Everyone is switching to digital remittance methods, and you should too. Here are some digital remittance alternatives that you can try and the information you should know about.
A simple app that many people use is Venmo, and you can download Venmo on your phone or computer. It is a popular and convenient online payment method, a lot like Paxum. Additionally, Venmo has next-day transfers with very affordable fees. Venmo is great if you want to make small transfers to family and friends, especially if you regularly make transfers to split bills.
However, you are limited to how many transfers you can make with Venmo. It is usually about almost $300 a week. You can increase the limit to $3,000, but the main limit can be a problem for some people.
One of the most popular payment methods available is PayPal. Tons of Businesses will use PayPal to receive and send cash abroad and locally. PayPal is a simple, straightforward platform, and it has been around for a long time. Most people will likely have accounts in PayPal, so it would be easy for you to send cash.
However, PayPal has one big downside; fees. PayPal can cost you huge fees for your transactions. For instance, some payments can take 4.5% away from the recipient and also charge the sender. However, you can send cash to your friends and family for free, but you will still have fees to use PayPal to shop, work payments, etc.
TransferWise is an excellent option if you wish to send money abroad easily and affordably. You can use TransferWise to transfer cash from 59 countries. TransferWise adds new currencies quite frequently, so it is very likely that you will need their services. However, your transfer fees will vary based on what currencies you convert. However, the fees are very low in comparison to other financial institutions and transfer agencies.
However, there is one huge benefit to TransferWise; how transparent they are. You will see your fees immediately. You do not have to deal with miscellaneous costs and hidden fees; the total fees and currency fees will be right there. You will also see how much cash the recipient will receive. Additionally, TransferWise lets people lock in exchange rates for many currencies for about 24 hours.
Many stores take Apple Pay as payment methods, which is great for Apple Users who want to use their phones to pay for stuff. Apple Pay also lets people send cash to other people. Apple users may also transfer funds in their Apple Pay Wallet into a bank account/Visa credit card. Additionally, you may cancel a payment if the person you sent cash to did not accept the funds.
Who says you have to choose traditional cash remittance options to send and receive money? You can make your life easier and more convenient by trying out the digital remittance methods listed above to conveniently send cash, receive money, pay for bills, and much more!