iSavta | 08.11.2024

For many migrant caregivers in Israel, sending money home to support families is a top priority. With the cost of living, exchange rates, and fees, ensuring that your hard-earned money reaches your loved ones can be a challenge. This article will provide practical tips on maximizing your remittances while minimizing fees to help you make the most of your income.

1. Understand Exchange Rates

Exchange rates vary between providers, which can impact how much money reaches your family. Look for a provider that offers a competitive exchange rate as well as low fees. Here are some ways to improve your understanding of exchange rates and timing:

• Compare Providers: Don’t settle for the first service you find; compare exchange rates offered by various banks, money transfer services, and apps. Even a small difference in the rate can make a noticeable impact.
• Consider Timing: Exchange rates fluctuate daily, even hourly. If the rate is low, you might consider waiting a day or two to see if it improves. Some apps provide notifications for favorable exchange rates.
• Use Fixed-Rate Options: Some transfer providers let you lock in an exchange rate for a future date, which can protect you from sudden changes. This can be helpful when you know you’ll be transferring a significant amount soon.

2. Choose the Right Transfer Method

Different transfer methods come with different costs and processing times. Here’s a breakdown of the most common methods:

• Bank Transfers: Often reliable but can be more expensive due to higher fees and less favorable exchange rates.
• Cash Pick-Up Services: Ideal for families without bank accounts, but they may charge higher fees.
• Online Money Transfer Services: Many platforms offer fast, low-cost transfers with competitive exchange rates. Always check both fees and rates before transferring.

3. Plan for Regular Transfers

Many caregivers send money home monthly, bi-weekly, or weekly. Planning your remittances can help you save on fees and maximize the amount you send:

• Schedule Transfers on Paydays: Setting up an automatic transfer on your payday helps keep you consistent. Plus, some providers offer lower fees for recurring transfers.
• Send Larger Amounts Less Frequently: Instead of small, frequent transfers, consider sending larger sums less often. Since most services charge per transaction, you’ll save more by consolidating into fewer, larger transfers.

4. Watch Out for Hidden Fees

Some fees may not be immediately obvious, especially if you’re using traditional banks. Here’s what to keep an eye on:

• Sending and Receiving Fees: Some providers charge both a sending fee (paid by you) and a receiving fee (paid by your family).
• Currency Conversion Fees: This fee is applied when converting shekels into your home currency. Make sure the provider includes it upfront.
• Additional Bank Fees: Some banks in your home country may charge your family when they withdraw or deposit funds.

5. Seek a Service with Customer Support in Your Language

Sending money internationally can be complex, so it’s helpful to work with a provider that offers customer support in your native language. This makes it easier to ask questions, understand any requirements, and resolve issues faster. Look for providers with customer service available every day, so help is always there when you need it.

6. Consider Using Digital Wallets

Digital wallets, such as prepaid cards and online accounts, allow you to send and manage money from your phone. They can provide flexibility and convenience, especially when it comes to tracking transactions. Here are some benefits:

• Convenient Access: With a digital wallet, you can easily check your balance, monitor exchange rates, and initiate transfers directly from your smartphone.
• Lower Fees: Many digital wallets have lower fees than traditional banks and offer favorable exchange rates.
• Safety: Digital wallets often use advanced security to protect your transactions, reducing the risk of fraud or loss.

7. Use a Reliable Remittance App: Rewire

One of the most reliable, affordable, and convenient ways to send money home is through the Rewire by Remitly App. Here’s why Rewire stands out among remittance options:

• Rewire Card: You can get paid and send money home all in one place, giving you easy access to your salary and simplifying the process.
• Fixed Fee on Transfers: For caregivers sending money to the Philippines, Thailand, Sri Lanka, and Moldova, Rewire offers a fixed fee of ₪7 per transfer*, which keeps costs predictable.
• Personal Bank Account: Rewire partners with the Bank of Jerusalem to provide a bank account under your name, which can help you manage your money better.
• Customer Support in Your Language: Rewire offers customer service 7 days a week in various languages, ensuring that you have help when you need it most.
• Global Transactions: With a Rewire card, you can make everyday purchases worldwide—whether online, in-store, or through cash withdrawals.

Interested in Rewire?

If Rewire sounds like the right choice for you, click here to learn more about how Rewire can help you get paid and send money home safely and affordably. 

Using Rewire, you can rest assured that your remittances are secure, that fees are fair and transparent, and that your loved ones receive the full support you intend. By following these steps and choosing the right tools, you can send money home more effectively and provide greater financial support to your family.