How to Send Remittances When Living Abroad

If you’ve moved away from home, knowing the best way to transfer money from abroad is essential. While there are numerous options to explore, each has associated fees, security, and convenience to navigate.

While Ria makes it easy for you to send money to your loved ones around the world, we’ll explore the basics of international remittances, ensuring you understand how to send remittances when living abroad.

Information Required to Send Remittances

If you need to send remittances when living abroad, getting all the information required ahead of time is a smart move. Although the details can differ between remittance methods and destination country, having the following details will streamline the process:

• The recipient’s first and last name (as shown on their government ID)
• The recipient’s contact information (e.g. phone number and address)
• Bank account details
• Reason for transfer

How to Make Remittance Payments from Abroad

There are numerous ways to send remittances from overseas, each with pros and cons, that could affect how you get money to loved ones. Below, we cover the basics of each method and the fees you might encounter.

International Bank Transfer

If the recipient has a bank account, using an international bank transfer to remit money abroad is a popular option. Usually available online or in person, you’ll need the recipient’s account information to get money moving in their direction. 

However, international bank transfers are one of the more expensive ways to send funds abroad. As your bank likely charges high fees to use their service, you’ll often find significant markups on foreign exchange rates, ensuring you get less value for money.

International money transfers can also be slow for sending remittances. With processing time taking anywhere from one to five days, you might look for alternative options if you’re sending money for an emergency.

International Wire Transfer

Sending an international wire transfer is much the same process as making an international bank transfer. However, the difference between these methods is how wire transfers see your bank act as an intermediary, where the SWIFT banking network is used to exchange your payment information with the recipient’s bank or financial institution.

While sending an international wire transfer is safe, your money could be delayed during its journey. As payment is guided worldwide through numerous banks to reach its final destination, it might encounter additional intermediary fees and security checks, slowing down its arrival while costing you more.

In addition, international wire transfers are almost impossible to reverse once sent, unlike international bank transfers. This means you’ll have to be extra careful when entering the recipient’s details. Depending on your needs, international wire transfers can add needless expenses and delays.

International Money Order

Many people still choose to remit international money orders to friends and family, even though digital services have mostly superseded this method. Serving as a guaranteed check from a bank or financial institution, you send this document to its destination via the traditional postal system.

While an international money order is safer than sending cash in an envelope, this method has obvious downsides compared to fast and convenient online services. Of course, your money order can get lost in the mail while you and the recipient could face an elevated risk of fraud.

There are also several fees to consider. Money order services determine their rate based on the destination alongside a flat rate or a percentage of the total order amount. However, sending an international money order could be the right approach if the recipient doesn’t have a bank account or digital banking services.

Money Transfer Services

As technology has improved and people have become increasingly familiar with sending remittances over the internet, online money transfer services have emerged as a superior option. Featuring low fees, fair exchange rates, and speedy transfers, these digital services are also secure and easy to use.

Yet with numerous online money transfer services to consider, finding the right one to fit your needs isn’t always straightforward. When assessing your options, compare each service’s fees and exchange rates to see how they measure up. You should also consider transfer limits, security protocols, and customer service standards.

The major benefit of online money transfer services is that they’re usually faster, cheaper, and more convenient than traditional banks and financial institutions. As options like Ria Money Transfer provide senders and recipients with numerous transfer methods, remitting money abroad offers maximum performance without the high cost.

Send Remittances With Ria Today

Founded in 1987, Ria Money Transfer is one of the world’s leading remittance services. Available in more than 190 countries and territories, sending money to loved ones is a quick and hassle-free experience thanks to our digital services and 500,000+ cash pickup locations around the globe.

Low Fees

Ria is known for its low, transparent fees. With our fees clearly explained every step of the way, you won’t encounter nasty surprises when you remit funds.

Good Exchange Rates

While the fees to use a service are important, many people overlook the quality of the exchange rate when sending money abroad. Ria Money Transfer offers highly competitive exchange rates, so you get much better value for money compared to banks and other online transfer services. Use our simple currency converter calculator to understand how much your transfer costs.

Rapid International Transfers

You don’t want your family and friends to wait for their remittance. Ria offers rapid service, with credit card and debit card payments typically closing in less than 15 minutes. Our vast global network ensures your remittance arrives as soon as possible, and numerous payment and receiving methods offer outstanding convenience.

Powerful Apps

It’s easy to send remittances abroad when you have Ria’s powerful Android and iOS apps in your pocket. Just choose the payment method and the receiving method and begin the transfer. Along the way, you can swiftly review exchange rates while sharing the details with your family and friends so they know what to expect.

Top-Notch Security

Don’t compromise security when sending money abroad. Ria offers a myriad of robust security procedures, no matter the delivery or receiving method. Through identity verification checks, strict data security practices, and dedicated customer safety teams, we safeguard your remittances.

Multiple Payment Methods

You have several payment options to explore when sending remittances overseas, depending on where you live and whether you’re using the Ria app or website. For example, most customers can fund their transfers with a credit or debit card. However, you may also make a bank transfer, send cash, or use a payment method like iDEAL, PayID, or Klarna.

Facts About International Remittances

Looking to learn about international remittances? As online remittance services like Ria Money Transfer have emerged, sending money abroad is easier than ever. Millions of people send remittances when living abroad, while businesses also use this approach to manage their invoices.

Remittances Makes Business Possible

International remittance is closely associated with supporting friends and family. Our globally connected world has enabled countless people to move overseas and send financial support back home to loved ones. In fact, the word remittance means “send back” – with its origins dating to the 14th century. 

Yet the business world has also contributed to the rise of international remittances. With companies having vendors, customers, and workers based in every corner of the globe, remittance in the business context means paying invoices for stakeholders based overseas. Keep this in mind to avoid confusion.

There Are Many Reasons to Send Remittances

The motivation for sending a remittance from abroad is typically to support close ones back in your homeland. Of course, this money often goes towards daily essentials, such as rental payments, putting food on the table, and sending children to school. 

However, it can help out in other ways. You might send a thoughtful gift for a close friend’s wedding celebration or birthday milestone. You might even send money from abroad as aid for a particular hardship, like a natural disaster or family emergency.

Billions Are Remitted Each Year

Don’t think international remittance is a niche kind of payment – sending money home from abroad is now extremely common. In 2023, the global remittance market is estimated to have increased by 3% from the previous year, reaching a staggering 860 billion USD.

The United States remains the largest source of remittances, with the country alone responsible for 25% of all transfers. People living in India received the largest value of remittances at $125 billion, while residents of Mexico ($67 billion) and China ($50 billion) were also major recipients

Remittances Help Distribute Money Around the Globe

The international remittance market is so significant it’s crucial to the global economy. Although methods like foreign direct investment help deliver money to where it’s needed most, the International Monetary Fund suggests selected emerging markets benefit over others. 

In contrast, migrants sending remittances back home helps disperse money across developing countries. Gross domestic product (GDP) in countries like Tajikistan, Tonga, Lebanon, and Nicaragua relies heavily on remittance flows from abroad.