How To Avoid High Fees On Money Transfers To Nepal?

Table of Contents

Money remittance is essential for expats living and earning abroad, enabling them to sustain their familial responsibilities. For the Nepalese working incessantly in Australia to support their families relying on them, money transfer services are nothing short of a lifeline. It permits them to send money instantly, safely, and conveniently to Nepal from Australia.

Despite so many perks, one should always consider the fees they pay for the money transfer to Nepal. It determines the actual amount their families would receive and if it is too low, then the sent total, all the perks turn useless.

Did you know that, as per the World Bank, international money transfer costs an average of 6.65 percent of the amount sent? Although it’s too much, the good news is that a little bit of research, strategic planning, and picking a genuine service provider can significantly reduce these costs. In this blog, we will provide practical tips and insights so your hard-earned money reaches your loved ones in Nepal cost-effectively, safely, and instantly.

Effective Strategies to Save Fees on Money Transfers to Nepal

Follow the below tips and tricks to transfer your money to Nepal at a much lower fee:

Learn the Basics About the Charges and Fee Structure

You probably already know that money transfers are much more complicated than just transfer fees if you have been using remittance services. Mostly, it involves three fee categories; the first basic one is a flat fee, the second is a transfer-based fee and the third is an exchange rate margin.

A flat fee is the fixed charge per transaction.
The transfer-based or tailored fee is a variable fee depending on the amount being transferred.
The exchange rate margin is the difference between the mid-market exchange rate and the rate offered by the transfer service.

Opt for Online Transfers Over Banks

Because of their trustworthiness in the market, banks are the preferred choice for people wishing to conduct cross-border transactions. However, it is the most expensive option as well! Banks charge too much for the money transfer to Nepal from Australia and even offer unfavourable exchange rates. However, some online remittance platforms like Remitby offer similar reliability in their money transfer services and even charge genuine fees! Well, the perk isn’t just the low transfer fees; their online transfers are even quicker and have a competitive exchange rate.

No doubt, online money transfer platforms have revolutionised the remittance landscape. They quickly have disrupted traditional banking services by offering faster transfers at significantly lower costs.

Do Some Good Research and Compare Currency

Researching is a critical step in narrowing down the most cost-effective option. Check the remittance charges of different service providers and understand that you can even visit their portal. Learn how much your transfer will cost, including transfer fees and exchange rates, to compare your choices.

Save Fees on Money Transfers to Nepal
Examine each remittance company’s business profiles to compare ratings and examine previous customers’ experiences for better decision-making. Make sure to pick the one that offers the right blend of reliability and cost-effectiveness.

Never Miss the Minute Details

Always check what you are paying for! Some bogus remittance companies add extra services along with the basic money transfer service to overcharge their customers. To avoid this, pay close attention to every detail when completing the order request.

For example, platforms charge extra for expedited transfers and may automatically add this cost, even if you don’t need the service. Examine the charges breakdown at all times to make sure you are not paying for unnecessary services. Moreover, don’t pay for this extra fee if you can wait a day or two for your money transfer.

Nevertheless, it is important to keep in mind that faithful online remittance service providers offer fast transfer services even at the basic rate and do not charge additional fees.

Look for Offers and Discounts

Although banks don’t have much to offer when it comes to offers and discounts, online remittance services can help you save big! Remittance businesses provide great deals with impressive discounts and coupons to build their customer base.

Take Remitby, for example, which provides a $0 transaction fee for the first three transfers. Such offers can significantly reduce the cost of your money transfers, especially if you’re a first-time user.

Thus, it’s always good to check for promotional deals, loyalty plans, or referral bonuses offered by various remittance platforms.

Beware of Hidden Costs

Some platforms claim to offer low-cost transfers but add so many hidden charges. These additional costs can significantly reduce the amount your recipient receives. For example:

Remittance companies can add extra platform fees for partnering service providers involved in remittance from Australia to Nepal.
Cash pickup services might deduct additional fees from the transferred amount.
The exchange rates offered by the remittance company are often less favourable than the mid-market rate.

To prepare yourself not to fall for these fraudulent platforms and their hidden charges, you should carefully check the deductions while initiating the money transfer order. Check the live mid-market exchange rate online and compare it with the remittance company’s exchange rate. Moreover, go through the terms and conditions on the platform’s website to understand any additional fees or charges that may apply.

Conclusion

Although many online remittance service providers are available to assist you with sending money from Australia to Nepal. Yet, as ample as the options are, the more confusing it becomes, making it difficult to find a reliable service provider. It is important to pick the one that charges a genuine fee with no hidden charges and offers a competitive exchange rate. This may require some research and time, but it will be worth it in the end.

However, if you just wish to skip the hassle, you can rely on Remitby for cost-effective remittance services. We have full pricing transparency with no hidden charges and high exchange rates for online money transfers to Nepal. With Remitby, you can send money with peace of mind, knowing that your funds will reach your loved ones quickly and safely, without unnecessary deductions.