Why you should use SaverAsia before you send money home?

When you want to send money back home the important things that you may need to know are:

There are many ways to send money from one country to another:

  • Cash – You can send cash from the sending country, by using one of many different money transfer organisations, and your family can pick up cash in the country that they are in.

  • Card-to-card – You can send your money by using a bank card and the person you’re sending to can collect the money in cash at an ATM or the money can be spent in stores where the card is accepted.

  • An International Money Order (IMO) – Your bank will give you an international guaranteed cheque and your family can then cash the cheque at their bank or pay it into their bank account.

  • Bank to Bank Transfer – If you have a bank account you can transfer money from this to a bank account in another country. The method used is often called a SWIFT transfer – this is the name of a transfer system. New bank to bank transfer systems are also steadily launching, such as Ripple’s real-time gross settlement (RTGS) system which can enable real time international cross-border payments between banks.

  • Online - Many money transfer companies now let you transmit through the internet (online). You need to set up a special account and then the company will send the money to your friend’s bank account or make it available for the money to be collected as cash.

  • Mobile - sending money through mobile phone, and smartphone is an area that is developing all the time due to new technology and increased smartphone ownership and usage. For example, it is possible to send money for collection from many countries into the Philippines Globe GCash, or Smart Padala International mobile wallets. When received this money can be collected as cash at many cash pick-up centers, or it can be received directly into a mobile wallet and be used for paying bills, loading mobile airtime, online shopping or for withdrawals at ATMs.

  • If I send an amount in the currency of my home country, how much will actually be received by my friends or family and in which currency? The amount of the currency will be converted depending on the country of the recipient. The amount will be converted using the foreign exchange rate of that current day to its equivalent amount. The amount they will receive will be the same, but in some instances depending on the organization, they will deduct an amount as part of their service fee. Please ask this to the partner/organization you are going to use.

  • The amount of the currency will be converted depending on the country of the recipient. The amount will be converted using the foreign exchange rate of that current day to its equivalent amount. The amount they will receive will be the same, but in some instances depending on the organization, they will deduct an amount as part of their service fee. Please ask this to the partner/organization you are going to use.

There are several components to the true total cost when sending money.

  • Transfer fees: This is the most visible cost and can differ significantly among different companies. This fee usually represents the charge the sender pays, and can vary depending on the amount sent. In some cases, there may be fees and taxes that are charged at the destination that have not been detected in this database.

  • Receive costs: Receivers may sometimes be charged additional costs when receiving money. Funds sent for cash collection at a Money Transfer Operator (MTO) or MTO agent will not normally incur additional charges. Money received in a bank account can sometimes be subject to additional foreign exchange or other bank charges that the sender has no knowledge of before sending. These costs will be taken off of the final receive amount. Further receive costs can include charges when cashing out at a mobile money agent.

  • Exchange Rate Fee: An exchange rate is a calculation used by the company transferring the money to convert the national currency into the currency that the person you are sending to collects the money in. Normally, when calculating the exchange rate an organisation adds a “margin” - often called a "currency conversion fee". This results in them making additional money from your transaction and is normal practice in the money transfer and banking industry. This is often a hidden charge so you are advised to compare the rates offered by different providers.

  • The documents to be presented will depend on the requirements of the provider you are using. Please ask the money transfer company that you are using if you still need to present any documents before sending money. In many cases they require an identity card, passport, government ID, or drivers licence.

  • The documents needed will depend on the country you are sending to and the amount that you are sending them. Please ask the money transfer company that you are using what the person collecting the money will need to bring with them. In many cases they need to bring an identity card, passport, government ID, or drivers licence.

  • Different methods take different amounts of time. Always check with your provider. In general cash and card transfers take between 10 minutes and 2 working days respectively, while bank account transfers take 2 to 5 working days.

  • The company you are using should tell you before you complete the transfer. Many, but not all, of the transfers from Australia, or the United Stated of America do not require the person receiving the money to pay for anything. If you are withdrawing transferred funds from an ATM in the recipient country, you should be aware that ATM surcharges may apply.

  • You should contact the provider immediately and ask them to determine where it is. You should also make sure that the person you have sent the money to has contacted the organization that should pay the money to them. Always make sure to keep your transaction slip as reference in case a problem in the transaction arise.

  • Money can be collected through partner/organization pay-out centers that are available for the recipient to visit. Make sure that the transaction number/details is ready to be able to verify and validate the collection.


SaverAsia has the answers to most of your questions but if you need more information, please contact us and we will try to help you.