Many family members and loved ones of Malaysian expats living in the United States rely on remittance for important financial help, which also demonstrates the situation of the global economy. Nonetheless, transferring funds is not always a smooth process, to the point of being more challenging than one might anticipate. Various problems can arise for both the sender and the recipient.
It is crucial to address the potential issues and their solutions that can help improve the efficiency of online transfer for Malaysian expats and their loved ones.
The Problem of High Transaction Fees
One of the common problems that Malaysian expats might face is high transaction fees, which significantly decrease the amount of money the recipient receives. A transaction fee usually comprises service charges that can be imposed by banks or middlemen. Then, we have the fee for converting currencies.
Suppose you are sending a smaller amount; in this case, the final sum that the recipient receives will be much less than the intended amount.
The Solution:
As a Malaysian expat, it is in your best interest to conduct your research before choosing a money transfer service. You should look at the fee structure, hidden charges, and conversion rate so that you can better decide which money transfer service you should opt for.
When you transfer money to malaysia, make sure to choose a remittance service that provides discounts and reduced fees. You might want to choose a money transfer service that exhibits clear fee breakdowns and has competitive exchange rates.
The Problem of Fluctuations in Exchange Rate
Another common problem that Malaysian expats might face is fluctuating exchange rates. This fluctuation will affect the final amount that will be transferred to your loved one. These fluctuations can greatly affect the value of the remittance at the time it is received. Even the smallest fluctuation in the conversion rate of the currency can cause a significant variation in the final amount that the recipient will receive.
The Solution:
The best solution that you can use to combat the fluctuations in exchange rates is to use a money transfer service that provides stable exchange rates. The stable exchange rates will enable you to send money to your loved ones conveniently. Thus, you can remain reassured as you will know the rate won’t fluctuate unexpectedly. You also have the option of waiting for a better exchange rate before sending a remittance.
The Problem of Delayed Money Transfer
A delay in money transfer can cause stress and financial strain for the recipients who are waiting for the funds. Various reasons can cause this problem, such as bank holidays, wrong recipient information, and system errors. However, such delays can place a financial burden on the recipients as they might depend on the amount they pay for their necessities, such as utility bills.
The Solution:
The solution for delayed money transfers is to use a money transfer service that is fast and efficient. Do your research and read what others have to say about the service regarding the process and timelines. This way, you will be able to set realistic expectations when choosing a money transfer service.
