Australians pay more when sending money compared to the US and UK.
A study showed that Australians still opt to send money through the big 4 banks even with poor exchange rates and fees. The World Bank found that Australians pay 32 per cent more than Americans and 22 per cent more than Britons.
Experts urge that although it is understandable to trust the banks more than other new and/or small remittance services, people should shop around and consider carefully other ways to send money other than through the banks.
Today’s technology makes it possible to send money without leaving your homes or offices. There are a lot of services that are available online by visiting their website and/or by downloading and using apps with your IOS or android smart phones or tablets.
Still some are hesitant to send money online for several reasons.
Some of us may still think that the traditional way is better. They did exist up to now so they probably know what they are doing right?
Yes they do. But it does not mean it is the only means available now. Remember, even the idea of saving and sending money in banks were new before.
Even if computers and the Internet were introduced years ago, some people may still feel intimidated. They feel that they may put in the wrong detail or that they may somehow break the computer or the internet itself.
Sending money is not only for technically savvy people but for everyone. It is as easy as sending an email or completing a bank deposit form, lining up and finally depositing or sending the money – only if you do it online, you don’t have to queue anymore.
On the other hand, there are those who may not like having to put their details online to register and log in. These people feel that all websites asking for such details are too fishy or that it somehow violates their privacy.
It is okay to always be on guard, however, if the website is a trusted and secured account, signing up and registering actually makes transaction more secure. Just remember to think of strong, unique passwords and never divulge them to others.
Of course there are those who feel that sending money online is unreliable. You have no idea how your money is sent to another country or even state and that understandable can make anyone nervous.
What if your money never reaches the other party?
This is why it is always advisable to research for the best remittance service that is right for your needs. Transactions made online through reliable and genuine remittance companies are safe thanks to the advancement in our technology. The money you send will be received safely in a matter of minutes.
If you are thinking about giving non-bank remittance companies a try, make sure to do you research and answer these questions:
Is the remittance company registered in Australia?
Check the company website and find out if they are registered with appropriate agencies. You can usually look it up in the company’s About Us section.
You can also check by searching Australian Security and Services Commission (ASIC) website or ABN look up. It is possible to look up the name of the company – just make sure that you are typing the right name – some companies may actually be registered with all capital letters in their name or with a dash. OR use the ABN number listed in the company website.
For remittance companies, also check if they are registered under Australian Transaction Reports and Analysis Centre (AUSTRAC).
If you want you can try searching for us to see if the sites work. Search I-Remit to the Philippines.
Does the company cater to the country where you will be wiring the money to?
There are remittance centres that offer their service to almost anywhere around the world. This is great if you have several recipients living in different countries.
There are also remittance centres who cater to one specific country or region. Although it may seem limited, it actually works if you only send to one country all the time. Focusing on one area, you can be sure that the centre knows of that country’s laws, major industries and the remittance needs of the general public.
How much is the minimum and maximum amount of money can you send?
Your money sending habits may be regular – a specific amount every month or it may be on a per need basis. No matter what it is, it is good to know that you can send money regardless of how much it is (of course there would be a limit to how much per transaction).
How much is the service transaction fee?
Remittance companies charge transaction fees for a fraction of the cost you’d pay for with banks. Search online for the best deal, just make sure that the company you chose to deal with does not only charge the most affordable fee but that they also have superb service.
How fast can the whole transaction be processed?
Doing things online should be simple, quick and safe. Make sure the company’s website is secure before putting your details in. Once you are sure of the site’s security type away – it is as quick as sending an e-mail.
How soon can the money be transferred?
Money can usually be transferred within minutes. Check their policy on bank clearings and holidays, if any. Usually, if the remittance company had partnered with major banks and other remittance centres in the recipient’s country, the money can be transferred instantaneously.
Where can the recipient get their money?
There is usually a list of this found in the company’s website. Ask your recipient which of these banks or remittance centre is most convenient in terms of proximity, safety and ease of service before sending your money.
Do they have memberships or partner organizations in your recipient’s country?
As mentioned above, find out if your chosen remittance company is a member of any relevant organization in other countries where you send money. Do they have partner institutions? Having these things somehow increases the company’s integrity and trustworthiness because you established businesses would of course be looking into the authenticity and reliability of the company it chooses to associate itself with.
What other services do they offer?
Is your chosen remittance company offering other services like door to door money delivery service? Or is it possible to send direct payments to let us say a real estate company?
In addition, bookmark their website or like their social media sites to be updated with promos and sales. May be they offer discounted rates on certain occasions like Christmas, New Year or even Valentines day. Find out if they have membership privileges or discounts as well.
Do they offer 24/7 support?
Uncertainty about what happened to your hard earned cash may cause undue stress. This is why it is important to make sure that the company can provide you with the best customer service support available 24/7.
It also helps if you know that the service support team understands your needs well and treats you like family.
Change may sometimes be scary and it is normal to stick with what we are already accustomed with. However, change is necessary and inevitable.
New technologies are changing the world as we know it. We can try to fight it or ignore it but it is unavoidable.
So why don’t we try to embrace it – one step at a time. It can make our lives easier and more productive– and in this case, it can actually save us millions of dollars in remittance fees.