Click Here! If I had had the information in this comprehensive manual, I would have been in the Philippines a year before I actually made it here.
Why do you send money overseas?
Some send money to their families back home in hope of giving them better futures and better lives.
Some send money to donate to good causes, or to help out other people regardless of whether they are related or not.
Some send money to invest and to grab opportunities to make their money grow.
The reasons vary, and the depth of commitment differs. Regardless of these reasons though, one thing remains true – there are always a few pros and cons to everything you do, especially when it involves money.
What You Should Watch Out For
Money is often a magnet for mishap and fraud. Add to that the eagerness and urgency that often comes with sending money overseas, and you’ve got yourself opening up a whole world of risks.
What are the risks that come with sending money overseas?
Falling for scams
The story is always convincing. It could be about how tough life is and how hard it is to make ends meet. It could be about a huge emergency that involves life and death. It could be about an awesome opportunity that you just can’t allow to slip away from you.
And when you don’t ask the right questions and do the right amount of research, you can actually fall for it hook, line, and sinker.
There are so many scams you have to watch out for whenever the need to send money overseas arises.
Investment scams. Love scams. Money transfer scams.
It’s all about knowing who you’re sending money to and being secure with the way you’re sending it.
When you start sending money online, you also open yourself up to the risks that come with the lack of online security and proper knowledge of transaction protocols. If you’re not careful enough, you could be giving other people the chance to access your online account without you knowing it.
In these cases, the move is always quick and smooth. You see your money in your account now, but it could be gone in a matter of seconds.
Familiarize yourself with basic protocols. Should you be giving someone your account password? Does it really make sense for them to ask you to download something into your system when all they should really be needing is the account details of the person you’re sending money to and the amount you’ll be sending them?
The risks do not have to be fraudulent in nature all the time. Sometimes, it’s the system itself that can take you down.
Sending money overseas, especially when done online, would also mean paying fees that would cover the costs that the service provider incurs. The fees, of course, would vary from one provider to another. This is where the need to shop around would come in.
Always compare your options first, and find out what fees come with each of them. Check for reviews as well, as there may be hidden charges that you may not know about that other people have discovered before.
Unbelievable wait times
This is often one irony that a lot of people sending money overseas encounter. They choose a certain option because it proves to be a lot more convenient, but then they end up waiting for such a long time before each transaction is completed.
This is a matter of making the right choice. With the right money transfer service, you can actually have the recipient holding the money in no time at all. Make the wrong choice however, and you could waste so much time waiting around for a transaction to be completed.
More often than not, these risks are manageable and controllable, especially if you’re equipped with the right kind of knowledge and tools. And despite the risks that you’re opening yourself up to the moment you decide to send money overseas, you would often find that the pros hugely outweigh the cons.
Why It’s Still Worth It
Sending money overseas may involve so many risks, but it’s all a matter of knowing how to control them and avoid them whenever possible. After all, these benefits to sending money overseas would always be more important compared to the risks:
Think back to the time when online transfers were not yet a convenience that people could use. Can’t remember how that went? Good. Because that means you’ve been enjoying the perks that come with technology that you can’t even figure out how you lived without it before.
Sending money is now more convenient compared to how it was done in the old days. You don’t even have to stand in line anymore. You can be on the train commuting to work, or at home eating breakfast. There’s no need to rush to the banks before they close either. As long as you’re connected, you can transfer money online with just a few clicks.
As mentioned earlier, the speed by which the recipient gets the money is not about the fact that you’re sending money overseas.
This would depend on the service that you decide to go for, and once you pick the right service to do the job, you can have the money there in minutes.
You do what you aim to do.
People have different reasons for sending money overseas, and just because there are risks that come with it does not mean that you would have to forego doing it altogether.
Think about what the money is for. Think about where the money is going.
That money sends your kids to school, or gives your parents a better home. And at the end of the day, that’s all that really matters, right? It’s about knowing that you actually accomplished what you set out to do.
So you see, it’s not at all about the risks, although we should not be discounting the fact that they’re there. When it comes to sending money overseas, it’s all about how you protect yourself against these risks. It’s all about knowing that this is all worth it.
Know why and where you’re sending the money. Be careful about how you send it.
When these two rules are followed, then everything else will follow.
About the Author
Rica J is the founder of iRemit.com.au ( http://www.iremit.com.au/ ), a remittance company providing easy and secure money transfers from Australia to Philippines. She is a mother, a wife and a technology loving Filipina who loves reading hi-fiction books, good stories, dancing, laughter, lying on the grass and eating balut.