Send Money with Remittance: A Comprehensive Guide

Sending money to loved ones abroad can be a daunting task, but with the right information, it doesn't have to be.

Remittance, or sending money to another country, is a multi-billion dollar industry that helps families stay connected across borders.

In the US alone, over $130 billion is sent back to countries of origin every year, a staggering figure that highlights the importance of this service.

Remittance is not just a way to send money, but also a lifeline for many families who rely on these transfers to make ends meet.

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Sending money abroad can be a daunting task, but it doesn't have to be.

There are many remittance options available, each with its own set of fees and exchange rates.

One popular option is bank transfers, which can be done through online banking or in-person at a branch.

In-person bank transfers typically take 1-3 business days to process.

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International Remittance is a convenient way to send money to loved ones or businesses overseas. You can send an International Money Transfer (IMT) from Australia to more than 200 countries in over 30 currencies.

To initiate an IMT, you can use the CommBank app, NetBank, or visit a branch. The process is relatively straightforward, and you'll need the recipient's bank account details, including their IBAN number or SWIFT code.

If you're sending an IMT using the CommBank app or NetBank, you won't have to pay a transfer fee, excluding AUD to AUD transactions. This can save you some money, especially if you're sending regular transfers.

If you're sending a cross-currency IMT, CommBank will cover correspondent bank fees, which can be a significant cost savings. However, you'll still need to pay any fees charged by the payee's bank.

To get the most out of your IMT, consider using a Foreign Currency Account to send same-currency IMTs. For select currencies, you can pay a separate upfront fee to cover correspondent bank fees, which may be cheaper in the long run.

Here's a summary of the benefits of using CommBank for IMTs:

Local bank transfers, also known as international ACH or global ACH, are a popular international money transfer method for companies making mass payments.

They're a type of EFT (electronic funds transfer) that varies from country to country, but are quickly becoming the preferred choice for businesses.

Free to send money through PayPal, though the recipient is charged a fee to cash the payment, with a 2.9% fee plus $0.30 per transaction for transfers up to $3,000.

Fees decrease slightly for larger transactions, and there are no fees for sending to friends or family members from a bank account.

International transaction fees tend to be about 1% higher, and you'll also be charged an exchange rate on transfers made in international funds.

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Zelle is a digital payments network founded in 2017 by Early Warning Services, a private financial services firm.

To use Zelle, you need to enroll your email and mobile phone number with the Zelle app or through your bank's Zelle electronic portal, as long as you have funds in a U.S. bank account.

The person sending money just needs to enter the recipient's email address and mobile phone number, and the recipient must have a bank account in the United States.

Zelle doesn't charge fees to send or receive money, but sometimes the bank or other financial institution charges customers for providing access to the service.

After payment is sent, the recipient receives a notification with instructions for completing the payment.

PayPal is a great option for transferring money, and it's free to send funds electronically from one PayPal account to another. The recipient, however, is charged a fee to cash the payment.

For transfers up to $3,000, the fee is 2.9%, plus $0.30 per transaction. This fee decreases slightly for larger transactions.

Sending money to friends or family members is free, provided the money is coming from a bank account. International transaction fees tend to be about 1% higher.

Venmo, owned by PayPal, is another easy-to-use money transfer app that allows peer-to-peer payments, free of charge. Business payments come with a small fee, often paid by the business.

Keep in mind that you'll be charged an exchange rate on transfers made in international funds.

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Western Union is a reliable option for transferring money, both domestically and internationally. Fees for transfers through Western Union can vary depending on the speed of the transfer and the location you're sending money to.

A $200 transfer within the United States or Canada will cost around $12 for a rapid transfer and $8 for a next-day transfer. These fees can change at any time.

Western Union also offers international transfers, but be aware that you'll be charged an exchange rate, which can result in a hidden charge. A transfer to the United Kingdom will cost around $22 if done through an agent of Western Union and $15 if done online.

Cryptocurrency is now easy and cheap to use for sending money around the world. You'll need to have some crypto in a digital wallet to send it, and the recipient will also need a wallet or app.

Different countries treat cryptocurrency transfers differently, so be sure it's both legal and cost-effective where you are.

Personal checks can be an affordable choice, especially if your bank offers free checking. This method is safer than cash for sending by mail because you can cancel a check if it doesn't arrive at its destination.

Writing a check and depositing it into another account is a common practice. However, sending checks internationally can be tricky, with some banks not accepting foreign checks.

Sending a check overseas that's written in American dollars can result in delays in cashing the check. This is because the bank needs to verify the deposit, which can take time.

The recipient of the check may also have to pay a fee for cashing it and cover the exchange rate to have the funds exchanged into the local currency. This can be a significant added expense.

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Cashier's Checks are a type of physical transfer that can be used to send money abroad. They are often purchased through a bank and can be more expensive than money orders, costing around $10.

The cost of purchasing a cashier's check is generally higher than for a money order, which can be purchased through a post office branch for $3 to $9.

Email money transfers are a convenient option for sending and receiving funds. They function like electronic checks, initiating the transaction by email and notifying the recipient by email that the funds are available.

You don't need the recipient's bank account number, but a security question is usually required to identify them before they can access the funds. This adds an extra layer of security to the transaction.

Transferring funds through email money transfer typically comes with a nominal cost of a couple of dollars. Receiving funds by this method is usually free.

This service is quite reliable and fast, taking only a few days to arrive in the recipient's account.

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ACH transfers are completed through a clearing house and can be used to process direct payments or direct deposits.

For international transactions, local bank transfers are also known as international ACH, eCheck, or global ACH.

Wire transfers allow for the direct movement of money from one bank account to another, typically for a fee.

Local bank transfers, or international ACH, are quickly becoming the international money transfer method of choice for companies that make mass payments.

ACH transfers are a type of EFT (electronic funds transfer) where the process varies from country to country.

Sending money can be a complex process, especially when sending to another country. Wire transfers are the most common method used for remittances, taking anywhere from 3-5 business days or longer.

You'll need to do some currency research before sending an international wire transfer. This is crucial to confirm whether the bank can send funds in the local currency of the receiver, especially for developing countries like the Philippines, South Africa, and Mexico.

The fees for wire transfers can be quite high, and foreign countries may charge additional fees for the service. You'll also need to consider the foreign exchange rate, which can be higher than the live rate due to the bank's profit margin.

To transfer money to someone overseas, you'll need their full name, home address, account number or IBAN, and the SWIFT or BIC of their bank. This information is required to process the transfer.

Some banks may not be able to receive remittances directly, requiring the use of an intermediary bank. This can add additional fees to the transfer, which may not be disclosed upfront.

Additional reading: Wire Transfer Currency Conversion

Here's a quick rundown of the required information for international money transfers:

If you're sending money to someone overseas, make sure to track your payments using a payment tracker. This will keep you up to date on the status of your IMT (International Money Transfer). Simply log on to NetBank using your Unique End-to-Tracking Code (UTER) – a 36-character code found in your payment details.

To receive money from overseas, you'll need to provide the sender with some essential information. This includes your full name and home address.

The sender will also need the bank name, which is the Commonwealth Bank of Australia.

You'll need to provide the sender with the CommBank BIC/SWIFT code, which is CTBAAU2S.

To find your 14-digit account number, you can log on to NetBank or the CommBank app. This information is displayed beside the account you want money transferred into.

Here are the details you'll need to provide: