Send Money From Singapore And Australia To Worldwide


What is Remittance? And How Do You Send It from Australia?

No doubt! Fulfilling your family's monthly needs as an expat, particularly in Australia, is one of your priorities; hence, this write-up is rightly meant for you. Furthermore, Pondering to make fund transfers hassle-free asks you to be aware of all the aspects linked to it while keeping up with the latest inductions in the sphere of money transfers in this digital world. As time passes, you find this money game more instant and secure; all you need is to step into this game wisely. Additionally, the money transfer market is on the rise; dozens of international names are letting you move your money to every part of the world. Moreover, along with allowing your money to reach back home, the money transfer companies are also determined to keep the entire process encrypted and make this process the blink of an eye.


What is Remittance?


Remittance refers to the process of sending money from one country to another. Remittance services are often used to help support family members back home, pay for school, pay for medical bills, or put money into businesses. In Australia, where the population is diverse and includes many immigrants and expatriates, remittance services are very important to many people because they help them send money to family and friends back home.


How Does Remittance Work?


Several methods are available for transferring money internationally from Australia:

  1. Bank Transfers: Traditional banks offer international wire transfer services, allowing individuals to send money directly from their bank account to another account overseas. While secure, this method can be expensive due to high transfer fees and less favorable exchange rates.
  2. Remittance Companies: Specialized remittance companies, such as Speedremit, Western Union, MoneyGram, or TransferWise, offer competitive rates and faster transfer times compared to banks. They often have physical locations and online platforms, making it convenient for users to send money globally.
  3. Online Payment Platforms: Services like PayPal or Skrill also enable international money transfers, although they might be more suitable for smaller amounts or online purchases due to their fee structures.


Steps to Transfer Funds from Australia:


When sending money abroad, follow these steps to ensure a smooth transfer:

  1. Select a Transfer Method: Choose the most suitable method based on factors like transfer fees, exchange rates, transfer speed, and the recipient's preferences.
  2. Provide Required Information: You'll need the recipient's name, contact information, bank account details, and sometimes a unique identification number or code associated with the transfer service.
  3. Initiate the Transfer: Whether through a bank, remittance company, or online platform, follow the provider's instructions to initiate the transfer. Double-check the information provided to avoid any errors.
  4. Track the Transfer: Many services offer tracking options, allowing you to monitor the status of your transfer until it reaches the recipient.
  5. Confirm Receipt: Once the funds are successfully transferred, confirm with the recipient to ensure they have received the money.


Steps for Initiating an International Funds Transfer from Australia:


When initiating a remittance from Australia to another country, following a systematic approach ensures a smooth and successful transfer:

  1. Choosing a Transfer Method: Consider factors such as transfer fees, exchange rates, transfer speed, and the recipient's preferences to select the most suitable method.
  2. Providing Required Information: Gather necessary recipient details including their name, contact information, bank account details, and any unique identification numbers or codes associated with the chosen transfer service.
  3. Initiating the Transfer: Follow the provider's instructions, whether a bank, remittance company, or online platform—to initiate the transfer. Accurate information input is crucial to avoid errors.
  4. Tracking the Transfer: Many transfer services offer tracking options, allowing senders to monitor the transfer's status until it reaches the intended recipient, ensuring transparency and peace of mind.
  5. Confirming Receipt: Upon successful transfer, confirm with the recipient to ensure they've received the funds, finalizing the remittance process.


Precautions for Expats to Abridge Remittance from Australia


  • Gauge Exchange Rates: Stay informed about current exchange rates to maximise the value of the remitted amount.
  • Compare Fees: Assess the transaction fees charged by different providers to choose a cost-effective option.
  • Choose Reliable Platforms: Opt for reputable remittance service providers or banks with a track record of secure and efficient transactions.
  • Understand Transfer Limits: Be aware of any limitations on the amount that can be transferred in a single transaction or within a specific timeframe.
  • Consider Transfer Speed: Depending on urgency, select a transfer method that aligns with the desired speed of the transaction.
  • Verify Recipient Details: Double-check recipient information to avoid errors that could lead to delays or misdelivery.
  • Keep Documentation in Order: Ensure all necessary documentation, including proof of identity and purpose of remittance, is in order to comply with regulatory requirements.
  • Go with Secure Networks: When conducting online transfers, prioritise secure networks and platforms to protect sensitive financial information.
  • Stay Updated about Monitoring Changes: Stay updated on any changes in remittance regulations to adapt your approach accordingly and make the process of sending money more instant and easy.


Terminus 


Remittance from Australia is a vital link connecting expatriates with their home countries. By understanding the factors influencing the transfer, being aware of potential challenges, and taking necessary precautions, expatriates can navigate the process with greater ease. Additionally, the measures implemented by the Australian Government contribute to creating a more conducive environment for expatriates to send money home, fostering financial stability and familial support across borders.

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Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team (sr.cs@speedremit.com) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.