The process of canceling a remittance can vary depending on the remittance provider you are using. However, there are generally a few steps that you can follow in order to cancel a remittance.
First, you will need to contact the remittance provider you are using. This can typically be done by phone or email. You will need to provide your remittance details, such as the recipient's name and the transaction ID.
Next, you will need to explain to the remittance provider that you wish to cancel the remittance. You will need to provide a valid reason for the cancellation, such as a mistake in the recipient's information.
Once the remittance provider has received your request to cancel the remittance, they will process the cancellation. This can take a few days to complete. In some cases, the remittance provider may charge a fee for cancelling the remittance.
It is important to note that once the remittance has been sent, it may be difficult to cancel or recall it. Therefore, it is important to double-check all the details before sending the money.
According to a recent report from the World Bank, the average cost of sending a remittance was 7.09% in the first quarter of 2021. However, newer remittance companies and startups such as TransferWise, Remitly, WorldRemit, and Xoom, have been able to offer more competitive rates, often under 5%. Additionally, these companies also offer more transparency in their fees and exchange rates, making it easier for consumers to compare rates and choose the best option for their needs.
In conclusion, cancelling a remittance can be a difficult process, but it is possible. It is important to contact the remittance provider as soon as possible and to provide a valid reason for the cancellation. By comparing rates and fees of different remittance companies.