Wisdom |

3 Must-know tips to send money around the world

March 10, 2015

Do you know how to find the best way to send money to Latin America?

Sending money seems like a simple task, but there are a few tips you need to know to save time and money.

Imagine you get out of work on a Friday night, and you’re tired. You’re hoping to relax or go out with friends, but you know your family back home is waiting for you to send them some pesos for the weekly bills. You have to stop at an agent location 15 minutes away, wait in line for another 10 minutes, and then pay around 9% to get them the money. Does this sound familiar? It sounds unfair and complicated to us.

With this handy guide, you’ll see it’s easy to save up to lots of money.

1. Pay attention to exchange rates.

Most people don’t know that the most significant cost when sending money can be the exchange rate itself. Moreover, using a bank to send money means that you won’t get the best rate. Banks slap an additional “spread” to their exchange rates, forcing people to pay more.  

These exchange rates also change constantly, and some money transfer companies give you different ones depending on the cash pickup location (such as Elektra or Bancoppel) or bank deposit institution. You have to be extra careful at the moment you pay for your transfer.

Thankfully at Pangea, we’re all about transparency. We always offer you a competitive exchange rate! You can always find this on our homepage.

2. Don’t waste money on transfer fees.

Most money transfer services like Moneygram, Xoom, and Western Union have a base transfer fee that makes their services look convenient and cheap. The reality is that, once you start entering your information, they quickly add on additional charges. These vary based on where and how you send money, and the amount you decide to transfer.

If you are looking for a flat rate that won’t change, consider creating an account with Pangea. We charge a flat fee per transfer, no matter how much you send or how you send it!

3. Go mobile to make your life easier.

We use our phones all the time for texting, listening to music, watching videos, and connecting with our families and friends on Facebook, so why not go online or download an app to send money?

Pangea has made this a simple, fair, and safe process. You can download the Pangea Money Transfer app and send money in three easy steps. Create a free account, set up your recipients, and decide how much money you want to send!

#HappySending



This content is general in nature and does not provide legal, financial, accounting or tax advice.  In addition to a transfer fee, which may be waived, Pangea makes money from currency exchange rates. Always compare both transfer fees and exchange rates.  Pangea USA, LLC, all rights reserved. All other logos, trademarks, service marks and trade names referenced in this material are the property of their respective owners.

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