There are quite a few reasons people in the U.S. might need to use a money transfer service like Remitly.
Many consumers in the U.S. are looking for the least expensive, fastest and most convenient ways to send money to other countries around the world, but what are the primary reasons people have for using these services?
The following are some of the most popular and common reasons people in the U.S. need to send money abroad.
Sending Money To Family
People in the U.S. often have family abroad. Many immigrants, for example, work to send money back to their families who live in other countries. Money earned in the U.S. can go a long way toward helping people who live in developing countries, and it’s a common practice.
Another reason that someone might need to do an overseas money transfer is if they’re planning to purchase property elsewhere.
When you’re sending large amounts of money overseas for a big purchase, you want to ensure you’re saving as much as possible on fees and exchange rates, because they can add up quickly. It’s always important to look for the best deal when sending money, but this is especially true when you’re sending a lot.
Once you actually make a property purchase, it may be necessary for you to make mortgage payments on that property on an ongoing basis. You might also need to send money abroad for maintenance of the property.
While the first two common reasons for sending money abroad are personal ones, many businesses need to make overseas payments as well. One of the most likely reasons a business is sending money internationally is for supplier payments. Most businesses in the U.S. source at least some of their supplies or inventory from overseas, and that can be a lot of security risks if they’re not using the right service.
Of course, it can be expensive as well depending on how a business sets up these money transfers.
It’s not just overseas suppliers that have to be paid. In the increasingly globalized and digitally connected world of business, companies often have freelancers, contractors or even full-time employees who are based elsewhere in the globe. Those employees need to be paid, and they need to have easy access to their funds when they’re available.
It can be one person who’s being paid overseas or several, but regardless it all needs to be done in an efficient, streamlined way.
Licenses and Fees
Finally, another reason a business owner or operator might have for sending money outside of the U.S. is to pay for various licenses or fees that a country might be charging their overseas operations. For example, many national and local governments will charge businesses certain taxes, and those have to be paid quickly and on-time. Sometimes the fees charged to a business by a government or regulatory agency need to be paid immediately to avoid large fines or legal problems, so it’s essential for the business to have a way to complete those transactions as needed.