Frugal Methods Of International Remittance

When you stay abroad, you might be required to send money back home.

Travelling abroad will provide you with a wide variety of different opportunities. It also offers you the opportunity to remit back home. With today’s technology and advancement in bank and financial institute’s services, many individuals are looking for the best and cheapest way to send money. So how can one really send money back home and save in the long process? Here is how.

Festive Offers

Many individuals send a lot of funds back home during various auspicious times, events or even during festive seasons. However, for some, sending a large value during this time may not seem like the cheapest way to send money. During this time where there is an increase in remittance, banks and financial institutes will take advantage of the situation. Here, they will offer you a variety of different discounts and deals when you send your money back home. You can take advantage of these deals to reduce the fees when sending your funds or you can even send more funds for a discounted rate.

Bulk Discounts

If you send funds on a regular basis, you will be sending a fixed amount.Depending on the amount you will be sending, it can be expensive as you will need to pay a lot of service fees. However, most of the baking and financial institutes will offer you a variety of different offers wherein you can send a lot of funds, at a discounted rate. In other words, the more you send, the less is the funds you will have to pay in terms of service fees or other related charges. This makes it the cheapest way to send money. Additionally, you also need not worry about sending money during any financial emergency as you can send sufficient funds on a regular basis, thus reducing the need to send more on such occasions.

Avail First Transfer Discounts

As a promotional offer, many banking and financial institutes will offer you various discounts and deals when you first open an account with them to send money abroad. Some of these deals include the first transfer discount. Here, through this deal you can send your funds on a discounted rate for a fixed period of time. This fixed period of time can range from a few weeks to a few months. This depends on several factors like the bank you have applied to, the account type you would want to open and even the amount of funds you will be sending.

Apart from this, you must remember that there are other factors that influence your finances when your sending funds home in your country. Factors like current market conditions, the banking or financial institute you are applying affect the transfer charges or even the other related funds. You must incorporate these factors to ensure that in the long run, you do not spend much when you transfer your funds to your home country.

Neha Sharma is a finance student who loves to write in her free time. She is well experienced with the different ways to send money back home.Through her article, she has provided her readers with different factors to consider when you want the cheapest way to send money home.

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