Globalization led to tremendous changes in global policies on immigration. People started moving across countries for better job opportunities, higher studies, living standards etc. Wherever people go, their close familial ties and friends remain in the home country.
Thus, the global remittance industry is one of the adjoining factors that grow with immigration. Remittances have the power to eradicate poverty in families, help to start new businesses and improve living conditions. All in all, it enhances the economic stability of the country.
So overseas transactions are crucial, now the question is “Is there a right time to send money home?”. If you are in an emergency and your family is direly in need of money, there is no other option than sending money immediately. But, if you are in no such hurry, there are definitely some tips in making transactions swift and easy, helping you save money and time. Transfer money online when it is the right time. And the right time is:
- In the middle of a month: Most expats send money home right after they receive their remuneration. Statistics state that almost 75% of international transactions and the rush happens within the first 5 to 10 days of a month. Plan it towards the middle of the month when it is less busy.
- Weekends are a pretty good time: People have a misunderstanding that everyone does money transactions on weekends, but the situation is quite the opposite. Weekends are quieter than the working days. Online money transfers have literally shaken the barrier of all time constraints. Customers can also visit the agent outlets on weekends if they wish for an in-store money transfer.
- Higher exchange rates: Exchange rates fluctuate according to international market movements. If you keep a constant eye on the changing exchange rates, you can send money home at a favourable time. The slightest change even in decimal points can make a difference in the sum total of value received at the other end.
Emergencies may be unavoidable. But in other cases, you can plan your online money transfer in Australia and aim for the best profitable hours of the month. Transfer money when the host country’s currency is at its highest, with the lowest transfer fees and the best exchange rates. In this way, you can get the most winning deal for your international money transfer.