Improvements in transport and telecommunication networks have brought countries closer together. It has turned the world into a global village where people can easily move from one country to another.
This has encouraged people from developing countries to move to industrialized nations in such greener pastures. Their main aim when going overseas is to improve the living standards of their people back home.
Fortunately, it has also become much easier to send money internationally nowadays. This was close to impossible a few decades ago. With increased internet connectivity, you can now send and receive money to and from any country worldwide.
But what’s the best time to send money home?
1. Try sending at the middle of the month
Many people who come to work in developed countries come with only one purpose, to make enough money that will enable them to support their families back home. But sometimes, the transfer charges can significantly reduce depending on the time of the month you are sending the money.
There’s always a lot of traffic towards the end and at the beginning of the month. This often causes delays and failed transactions. It would be good to plan yourself and try to send money when many people are not sending – and that’s usually in the middle of the month.
2. Weekends are perfect
Most people tend to believe that sending money during weekdays is the best option because weekends are crowded. However, a survey conducted in 2018 revealed that a majority of international remittances take place during weekdays. This sometimes has the negative effect of pushing the exchange rate higher.
If you are among the people who have been transferring money home during weekdays, then it would cost you nothing to try doing so over the weekend. You never know how much you will save and how fast the transfer process will be.
3. Send when the exchange rate is in your favor
One of the major factors to consider when it comes to sending money abroad is transfer charges. You would want to reduce the transaction charges as much as possible. One way of doing this is monitoring the exchange rate of the United States dollar against your local currency.
There are certain days of the month when the exchange rate is higher or lower against foreign currency. You should find out about this and take advantage to increase the amount of money you send home.
4. Send money during official business hours
When you send money home during holidays or past business hours, there is a high chance that the money will take longer to reach the recipient. This is because most online transfer services work in conjunction with traditional banks.
Although it is difficult to pinpoint the exact time when it is best to send money home, there are certain factors you can use to determine the perfect time to transact.