logo
¿Cómo_enviar_dinero_a_su_país_de_manera_segura_-_Header_Image.jpeg

How to Send Money Safely Back to Your Home Country

Generating money for oneself and one’s family can be one of the things that gives us the most gratification in life. Fortunately, if what you earn in the United States can go further than in your home country, what better way to get our loved ones money transfers than through remittance services. There are many options and considerations when choosing a provider, so worry not! Here at SABEResPODER we present the necessary information for you to send your money safely with the remittance service that suits you best.

Methods of Sending Money

Method 1: Cash Transfer

Cash transfers allow you to send money to virtually any country. Its advantages are that transfers can be made in almost any currency, and they reach their recipient in real time. In addition, this service is considered very safe because there are international regulations that remittance companies must comply with. 

However, this service also has disadvantages. One of them is that your recipient will not receive 100% of the money sent to them because companies charge a fee for the service. On the other hand, these types of transfers are irreversible, so there will be no way to recover your money once you have sent it.

Method 2: Bank Transfer

Article Image

Bank transfers allow you to send money from your bank in the United States to a foreign bank electronically. The advantages of this service are that, if you and your recipient (the person to whom you send the money) use the same bank, transfer fees and taxes can be reduced. In addition, your recipient will receive your funds in your bank account in a matter of hours without risking huge fees. 

Its disadvantages are that the transfer rates can be high when it comes to electronic funds transfers across different banks and, sometimes, banks charge additional taxes. This all depends on the transfer policy of each bank.

Keep in mind: Cash transfers are made immediately, while bank transfers take longer.

Costs and Commissions

The costs and commissions of remittance services vary depending on the shipping method you choose and the company or bank through which you do so. Costs range between $4 and $22, and commissions between $0 and $20. Whichever shipping method you choose, we recommend that you ask what the costs are for the transaction, since some companies will charge you according to the amount you send, others will charge you a fixed cost and yet others will charge you a monthly payment. They do not take into account how many times you send money to your home country. 

Keep in mind: Some companies charge a percentage of the amount sent, while others charge a fixed amount and yet others charge a monthly fee.

Exchange Rates

Article Image


To send remittances, it is also necessary that you take into account the exchange rate from the dollar to the currency of your home country. Consider asking each provider what the exchange rate of the day is and compare it with the others, since not all of them handle the same exchange rate. Also ask what the charges are for the exchange rate that will be charged, as companies always charge a percentage for this that regularly varies between 1% and 2% of the total shipping amount. With this information you will know which option is more convenient so that your loved ones receive more money. 

Timing of Transfers

Something that must be taken into account when choosing providers is the urgency you have when sending your money. Transfer times vary depending on the bank or company that offers the service. To make the decision of which is the best delivery channel consider that some companies will ensure the money reaches the recipient on the same day, while others will take a day to transfer the money.

  • Companies that pay the same day: MoneyGram, Western Union, Citibank.
  • Companies that take a day to pay: Bank of America, Chase, Wells Fargo.

Keep in mind: The slower the transfer, the lower the cost.

Required Documentation

The documentation needed to send money varies from provider to provider. However, you will most likely be asked for a photo ID, as well as the correct information of the person who will receive the cash in your home country, which consists of their full name, address and telephone number. The name must be written the same way as it appears on the official identification that your loved one will use to receive the money.

Keep in mind The name of the recipient must match the name that appears on the government-issued ID they plan to present, such as their voting card, passport or driver's license.

Cash-out Locations

One other piece of information that you should keep in mind is the location in which your recipient will receive the money. This is known as the end-points or cash-out location. Since not all banks and shipping companies may not have branches in your home country, this must be taken into account. That said, all companies that offer this service have agreements with local companies, such as banks or department stores, where their family members can collect the money if they do not have a branch in their locality.

Keep in mind: Check with your recipient where it is most convenient for them to receive the money, and consider choosing a company that has a nearby cash-out location.

Time to Send Money!

We want to help you to make the best decision about the method you choose to send money to your loved ones. At SABEResPODER we know how important it is for you to support your family and loved ones, and our intention is to help you do it in the least expensive, safest and most efficient way.

Now that you have more information to make a decision on how to send your money safely, we invite you to put your knowledge to the test and write to us if you have questions about this or another topic. You can  send us a text message to 72237.