One of the primary reasons why you decided to work abroad is to be able to support your family and improve their living conditions. How often you will send money back home and how much will this be depending on various factors, foremost of which is the amount of your salary and the available facility by which you can remit.
The general practice is that the remittances are sent monthly in order to correspond to the schedule of payment of your salary and at the same payment of dues or needs of the family such as electricity, rent and tuition fees. If there are various remittance companies whose rates are reasonable and the process is convenient, you may also opt to send remittance twice a month.
Make sure that you have a bank account for both your salary and remittances. In most cases, the employer is responsible in opening a bank account for you in the destination country especially if the salaries will only be provided through banks (i.e. no salary in cash). Get to know the terms, conditions and benefits of the bank account. Check if they have remittance facilities. If not, get more information or seek tips and guidance from friends and colleagues on which money transfer company is the most reliable, cost-friendly and convenient. Keep all the documents and invoices for future reference.
Advice your family on this remittance facility. If you or the head of your family do not yet have a bank account in the origin country, it is advised to open one before you leave so that you and your family already have the details.
If you have a bank account already and you wish to also use this while abroad, check whether it has international features; i.e. that you can transact (deposit or withdraw or others) while abroad either through partner banks or through ATM.
Please avoid the informal transfer modes such as the hundi or hawala system whereby the remittances are sent by hand or informal money changer or agent. They may be fast or convenient, but they are costly and often not reliable. It is advised to get a bank account, if allowable, in order to secure your salary, help you save, reduce your costs and help you build your credit history.
Similar to the advice on managing your resources or finances, make sure that you remit money that is within your salary or capacity. Avoid borrowing money for remittance, unless it is an emergency.
