By Scott Eddington, Managing Director APAC at WorldRemit
With Christmas around the corner, now is the perfect time to begin planning for the holiday. For the three in 10 Australians born overseas, this means determining what gifts they’ll be sending home to family and friends.
As everyone has experienced in the past few months, postage services have seen major delays. With an inability to predict if, or when, a package might arrive, Aussies would be wise to consider choosing to send money to family and friends overseas as Christmas gifts this year.
With a growing number of Aussies turning to the benefits of online payment platforms, it’s important to know what to look for before making your transaction. Below are four tips to make the most out of sending money online safely and securely.
- Watch out for fees
Always check transaction fees before using a money transfer service. Leading online transfer platforms will always be upfront with what fees their customers will pay. This means you’ll see the total fees, and any applicable conversion charges, upfront before you confirm and pay for your transfer.
This means customers can be confident in exactly how much they’ll have to pay, and the exact amount a recipient will receive. If the fees are opaque, or not specified, you might find that your recipient ends up with less than you were expecting.
- Don’t miss the Christmas deadline
For those who are sending money overseas for the first time using a digital transfer service, make sure to give enough time to set up an account.
All licensed Australian money transfer services are required by law to verify your identity before your first transaction, and this can sometimes take a day or two. It’s best to leave the extra time just in case.
It’s also helpful to understand timings for different money transfer options, including cash pick-up, bank transfer, payments to mobile money wallets, and airtime top-up, to avoid missing a celebration like Christmas.
- Enter the right details for the recipient
To avoid any hiccups along the way, ensure the recipient’s information is correct before confirming a transfer. For example, different countries will have different formats for bank account details.
It can be these small, overlooked details that could create a tricky situation. While it may ruin a surprise, always confirm the recipient’s details before hitting send on a transfer. Just the same as shopping in-store, taking the time to ensure the details of your transfer are correct is vital to the success of the transaction.
- Keep an eye on exchange rates
Keep an eye on exchange rates, as they change daily, and transfer when it makes the most sense.
The amount of money that a recipient will receive relies heavily on the exchange rate on the day of a transfer.
Some money transfer services offer daily exchange rate notifications via their apps, so users can keep an eye on the best time to hit send on a money transfer.