How to transfer and receive money from overseas

If you live in an overseas country, money transfer services are something that you would need often. Your friends and relatives back home would need money regularly. It was a tedious and expensive task in the past to send money abroad. However, with the emergence of specialist money transfer agencies, it has become a seamless and secure activity. In this article, we will explore how you can transfer and receive money from abroad.

How to receive and send money abroad

How to transfer money overseas? Here are different options you can avail of when receive or send money overseas.

• Bank transfer

  You can opt for the services of a bank transfer to send or receive money from abroad. The sender can initiate the transaction from their account either by visiting the bank in person or using mobile or internet banking. You will need to add the details of the recipient, including SWIFT code. Bank transfers are costly as they offer terrible exchange rates and charge an exorbitant service fee.

• Money transfer agency

  You can use the services of a specialist money transfer agency to send and receive money from abroad. If you wish to initiate online transactions, you will have to provide your bank account and personal details and register on their portal. You can deposit the money in their account through one of the options like bank transfer, cards, or cash payment. These are a better option than banks as you can expect the best exchange rates and minimal service charges.

Exchange rates affect the final amount you receive

It is possible to receive a lesser than expected amount at times during the money transfer process. It happens when the currency exchange rate is not paid during the initiation of the transaction. You might think that a small difference in the exchange rate would not affect you much. However, it can prove costly if you are transferring a bigger amount. The exchange rates depend on several factors like demand and supply, market conditions, etc.

It thus becomes critical to research well and find multiple options to find the most competitive exchange rates. It is also advisable to find service providers with the lowest service charges. These charges can affect the overall cost significantly, especially when you are sending a large sum of money.

Send money abroad easily with Lotus Remit

You have options like bank transfers and specialist money transfer agencies to send or receive money from abroad. However, Lotus Remit will be your ideal option if you are looking to get value for money. We are an authorized agency and has been in the business for years. So, you can expect complete security of your money when you deal with us. If you are looking to send money to Philippines from Malaysia, you can enquire with us about the best MYR to PHP exchange rates.