5 questions to ask yourself before choosing a company to send remittances to Venezuela

5 questions to ask yourself before choosing a company to send remittances to Venezuela

Choosing a company to send remittances to Venezuela is no easy task. In the end, it's about your money (not easy to earn) and the people who need you (and who need that money to arrive as soon as possible).

It is often a lack of information that generates fear and insecurity. Don't choose your remittance company blindly. Answer these 5 questions before deciding which one to choose:

Is it legal to send remittances to Venezuela?

What is it that is legal and why does it matter? Actually, the right question is, am I willing to lose my money? If you are willing to lose your work effort, read no further.

If, on the other hand, you prefer the peace of mind of knowing that your money is safe from the moment you pay out the remittance until your family member receives it, we will explain the importance of choosing a licensed remittance company.

To manage remittances legally you need a licence from the Bank of Spain. Obtaining a licence is difficult and expensive, so few have one. What is the benefit of a licence? The licence guarantees that the company has put up a security deposit to protect you and your remittance senders. The licence guarantees that the company and its partners have demonstrated to the Bank of Spain that they have a track record, that they know the business and that they are solvent.

What happens if I send the consignment with someone without a licence?

Sooner or later, something unpleasant may happen to you. The illegal could have his bank accounts frozen, for example. No matter how well-intentioned they may be, if there is any inconvenience, the illegal could leave you "with the goat in your paw" with few consequences for him and many for you.

On the other hand, the illegal alien cannot issue a valid receipt for the family reunification procedure. In some cases, the illegal alien does not even provide a valid receipt of your money.

How can you tell if a company is licensed?

Check the website, as this must be declared there. You can also ask for a receipt for your remittance and the legal details of the company must be stated there. 

What do your customers think?

The experience of those who have already tried a company's service is a real indicator and an excellent thermometer to measure the quality of their service. Be sure to look for real reviews. There are websites that include reviews written by them. For example, look for customer reviews on Google. Check how they rate it on a scale of 1 to 5 stars. It is also important to check how many reviews they have. It is more valuable to have 4.8 or 4.9 stars on average, out of 5, with hundreds of reviews, than to have 5 stars on average, with 3 customer reviews.

Is it fast?

Your people should not have to wait more than 24 hours to receive their money, from the moment the remittance company receives your payment. 

And why is speed important? First of all because we know that people in Venezuela need money to eat, to live. Remittances are usually aid that meets the basic needs of the beneficiaries. There are remittance companies that keep your money for a few days and so they make a profit from the rate changes.

If your payment is immediate (Bizum or credit or debit card) your people should see the money in less than 24 hours. There are factors that do not depend on the remittance company, such as when the bank in Venezuela releases the funds or if it is a holiday, but a serious company receives the money and disburses the remittance as quickly as possible.

It is also important to look at consistency. Do they send shipments at erratic times, sometimes it takes 3 days and sometimes 24 hours? You have to have the peace of mind that if you send a shipment today, it will always arrive tomorrow.

Another important issue is how reliable the remittance company's commitment is. There are variables that can sometimes get out of hand. The disbursing bank in Venezuela may deliver the money late because, for example, a bank holiday gets in the way. It is important that the company you choose explains the reasons, that you always know what is happening, that you can rest assured. This is where the next question comes in, linked to customer service.

How is your customer service?

Are they there to explain the processes to you? To clarify your doubts? To solve problems? Are they friendly and attentive? Do they deal with emergencies? Do they understand your needs and those of your people in Venezuela? Do you feel they are there for you? How many ways can you contact them? Do they make it easy for you? Do they answer emails? Do they have WhatsAPP?

Is the rate fair?

And of course, you should ask yourself whether the fee is fair. It is important that your beneficiary receives as much money as possible.

Before choosing a company to send remittances to VenezuelaCompare rates with other companies. Remember to do this more than once, because rates vary with market fluctuations and two companies may make their adjustment with some time difference. However, if you choose the right company, you will feel comfortable not to compare the rate anymore because you will be able to establish a relationship of absolute trust with them. 

You are now ready to choose your remittance company! From Curiara we hope you have found these tips useful...