obvious, minimal prices. The cost of money transfers varies depending on a number of variables, including the service provider, the amount being sent, the location, and currency rates.

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4.    Location of transfer origin and destination

Fees may vary depending on the location of origin and location of the destination. International money transfers typically cost more than domestic ones, and some methods may not be available in certain countries.

5.    Security of transfer method

Online transactions are protected with data encryption and additional security measures, whereas mailed money orders or prepaid debit cards run the risk of getting lost or stolen.

Is there a Perfect Solution?

The good news is that there is one perfect solution that takes care all the above concerns. Xare is a mobile-based financial platform that enables you to give access to their debit or credit card to a friend or family member in your home or anywhere in the world. The recipient can then shop online or offline from hundreds of local or global stores. This is the best way to send money home to your loved ones instantly and for zero transfer fees.

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So, let us see how Xare scores over the other modes of money transfer:

1. Speed– Xare transfers in real time even across borders in less than 10 seconds

2. Convenience– This is easy-to-use app so you can send money home from the convenience of your phone

3. Cost of transfer – Xare does not charge a transfer fee. So, all you need to worry about is getting the best currency exchange rate.

4. Location– With Xare, you can send money anywhere near or far

5. Security– You do not need to share your card details with the recipient, so Xare is secured against frauds. Even the Xare platform does not store your card details, so there is no threat of a data breach.

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Exchange rate fluctuations can create good opportunities to send money home. And it turns out that the best way of sending money is not ‘sending’ it at all – instead, simply share money on Xare! If you make it a habit to remit with Xare, you can be sure that your loved ones back home get the best yield. So, bid goodbye to all your remittance woes, keep calm and Xare.

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