Research Trends and the Prepaid Debit Card Before You Send Money to Nicaragua

Research Trends and the Prepaid Debit Card Before You Send Money to Nicaragua

While remittances to this area have certainly grown over the years, there has still not been the extreme growth witnessed in most other countries. In 2000, about $320 million was sent to the country, and 2001 saw a slight increase to $336 million. It slowly rose over the years until it reached about $600 million in 2005, with about $656 in 2006, which equaled about 11 percent of Nicaragua's GDP. Clearly, while remittances to the area are important as usual, they are not nearly as popular nor as necessary to the general economy as some smaller, poorer countries.

However, you still likely need to send money to Nicaragua in order to help support your family. Many families do depend on some remittances in order to buy everyday items, such as groceries. Others save up the money in order to purchase a home when possible, so even infrequent remittances to family can help. Of course, most people who send money to Nicaragua live in the United States, while others reside in Costa Rica or Mexico since many people immigrant to such areas after moving out of Nicaragua.

Whether you plan to send money to Nicaragua frequently or rarely, you probably want to save money as much as possible. If so, going the traditional route of the bank or money transfer services might not be a good idea. Often, a single transfer costs anywhere from $10 to $45. Clearly, spending this money once in an emergency might be okay, but not regularly, especially if you have little to send to begin with. Smaller fees can ensure that you can send as much as possible to your relatives.

It is for this reason that the prepaid debit card is available. If you decide to use this method, you can merely mail a card to your recipients, wait for them to receive it, and then call them with the PIN. This will allow them to use it at either ATMs to withdraw cash, or at restaurants, shops, and anywhere else that accepts debit cards. Of course, make sure that there are such retailers and ATMs near them so that this method is convenient for them as well as you. The best part is that the cost to transfer up to $1000 USD is $5, and the transfer takes less than one day.

Sending money to family is an important task that you should research before completing. This will ensure that you use the best way for both of you when it comes to cost and speed. Now that you know the basics, it is best to find out the many methods available to send money to Nicaragua.

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