Diwali 2021 falls on the 4th of November. Diwali, the festival of lights, is celebrated by the South Asian population around the world. This marks the triumph of good over evil with gifts and sweets shared among family and friends.
This Diwali, CompareRemit is offering you a chance to win an iPhone 13. The CompareRemit App will arm you to win over the evils of money transfer this Diwali through an iPhone giveaway campaign.
How To Win An iPhone 13 During The iPhone Giveaway Campaign?
- Must be 18+
- Have to be based in the United States, United Kingdom, Canada, or Australia
- Must be signed in on CompareRemit.com
- Use CompareRemit.com to transact during the Diwali Campaign, running from the 25th of October till the 8th of November 2021
- Provide proof of transaction
CompareRemit is the world’s number #1 money transfer comparison tool – saving you time, effort, and money by getting the best deals to send money to your loved ones.
Let’s face it, with the ongoing supply chain crisis caused by the Coronavirus pandemic, sending gifts for Diwali is going to be mostly delayed. Most items are not available till a later date. With travel restrictions in place, it is estimated that many households will be celebrating Diwali virtually.
Why not send money as a Diwali gift instead? This way your friends and family can use the money to buy whatever they need this Diwali. Or perhaps help someone they know who is in a dire situation due to the pandemic caused economic hardships.
What Are The Evils Of Money Transfer, You Ask?
There can be many factors that influence the cost of sending money including the amount of money being sent. Along with and the country being sent from and the final destination. The two evils to look out for while sending money internationally:
- Hidden fees
- Exchange rate markups
Hidden Fees In Money Transfer
If you use the traditional ways of sending money such as money transfer agents, or a bank to bank transfers, you will most likely pay a higher fees. Oftentimes hidden fees are well disguised. They can be under different names – recipient fees, conversion fees, settlement fees, mark-ups, tracer fees, etc.
It is difficult to calculate exactly how much banks are charging the senders and recipients in hidden money transfer fees. The average cost of sending money is 6.38% of the amount sent, globally, according to the World Bank.
Compared to the global average of 6.38%, by choosing a money transfer service found on CompareRemit, the average cost of sending money is less than 1%. CompareRemit users have saved millions of dollars in money transfer fees to date.
Exchange Rate Markups In Money Transfers
To understand the markups, let’s understand how an exchange rate is calculated. The exchange rate of a currency is calculated in terms of the value of another currency. For example, USD used by the United States or an economic zone like the Euro for the European Union.
The exchange rate that you see on Google is called the mid-market rate. Also known as the interbank rate, it is the market rate of the two currencies. The mid-market rate is determined by the buy and sell prices in the forex market. This is influenced by the economic factors of the nations backing the currencies.
When you send money internationally, you will almost never get the mid-market exchange rate. This is because your money transfer provider has to incur some cost for moving the money across borders.
It is a common practice for money transfer providers to make money from the difference between the sell and buy rates. This is also known as a markup or margin. However, the rates vary depending on the service provider.
As a sender or a receiver, make sure you compare the different rates offered by different money transfer providers. Choose the one that shows the cost upfront and offers the highest exchange rates, and the lowest fees. And always be skeptical about providers offering higher than mid-market rates.
If you are sending money this Diwali, you also stand a chance to win an iPhone 13.
Why Is CompareRemit THE Tool Every Immigrant Must Use?
As the saying goes, money saved is money earned.
You can avoid all the pitfalls of sending money internationally by simply comparing the money transfer services. CompareRemit showcases the best exchange rates, transfer fees, and highest speed of sending money home.
Our favorite features of CompareRemit are:
Exchange rate alerts: Receive the day’s exchange rate in your inbox or receive a notification on your CompareRemit app. You can also opt to be notified when the exchange rate reaches your desired limit
Money transfer services reviews: Review customer experience, feedback, and recommendations written by CompareRemit.com users
Remittance guide: Find tips, guides, and news to save on every immigrant-related activity that involves money – remittances to mortgages.
iPhone giveaway: CompareRemit runs promotions and offers coupons provided by participating money transfer providers from time to time. This Diwali, CompareRemit is running an iPhone giveaway campaign for users transacting during the Diwali week between the 24th of October till 8th of November.
Nestled in California, CompareRemit has invested in technology to bring transparency in the world of money transfers, helping many immigrants save money on each transfer by finding the best exchange rates, lowest fees, and the fastest speed of money transfer in the market. Compare, send, and save money on every transfer.
Go ahead, send money home this Diwali and you might just win an iPhone13.