Why Money Is An Ideal Gift For All Seasons

When you need to send a money transfer, do you come across financial abbreviations and jargon? Do you ever wonder, what is the meaning of such abbreviations and or jargons? Well you are in the right place. Let’s shed some light on what it all means.

• What is A Remittance?

The term ‘remittance’ derives from the word ‘remit’, which means ‘to send back’. Remittance refers to an amount of money transferred or sent from one party to another, usually abroad or to another country. This can be personal money transfers made out to family and friends, as well as business payments. Today, more remittances are being sent than ever before, and two key factors are driving this increase: Migration – more people are now choosing to live and work abroad with the hope of making more money. Therefore, many remittances are made by people working and living abroad to family back home.

Globally connected businesses – the internet makes it easier than ever for businesses to connect and collaborate with suppliers, clients and employees all around the world. This has resulted in a sharp increase in overseas remittances paying for business invoices.

• How to send a remittance

If you need to pay a remittance, there are several ways to do so, including:

Wire transfer/ bank transfer

Cash pickup

Mobile money

The cost you need to pay depends on the provider and service that you choose.

Offline companies like Western Union or Moneygram used to be big players However, people are now shifting more towards other online providers, such as Worldremit, Xoom etc. as some offer the best value for money.

If you’re a foreign national, living and working far away from family and friends, you may be sending money regularly to your home country to support your loved ones. In addition to these payments, and even if you don’t send regular sums, there may be times when you want to give money as a gift to someone to mark a special day or event. Whatever your nationality or religion, every culture has occasions when it’s appropriate, even expected, to give gifts.

December, of course, is the time when many people exchange Christmas presents. But, whatever the occasion, be it a birthday or wedding, no one will ever be disappointed if you send money as a gift. And sending money makes particular sense if you are unable to give your gift in person.

• The benefits of money

transfer

While some may say it lacks imagination and thought if you Send Money, there are many advantages. Posts can be unreliable at the best of times, and there are added pressures at Christmas due to the high demand on postal systems, plus you’re at the mercy of the postal system in the receiving country – which can often be erratic in underdeveloped regions. Do you really want the risk that your present will go astray, end up damaged in transit, or arrive late?

There is also the cost of international delivery, which can be considerable because it depends on the weight of your package, the destination country and the speed of delivery that you choose. And don’t forget the additional cost of wrapping paper and packaging.

With an International Money Transfer, you can be sure that your gift will arrive safely and be welcome, and you avoid the stress and guesswork of shopping for a gift that the recipient may not want or need. Gone is the worry that your choice may be inappropriate or that the package may not be delivered on time, in one piece, or even at all.

• Choosing the Right Money

Transfer Option

All you have to think about is which money transfer organization to use, and which option of transfer is best for the recipient. In Jamaica we have a varity of options. Western Union, Moneygram, Xoom etc. But you might want to look for the option with the highest exchange rates or the lowest processing fees.

Whether sending your gift for Christmas or another special day, timing is always important. Some of these money remittances offers instant payments, and you have a choice of delivery methods. Depending on where the recipient lives and their requirements, you can make cash deposits which can be picked at a huge number of locations; you can send money directly to an account; you can make mobile payments.

Moreover, as well as speed and convenience, you can track the payments and be confident that the money has been received.

If you’re thinking of sending a gift to someone this Christmas, or wish to celebrate another special occasion with a gift, remember that money is always appreciated. And if you want speed, security and affordability, Take advantage of these services is one of the most economical and efficient ways to bring a smile to someone’s face – whether at Christmas or any other time of the year.