The Expat Remittance Experience
Living abroad as an expat is a multifaceted experience wrapped up in fun yet complicated challenges. In the process of making money, one oftentimes finds themselves sending money home in order to save, pay off student loans, or even support family. Remittances, like many other forms of economic activities, contribute a lot towards the economy, especially in developing nations. However, depending on your method of sending money home, be it through wire transfers, banks, or mobile applications, sending remittances can be quite complicated.
In my two-year experience as an expat in South Korea, opening a remittance account was a lengthy process that was somehow easy to complete but not setup. Beyond having a basic checking account, opening a remittance account meant signing banking documents for both the US and the ROK, as well as receiving a separate account number, pin, and bank book. These things, though annoying in the moment, are just a part of the mandated process for some banks in the country. The real hurdles come with the fluctuations in exchange rates and service fees associated with sending your hard-earned money home.
Imagine sending home the equivalent of $2,000 USD home only to receive about $1,700 in your bank account. Fifteen percent of your money has been eaten away by changes in exchange rates and most importantly bank transaction fees.
If you’re unlucky like me, you’ll somehow always manage to have to send money home when the exchange rate is at its lowest. In doing so, you know that you’ll lose a good portion of your money (depending the value of your home country’s currency) and also pay around $40 in transaction fees. It’s frustrating to think about, but it’s also the luck of the draw and timing.
Swapsy Eases the Banking Pain
For those of us working, living, or even studying in the US or China, it’s comforting to know that we are not alone in our suffering and that platforms like Swapsy do exist and are here to ease our banking pains.
Swapsy provides remittance services fee free using e-wallets and verified users as a means of carrying out your currency exchange needs. In doing so, we create a true peer-to- peer service that benefits everyone in need.
If you haven’t already considered doing so, give Swapsy a try and save your time and money.
Don't know how Swapsy works? Take a look at this, How to Exchange USD and CNY on Swapsy - A Walkthrough.