By Corey Myckan
The holy month of Ramadan is around the corner. Soon family and friends will gather each night for Iftar, and before you know it, Eid al-Fitr celebrations will be in full force.
For those living overseas from family and friends, sending an Eidi is a simple way to stay connected during the holiday. Luckily sending money internationally is now easier and quicker than ever through digital channels.
While sending money overseas for the first time might seem overwhelming, the process can be seamless and straightforward. Avoid these three common mistakes to ensure your money gets to loved ones exactly how to send money with ease this Ramadan.
Don’t be late!
For many young ones, the anticipation for Eid and receiving their Eidi has built all month – this is not the time to delay any gifts! Waiting too long to order a gift or using a slow transfer method leads to unnecessary stress and the possibility of the gift not arriving in time for festivities.
Going to a brick-and-mortar location to handle an international transfer can take multiple business days. If it’s nearing the end of Ramadan, this is not a plausible option. Instead, look into digital options. Digital remittances allow transfers to happen within minutes and without a trip to a local money transfer location.
While researching potential methods, always read about the transaction timeline to plan accordingly. Find a service that will deliver your gift on time and through secure measures. Some platforms will even allow you to monitor your transaction’s status from start to finish to let you know precisely when the money arrives to your loved ones.
Service fees add up
The second common mistake when sending money abroad is forgetting to budget for extra fees. Most transfer methods require additional payment to process the transaction and if you’re not careful, you’ll pay a considerable sum in addition to your gift, limiting how much you can give to your friends and family.
While finding the right method for you, search for a company that doesn’t hide its service fees. Look around the website’s front page, FAQs and “how to send” sections. If you’re still not uncovering what you need, give the company a call – organizations should be upfront to help customers plan.
Once you know the fee, budget for both the Eidi and the service fees to know exactly how much you’re spending this holiday.
The last, and maybe the worst, mistake is inputting information incorrectly. Don’t create a challenging and unpleasant situation during a joyous time by mistyping essential information.
Banks need to verify the recipient’s identification matches the transfer information. Misspelling a name, using a nickname, or incorrectly inputting banking information can result in a voided transfer. Double-check the details for both the sender and receiver before completing the transaction.
If you’re unsure, skip the surprise and confirm all the needed information with your loved one. Working with the receiver is the best way to ensure all required information is correct.
Sending money this Ramadan does not have to be complicated. Stay diligent and research your options to ensure your money makes it in time for the holy celebration.
– Corey Myckan is an executive currently driving customer adoption across the Americas for WorldRemit, a leading global payments company. Prior to WorldRemit, Corey was a thought leader in the financial services industry, driving growth strategies for MasterCard and American Express. He has launched award-winning payment products and built new customer solutions with international experience in the U.K., U.S. and Canada.
WorldRemit currently sends from 50 to 130 countries, operates in more than 5,000 money transfer corridors worldwide and employs around 1,200 people globally. On the sending side WorldRemit is 100 percent digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.