Tips on the How to Transfer Money Overseas in 2020
These tips will help you find the best way to safely and quickly transfer money from the United States to Africa and beyond.
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Disclaimer: WorldRemit Corp and its affiliates do not provide financial advice. This article has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial advice. You should consult your own financial advisors before engaging in any transaction.
At WorldRemit, our customers send money home all year round but the volume of transfers increases significantly during seasonal holidays.
December is a peak period for transfers from the US to countries in Africa, as Africans in diaspora send money to their friends and family to celebrate Christmas and plan for the New Year. Africa is WorldRemit's largest region, accounting for over 50% of all transfers with top receiving markets as Nigeria, Ghana, Kenya, Zimbabwe, Cameroon, South Africa and Uganda.
It is rewarding and exciting to be able to send money to support loved ones, but we understand it can also be a stressful time due to the holidays, financial decision-making for the New Year and last minute expenses. With this in mind, we've created a list of tips to make the whole process that little bit easier.
Whether you send money home on a regular basis or only during the Christmas and New Year season, it is always best to prepare a budget and plan ahead as much as you can. There are many budget tracking apps that can help you get your finances in check!
Identifying the financial goals of your family in the US and your loved ones at home will help you calculate how much money to set aside on a regular basis. Regularly saving money ahead of time alleviates unnecessary stress and the potential financial strain of a last minute dash to accumulate the necessary funds to send to your family and friends.
Create a plan paying close attention to your sending pattern. How often do you send money home? And how much do you typically send? These are just two of the questions you should ask yourself when creating a plan. Once you know the answer to these questions, you can set aside a monthly budget specifically for your remittances so, when the time comes to transfer money, you already have the funds available and ready to be sent.
Keep an eye out for the best offers
Take advantage of the best promotions when sending money home. At WorldRemit, we are currently offering new customers zero fees on their first three transfers when they send money with us. All you need to do is use the code "3FREE" when making payment. It's super simple to sign up and you can start sending money in minutes. See www.worldremit.com/3FREE for more details (T&Cs apply).
Do your research to stay safe
Always do your research about money transfer providers before signing up. Online money transfers are safer than offline cash-based methods because they leave a digital audit trail, making it easier to track unusual patterns and spot potential fraud.
WorldRemit is licensed by government regulators around the world, so you can be sure we meet the highest possible standards. All customer personal data that is shared with us is treated securely in compliance with strict local data protection regulations, and there are teams, processes, and procedures installed behind the scenes working hard to keep our customers (and their hard-earned money) safe.
Save time by sending online
Online money transfers save customers time as they do not have to travel to a money transfer agent to send money home. With WorldRemit, you can send money 24/7 in just a few taps from a smartphone, leaving you with more time for the rest of your festive preparations!
To make life easier for money transfer recipients, we also offer a variety of pay-out options - including bank transfer, cash collection and mobile airtime top-up - so you can choose to send money home in the way that works best for your friends and family. What's more, we offer notifications for both you and your recipient when a transfer has been sent and received to offer peace of mind and keep you connected.
Happy holidays and happy transfers!