When you look around in the urban environment. many people are from somewhere else who have settled in the city to make a living and hopefully make more than from where they came from or opportunity. Just because you move to the city, does not make you forget your roots and one method is send money back to your parents or relatives. Sending money back is a good thing for them for it will allow them to pay bills and do what needs to be done. If you are sending money to another country, unless you live in a city with the same banks, there are 5 common mistakes people make when sending money abroad.

1. Settling for the first deal. The bank you deal with can send the money, however it might be more expensive and time consuming. Some alternatives are 8 times less expensive.
2. Not using the real exchange rate. Look up the exchange rate on the internet or Google. Then look up the exchange rate the bank is giving you. That is the spread – are there better alternatives?
3. Missing the hidden fees. Are there extra fees along with the exchange rate? maybe?
4. Not being rate-savvy – rates change all the time. Pay attention to the rates.
5. Not using a regulated service. When everything goes right, it does not matter; the first time the person says the money is not in the account and you have to check and contact the provider and run around you will wish there was a regulated or licensed banking partners.

Linking to dividend paying stocks, comparison shopping, looking at the alternatives will take time the first transaction; however when you decide to invest in dividend paying stocks time will be on your side. The combination of dividend plus capital gain will be worth the time spent.

There are more questions than answers, till next time – to raising questions.