How to Choose the Best Remittance Service for Sending Money to Nepal from Australia

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Australia has a high reliance on overseas outbound remittance services, contributing to a 24.0% growth in the remittance market and reaching US$6.34 billion in 2023. This surge is driven by the convenience and speed that remittance services offer in money transfers. However, selecting the right remittance service can be challenging. This is especially true for money transfers from Australia to Nepal, due to the numerous options available. Read this blog to learn how to choose the ideal remittance service for the safe transfer of money to Nepal.

Understanding Remittance Services

What Are Remittance Services?

Remittance services are the companies that provide money transfer services from one country to another. These remittance service providers act as intermediaries between senders and receivers to carry cross-border money transfers at certain charges.

As per AUSTRAC, the remittance service provider is;

“An entity that accepts instructions from customers to transfer money or property to a recipient. Also commonly known as a ‘money transfer business.”

Only service providers with an AUSTRAC licence are permitted to send money from Australia to Nepal or any other nation.

How Do Remittance Services Work?

Remittance services work basically on the following steps:

The sender transfers funds to a remittance service provider via their app, online portal, or in person in some cases.
As per the currency of the chosen recipient’s country, the remittance service provider converts the currency into that nation’s currency.
The remittance service provider deducts their fees for the transfer services. The remaining funds are then sent to the recipient’s bank account, preferred location, or mobile wallet.

What Are The Benefits Of Remittance Services?

Remittance services are the best way to send money to Nepal from Australia. Here are some of the key benefits that make them the preferred choice for many:

Security

Remittance service providers ensure safe money transfers, keeping your and the recipient’s personal data secure. All transactions are usually encrypted, adding an extra layer of protection. Thus, money is accessible from the recipient end through encrypted access. Additionally, AUSTRAC oversees all remittance services in the country to ensure the safety of funds and to prevent illegal transactions.

Fast Money Transfer To Nepal

Traditional money transfers used to take days or even weeks, but remittance services now offer much faster transfer times. Money transfers can be instant, with the recipient receiving the funds in real-time. Additionally, same-day and next-day transfers can deliver funds within a few hours or by the next business day.

Comfort And Ease

Sending money to Nepal from Australia through remittance services offers convenience and ease for international money transfers. By providing essential details, mobile applications or online platforms of remittance services allow for money transfers without the need to visit a physical location. This eliminates the hassle of finding time in your busy schedule, visiting the bank, and waiting in line to initiate the money transfer.

Low Cost

Considering the services offered by traditional banks for money transfers to Nepal, remittance services are very affordable. Banks deduct hefty charges for overseas transfers, resulting in a significantly reduced transferred amount. However, remittance services such as Remitby have lower fees for money transfers, and even the exchange rates are better, offering a profitable deal for the sender. The entire process is transparent, ensuring that senders are aware of any potential hidden fees or charges.

Checklist For Choosing A Money Transfer Service To Send Money To Nepal From Australia

When sending money to Nepal from Australia, it’s essential to avoid settling for the first remittance service you come across in search results. Instead, take the time to compare different providers. Below are key factors to consider that will help you make a well-informed decision:

Reputation And Reliability

When comparing remittance service providers, consider their reputation, trustworthiness, and quality of service. Check their business ratings, reviews, and testimonials from past customers. It’s better to choose an established and licenced remittance service company with a good track record rather than a new service provider with no experience in the industry. Since it can affect their reputation as well, they would value the quality of the services they provide.

Speed of Transfer

The speed at which remittance service providers process remittances is crucial to consider. This is because it directly impacts the time it takes for the recipient to receive the money. If you need to make a fast transfer, choose a provider that offers instant or same-day transfers. If time is not an issue, you can choose a service provider that may take a few days to process the transfer.

Transfer Limit

Remittance services typically have a cap on the amount of money that can be transferred from Australia to Nepal, in accordance with both internal policies and government regulations. Therefore, if you are willing to send a large amount in one go, you should find out if the remittance company you choose has a transfer limit.

Transfer Fee And Exchange Rates

Exchange rates and transfer fees set by the remittance service provider determine the overall cost of the remittance service.

The transfer fee is the charge imposed by the remittance service provider for international money transfers. This fee can vary based on the amount of money being transferred. Some providers do not charge any transfer fees for the initial transactions, such as Remitby, which charges $0 fees on the first three transactions.

Further, the exchange rate is the amount of currency you would receive when exchanging it with another currency. The exchange rates set by banks are typically higher than those offered by remittance service companies.

To determine the most affordable remittance service provider, make sure to compare the transfer fee and exchange rate offered.

Customer Care

Customer experience is valuable to any business from the moment a potential customer contacts them with questions about their services until the services are successfully delivered. Regardless of whether the remittance service provider provides high-quality services, transaction issues are most likely caused by external factors. Thus, customer service should be available 24/7 to assist customers with these issues. Your service provider should understand this, and their customer service should be patient with your questions and promptly resolve any issues that may arise.

Conclusion:

No matter what your reason for sending money to Nepal, whether it’s for business, to support your loved ones, or for any other purpose, it’s important to choose a reliable remittance service provider. You can consider all the factors mentioned above and compare your options to choose the service that offers the best way to send money.

However, if you want to skip the hassle, you can trust Remitby for your money transfer needs. Remitby is a versatile currency portal that offers fast money transfers to Nepal from Australia at tailored exchange rates. We are a 100% legal remittance provider that ensures safe money transfers and the protection of your funds. Sign up now to access our reliable services!