Is it better to send money regularly or as a one-off?

Sending smaller transfers regularly

For those of you who like to send little and often, you might be doing so to give a gift to a loved one. Alternatively, you could be supporting your family and friends with daily necessities. Either way, here are some of the things you might want to consider with this spending pattern.

Budgeting

Smaller and more regular transfers are often easier to budget. If you send one a month, for example, it’s easier to take from your monthly paycheck. The financial impact will also be lessened, as it won’t be a significant amount.

It can also be easier for your recipient’s budget as well. If you send regular amounts for rent or food, then your recipient can easily factor your gift into their monthly budget. They may also feel more at ease with a set amount coming in that they can rely on.

Exchange Rates

As you may have already read in one of our previous blogs, exchange rates can fluctuate. This means that sending regularly means that you will often be sending at a different rate each time.

Normally this won’t affect you too much – it can even be a good thing depending on which direction the rates change. But it might mean that your recipient will receive a different amount every time you transfer, which is certainly something to keep in mind if it affects their budget.

Exchange rates should also average out over the course of the year. While exchange rates can change long-term due to global events or economic change, there’s not much you can do to avoid these changes. Our app helps you find the right amount to send every time so that your recipient always receives what they expect.

You can also set exchange rate notifications on the WorldRemit app so that you’ll be aware of daily fluctuations. This app feature is especially helpful for finding the best time to send a transfer. Don’t know how? Check out this helpful video.

Convenience

At WorldRemit, we try to make sending transfers as easy and convenient as possible. That’s the beauty of using the app – you can send a transfer in just a few taps. And the app will remember the details of anyone you’ve sent to before so you won’t have to re-enter them.

Convenience can also mean using a certain payout method. Transfers made by mobile money, bank transfer and airtime top up will just “drop” into your recipient’s account. Cash pickup, which often has the best exchange rate, can be used even if your recipient doesn’t have a bank account.

It does, however, require your recipient to go to a cash pickup point. However, we do partner with thousands of locations around the world, so there should be one that’s near enough for them to make the journey. But it may not be the best option if your recipient lives remotely or struggles to travel.

Sending lump sum transfers less often

Your other option is to send larger amounts less frequently through the WorldRemit app. You might want to do this if you’re expecting a larger sum of money to come in, such as a bonus. Or, if you’re sending a one-off gift for a graduation or a wedding. Here are some of the things to consider with this sending pattern.

Exchange rates

Let’s say you send one large transaction every six months, instead of six smaller ones every month. The exchange rate for that one transfer becomes much more important!

This isn’t necessarily a bad thing. In fact, if you time it right, it can be an advantage. Be sure to set up exchange rate notifications on the app and keep a close eye on rates. All it takes is a bit of patience to find the best time to send!

WorldRemit offers

You may not always have this option, but with larger transfers, you can make good use of our offers and promotions. Our offers are still valid on smaller transfers, but with offers that waive transfer fees like 3FREE, our introductory offer to new customers, (other fees may apply), you’ll save more money the more you transfer.

Other offers activate once you have sent a certain amount. So a big lump sum transfer might mean you can start reaping the rewards of the offer right away!

Convenience

When sending money for cash pickup, sending in larger sums means that your recipient can make fewer trips to collect the cash. However, they may not be comfortable picking up such a large amount of cash for safety reasons. In that case, a mobile money or bank transfer is your best course of action.

Whether you send once a week or once a year, you can trust WorldRemit.

When it comes down to it, the way in which you send is a personal choice – and it may vary depending on what your recipient needs at the time. Overall, keeping an eye on exchange rates with daily notifications and checking the WorldRemit website and app for any relevant offers will also help you once you come to send.

Rest assured that we will make it fast, easy and convenient to send every time – no matter how often you send! Depending on where you’re sending to, you can even choose from our four different payout options. Happy transfers!

This communication is intended for marketing purposes only and does not constitute or provide legal or investment advice.