17 Nov 2023
Living and working abroad may seem fun, all fun and joy but, most of the Nepalian expats are working abroad, and they have large families to support in their homeland. Money transfers are always a great pressure for expats because of the high transfer fees. They are unable to make the most from their wages because a large part of their salaries goes to money transfer fees. They have to send money to Nepal every month to take care of their families. Remittance fees are scary when you have to do regular money transfers.
The amount of money remitted has been increasing vigorously over the last decade. International remittances were estimated to be almost $583 billion in 2014.
But you can't keep yourself from sending money to your loved ones. Money transfer is not your want but a need. Rather than stressing about the situation, act wisely and save money on remittance fees. This blog will discuss ways to save money on remittance fees.
You can follow the simple tricks and tips to save a significant amount of money while transferring it to Nepal. Here is what you can do in this regard.
The first thing you should do while making an international money transfer is compare exchange rates and currency differences. Check the value difference between the currencies of both countries. When you are done with the survey, select the platform that provides the best services at a minimum rate.
Choosing the right service for your remittance transfer is also very important. Always select a company or survival provider after carefully observing their functions and packages before making a final transaction. You never buy anything before thorough research. The same principle follows for buying different currencies or remittance transfers. Researching for the right one will take minutes but maybe save money on remittance fees.
It is the age and world of technology. It feels so typical and backward if you live a life without getting benefits from digital innovations. Like every other thing, the money transfer to Nepal online process has also been digitalised. The digitalisation of the process added so many advantages to the transfer, making it popular. If you are not using the benefits provided by the modern world, you are at a loss. Reduce your burden by transferring money through online platforms, as they are far more easy and low-priced.
You have to follow the simple guidelines and act a little wise to save yourself from being overcharged. People ignore little details, usually while transferring money. This makes their little transfer very costly. You need to overlook the details of your services before finalising your remittance transfer. You do not want to be charged for services you never need.
If you are not in any emergency, never ask for extra services. Only ask for urgent transfers when you need them. Otherwise, you will be wasting money on something that can be done at a lower price. It is better to wait for a day or two than be overcharged for something you don't need.
Rather than making a money transfer in small bits, make a bigger one after a long interval. This will reduce transfer costs, and you will lose less money in remittance. Small costs pile up to cost you a large amount, so it is better to do it all once.
Banks usually offer a special discount to customers making transactions for the first time. It is a marketing tip to attract the targetted audience. If no such discount offer is available, keep an open eye on regular discounts and money transfer packages. They are also strategised by money transfer companies to attract customers.
Traditional and immediate banking methods fraud you from so many kinds of hidden fees. They attract customers and get them registered with the bank by displaying a lower price. They live in a mirrored castle and eventually get a big shock when they see the actual transfer cost. They make you pay a lot of markup on the exact price, like third-party and currency exchange fees.
Banks are very clever not to mention any of these to the clients unless they ask. So, grab this information and ask the service provider if they have any hidden fees. In this way, they can not manipulate your mind, and you will only pay the amount you agreed to for transferring money. Getting all the information also helps you in making more informed and better decisions about the choice of bank.
Sometimes you are also asked to pay extra fees based on the services you take. For example, if you do a transaction using a credit card, that may be expensive as compared to one through a debit card or a bank. Be smart about what expenses you want to pay.
Online money transfer services are feasible and perfect for domestic and business transfers. ACE Money Transfer is the most cost-effective, accessible, innovative, and sophisticated company.
It is easy to send money to Nepal online using services from ACE Money Transfer. It helps you find the most straightforward and secure methods for money transfers. Among the million attractions, some common ones are discussed in the article.
ACE Money Transfer has greatly reduced the cost of money transfers. Traditional banks used to charge comparatively higher fees. The practice of overcharging destroys the remittance industry. ACE gives you a very low and moderate rate compared to the market. Due to high fees, so many people refrain from spending money. The price offered by ACE Money Transfer is affordable and accessible for everyone.
It provides the best exchange rates. This is why the market of digital remittances is growing daily. People are more and more attracted to the benefits of digital remittance. If you want to know more about boosting remittance inflows, look at how are MTOs (money transfer operators) helping to increase remittance inflows in developing countries.
Overseas workers work day and night to save money and send it to their loved ones. They know the value of money because money earned is not easy. traditional banking was full of fraud. There were money enemies. The money sent was never received on the other end. ACE Money Transfer has earned the badge of safest money transfer company in the world. They have end-to-end encrypted in fully secure ledgers. People prefer transferring their money in digital forms.
Apart from these, there are so many extra features that become user attractions. You can also turn on the notifications. Then you will be notified if your transfer has arrived. You can also check on the path of your transfer. Where is it? Has the receiver already picked it up or not? etc These luxurious features at the lowest price attract people to do the transfers without hesitation.
No matter how costly it gets, you can not avoid money transfers to Nepal. People have to move to foreign countries for various reasons. Rather than being blind to the matter, it is better to know how to save money on international money transfers to Nepal. Following the tips and guides mentioned in the article, you will be able to achieve transactions at a minimum cost.
For a successful international money transfer, the recipient and sender should have active bank accounts; apart from that, the usual information like name, address, ID numbers, bank account details, transferable amount, and payment methods are required for transfer.
Yes, you can send money online to Nepal from overseas. All you need to do is register yourself to an online money transfer platform through an email and link your account with it. Only by doing this, you can enjoy money transfers through taps.
yes, there is a limit on international money transfers. Most financial institutions and money transfer platforms report an amount that exceeds $10,000. The limit may vary for different platforms.
Yes, international money transfers are safe if you are wise enough to choose the right option. Like every other industry, the remittance industry is also filled with fraud and cyberhackers. Make sure to register yourself with the right and professional platform. Transferring money through a known and eligible platform is always safe from interruptions.
International money transfers can be a slow and quick process, depending on your choice and need. If you do a transfer through a bank, it usually takes 4 to 5 working days. But if you do a transfer using an online platform, it is a matter of seconds.