Send Money Overseas Quickly and Cheaply? Here’s How!

Jakarta, Pintu News – Remittances are an important way for many people to financially support their families in other countries.

Remittances not only help in fulfilling daily needs, but also play a role in economic development in many developing countries. This article will explain what remittances are, how they work, and tips on sending money in a cost-efficient manner.

What is Remittance?

Remittances are money sent by a person or group to a recipient in another country, usually to support a family. The money sent is often used for basic needs such as food, education or health.

In many developing countries, remittances are a major source of income for some families and can even outweigh foreign direct investment or development aid from abroad. With the development of technology, the process of sending money is now faster and safer.

Many migrant workers send a portion of their earnings to support their families back home. The money is not only for daily consumption but is also often used for long-term investments such as education or property purchases.

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How to Send Remittances?

To send remittances, one can use electronic money transfer services through a bank or money transfer services such as Wise or Western Union. This process usually takes only a few minutes and incurs a certain fee. The information required usually includes the recipient’s account number, bank name, and the bank’s routing number.

In addition, there is also the option to use money transfer apps such as PayPal and WorldRemit, which allow sending money overseas. Not all money transfer apps support international transactions, so it is important to check the services available before making a transaction.

Remittance Costs and How to Reduce Them

The cost of sending remittances can vary depending on the method and service used. According to the International Monetary Fund (IMF), the average cost of sending money abroad is around 10% of the total money sent.

However, this cost can be higher in smaller migration corridors, where the cost can reach 15% to 20%. To reduce costs, senders can choose services with lower fees or use digital channels which are usually cheaper than banks. Comparing fees between services before making a transfer can also help save costs.

Conclusion

Remittances play a crucial role in the economies of many countries and help many families make ends meet. With a wide selection of services available, remitters have many options to send their funds efficiently and safely. If there is any doubt about the best way to send money, consulting a financial advisor or money transfer service could be a wise choice.

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Reference

• Investopedia. Remittance. Accessed on August 29, 2025