People who send money back home come from every income bracket, education level and industry. Some of these “remittance” senders are working lower-paying jobs and struggling to earn enough money to both survive in their adopted country and still have some left over to send to their family. Some are enjoying more prosperous careers away from home while others with an entrepreneurial spirit have started their own businesses.
Regardless of circumstance, all have one thing in common. They are working hard to ensure the best for their families and the last thing they should have to worry about is whether or not their money transfer company is charging fees that are fair. There are a number of variables that can affect fees, including rules and regulations in effect in the recipient’s country, the disbursement currency, speed of service, the type of funding source (bank account, credit or debit card) and the amount sent.
To ensure that you aren’t paying too much in up-front fees, we suggest that you find a money transfer company that offers a low flat rate or fixed fees for how and when you send. Be sure to check their website for rates to your home country – and know what that rate gets you.
As an example of one common scenario, let’s say you are sending $2,500 to Mexico or the Philippines directly from your checking account and your mother is picking up the money in local currency. Try to find a provider that charges a flat fee in the neighborhood of $5 for each transaction. Keep in mind that money sent from debit or credit cards and pickups in anything other than the local currency (such as U.S. dollars) usually results in higher fees, so you need to keep those factors in mind.
Also be sure that any prospective money transfer company can provide perfect clarity on the receiving amount, so there are no surprises after you have sent your money back home. All money transfer companies charge a set fee for a set sending amount, no matter where you live. Be sure to understand what those fees are and how guaranteed exchange rates work.
If you are sending money to a country in Latin America, one report worth checking out for a comparison of average fees charged by well-known money transfer companies in the region is available from the Inter-American Dialogue, pages 11-12.
“No Hablo Español” and “Roulette” join Xoom’s Award-winning Latin American Advertising Lineup
SAN FRANCISCO, CA, November 7, 2013 – Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, has introduced two new television commercials for the Latin American market as a part of the “Better Way” campaign launched in 2011.
The first commercial, entitled “No Hablo Español” (“I Don’t Speak Spanish”) shows a frustrated man, Oscar, who goes to a store to send money home, but is met with a money transfer agent who says, “Umm, what?” and then “Sorry, no hablo español,” as she blows a bubble from her chewing gum, leaving Oscar helpless. He goes home to see his wife, Olivia, at the table with her laptop sending money through Xoom.com. Olivia says to Oscar: “Usa Xoom.com, que esta español” (“Use Xoom.com, it is in Spanish”).
The second commercial, “Ruleta” (“Roulette”), features Oscar, once again, entering a store to send money, asking the agent “How much does it cost to send $300?” The agent has a spinning wheel next to her with descriptions: “too expensive,” “you pay double” and a smaller panel, “free.” Oscar spins and comes up with “you pay double” sign and reacts “oops.” At home, Olivia asks Oscar, “Did you send the money?” When Oscar tells her what happened, she says “Next time, use xoom.com.”
“Sending money on xoom.com is truly magical and transformative, offering senders an experience that is safe, convenient, fast and fairly priced,” says Julian King, Xoom’s Senior Vice President, Marketing and Corporate Development. “With these two new ads, we are able to deliver these messages with likeable characters that resonate with consumers.
“Xoom’s ‘Better Way’ campaign was launched in November 2011 with more than a dozen innovative commercials airing these past two years,” King added. Last fall, Xoom won the gold from the ANA Multicultural Excellence Awards for “Save the Pigs,” as best campaign developed to reach Hispanic consumers.
“No Hablo Español” and “Roulette” are the latest television ads from Xoom targeting the Spanish-language audience. The commercials are running on major Spanish-language television through the end of the year.
Xoom is a leading digital money transfer provider, focused on helping consumers send money in a secure, fast and cost-effective way using their mobile phone, tablet or computer. During the 12 month period ended September 30, 2013, Xoom’s more than 997,000 active customers sent more than $5.1 billion to family and friends in 30 countries. The company is headquartered in San Francisco and can be found online at Xoom.com.