What are the ways of immigrant remittance? How to choose a more suitable and cost-effective way of remittance?

In the context of globalization, cross-border remittances have become increasingly important. Whether it is immigration remittances, cross-border shopping, or payments, choosing a suitable and cost-effective remittance method is key. This article will explore various remittance methods and provide guidance to help everyone make the best choice based on their own situation.

Common ways of migrant remittances

There are various ways to choose from for immigrant remittances. Understanding the advantages and disadvantages, applicable population, and cost-related information of each method can help make a more suitable choice.

Bank telegraphic transfer

• Pros and Cons : The main advantages of bank telegraphic transfer are security and reliability, wide service coverage, and suitability for large transactions. However, its main disadvantages are that fees and exchange rates are usually higher, and processing times can be longer.
• Applicable crowd : suitable for users who need to make large remittances and pay attention to fund security.
• Cost : Usually includes a fixed handling fee plus a certain percentage of the exchange rate difference. For example, transferring $1,000 may require a handling fee of $30 plus exchange rate losses.

Online payment platform

Online payment platforms provide a fast and convenient way to transfer money, which is particularly popular among global users. These platforms have their own characteristics, advantages and disadvantages, target user groups, and related fees. Here, we will focus on introducing Wise and PayPal.

Wise (formerly TransferWise)

• Pros and Cons : Supports transfers in multiple currencies, transfer speed is usually faster than traditional banks, but transfers may take longer when processing certain uncommon currencies or large amounts. Although covering many countries, there may be no service in some small countries or regions, and remittances have limits.
• Applicable crowd : more suitable for small transfers, frequent international transactions of individuals and enterprises.
• Fees : Provides a highly transparent fee structure and the advantage of transferring at the actual exchange rate, avoiding hidden fees common in traditional banking or remittance services.

PayPal

• Pros and Cons : Wide acceptance, can be used in multiple countries, supports multiple currencies, easy to operate.
• Suitable for users who frequently engage in international shopping or cross-border transactions, especially active merchants and consumers on e-commerce platforms.
• Costs : Higher transaction costs, especially when making international remittances, which also involve currency conversion fees.

International money transfer companies

There are mainly Western Union, MoneyGram, etc., which provide great convenience for users without bank accounts. The following is a brief introduction.

• Pros and Cons : The advantages of this type of service are fast transfer speed, wide coverage, and the ability to receive payments without a bank account. The disadvantages are relatively high fees and may be slightly less secure than banks.
• Applicable crowd : Suitable for users who need fast remittance and the recipient may not have a bank account.
• Fees : Fees depend on the amount and destination of the remittance and are usually higher than banks and digital payment platforms.

Cryptocurrency

This emerging remittance method has unique advantages. Here we focus on introducing BiyaPay, a multi-asset transaction wallet.

BiyaPay

• Pros and Cons : Supports more than 20 kinds of legal tender, more than 200 kinds of digital currency real-time exchange rate query and exchange, digital exchange is more convenient, not limited by borders, suitable for anywhere in the world, can be credited instantly, unlimited amount, but belongs to the market new entrants, and the scope of service is limited, focusing on digital currency services.
• Applicable crowd : Suitable for people with large transfer needs and certain understanding of cryptocurrency.
• Cost : Compared with the traditional banking system, the transaction cost is low, the handling fee is as low as 0.5 %, the local transfer method is integrated, and the intermediate link of bank remittance is zero cost.

How to choose a more suitable and cost-effective remittance method?

Choose according to the amount

• Small remittances : For small remittances, consider using online payment platforms or international remittance companies, which have relatively low fees and are faster.
• Large remittances : For large remittances, bank telegraphic transfer or bank checks may be more suitable, although the handling fee is higher, but the security is more guaranteed.

Choose according to time requirements

• Emergency remittance : If you need to send money quickly, international money transfer companies are the best choice, followed by online payment platforms.
• Non-emergency remittance : If time is not tight, you can choose bank telegraphic transfer or bank check to save fees.

Choose based on cost

• Compare fees and exchange rates : The fees and exchange rates of different remittance methods vary greatly, and both should be considered when choosing. Online payment platforms usually have a greater advantage in this regard.

Based on security selection

• Security priority : bank telegraphic transfer and bank checks have obvious advantages in security, suitable for users with high requirements for fund security.

Choose based on convenience

• Easy to operate : Online payment platforms and cryptocurrencies have the characteristics of easy operation, suitable for users who are familiar with network operations and pursue convenience.

Summary

The above are the common remittance methods for immigrants. Specifically, each method has its own characteristics. Everyone should choose the more suitable and cost-effective remittance method according to their own needs.