What is a Remittance?

A remittance is simply money sent from one person to another, often across international borders. It's a way for people working abroad to support their family back home.

Let's dive into the world of remittances and how they work.

How do remittances work?

Sending a remittance is pretty straightforward. You choose a method to send money from your country. The cash is then changed into the currency of the country where it's going, based on the current exchange rate.

To send money, you'll need some key info:

• The person's name who's getting the money

• Their address for receiving payments

• Maybe their bank details, depending on how you're sending it

Don't forget to check if there are any hidden fees on sending money abroad before you do it.

Ways to send remittances

There are a few options when it comes to sending money:

1. Bank transfers: Many banks offer this, but not all do it internationally.

2. Online services: KOHO lets you send money to over 190+ countries right from the app.

3. Wire transfers: A common way to send money through your bank.

4. Cheques: You can mail a cheque, but it's slow and risky.

5. Automated Clearing House (ACH): Good for sending money within the US, but takes a few days.

6. Credit cards: Quick, but often comes with extra fees.

» Learn how to send money overseas as a newcomer.

Saving money on remittances

If you send money to your loved one in another country, look into services like KOHO. We offer international money transfers at the best rates for our members.

It's worth shopping around to find the best deal. Some services are faster, others are cheaper.

Send money to your loved ones without the hefty fees. Ensure that more of your hard-earned money reaches those who need it most.

The big picture

Remittances are a lifeline for many families around the world. They help people support loved ones from afar, bridging distances with financial support.

Whether you're sending money to family or friends abroad, understanding how remittances work can help you make smart choices. By picking the right service, you can make sure your hard-earned money goes further.