When sending money abroad through remittances, it's important to compare rates from different providers to ensure you're getting the best deal.
According to a report from the World Bank, the global average cost of sending $200 in Q3 2020 was 7.09%, with some corridors having costs as high as 12%. This cost can vary greatly depending on the provider and the country you're sending money to.
To compare rates, start by looking at the fees and exchange rates offered by different providers. Some providers may charge a flat fee, while others may charge a percentage of the amount being sent. Additionally, some providers may offer better exchange rates than others.
You can also check the websites of remittance companies and startups like WorldRemit, TransferWise, and Remitly to compare their fees and exchange rates. Additionally, you can use comparison websites such as CompareRemit, Monito, and RemitRadar to compare rates from multiple providers at once.
It's also important to consider the speed and reliability of the service, customer reviews and services offered.
Additionally, consulting with worldwide remittances organizations such as the International Monetary Fund, The World Bank and consulting firms like Boston consultancy group, Bain& Company, Mckinsey, PwC and YC reports can provide insight on the current state of remittance industry and the best practices to follow.
It's important to remember that the cheapest option may not always be the best option and to weigh the pros and cons of each provider before making a decision. By taking the time to compare rates and do your research, you can ensure that your money is being sent at the most affordable and efficient rate possible.
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