Advancements in financial services have simplified international transactions for expats. However, choosing the best payment gateway requires careful consideration of various factors.
Here are five tips you should follow when choosing the right method for sending money to Jordan:
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Consider the Exchange Rates and Transaction Fees
The foreign currency exchange rate can vary for different transfer methods. Banks typically charge more fees for international transactions than online methods. Each method, from bank transfer to money order, has its own pros and cons.
Banks charge higher fees for international wire transfers, but they might offer incentives and discounts for larger amounts. Similarly, online money transfers are quick and easy, but the currency exchange rate can fluctuate based on market conditions.
Use currency rate calculators to compare the costs associated with each method. Schedule regular payments beforehand and merge smaller transactions into one large one to avail lower fees.
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Assess the Security Features of Various Methods
Choose a payment gateway that follows stringent security regulations, such as encryption and tokenization. Make sure your chosen method is compliant with the Payment Card Industry Data Security Standard (PCI DSS).
Many payment gateways use multi-factor authentication (MFA) to grant access or approval for money transfers. Robust security measures will protect your sensitive personal information and funds from unauthorized access.
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Consider the Recipient’s Convenience
Next, consider the convenience of the recipient in Jordan. If the recipient has a bank account, choose wire transfer or linked account transfer for a hassle-free experience. Similarly, online payment apps and digital wallets allow you to transfer money to Jordan with just one tap.
For those who don’t have access to a bank account or other online gateways, consider using cash pick up services, such as Western Union and MoneyGram. They have thousands of locations all over the world, including Jordan. Your loved one can simply collect their payment from the nearest agent location.
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Determine How Fast You Need the Money
Transfer time is critical when you’re sending money back home. Your family might be dealing with a medical emergency or other unexpected circumstances. In such situations, thoroughly understand the transfer time of each payment gateway.
Many expats use Western Union for same-day transfers, allowing their loved ones to receive cash in hours. Online money transfer apps are also excellent for quick transactions. International wire transfers take 1-5 business days, often providing better exchange rates.
Keep in mind bank and public holidays before initiating a transfer, as it can delay foreign transfers.
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Assess the Quality of Customer Support
Finally, consider the quality and availability of customer support offered by various payment methods. Choose a payment method that offers 24/7 support via email, phone, and live chat.
Smooth communication channels will allow you to report payment delays and declines as well as security concerns. In case of unexpected deductions during money transfer, a dedicated customer support team will provide timely chargebacks and provide peace of mind.
