If you’re in the United Arab Emirates and you are regularly sending money to the Philippines, India, Pakistan or Bangladesh, you will have noticed that you (if not the recipient) always get charged with fees.
ALMOST EVERY transfer method you use will have a hidden fee, whether banks or online money transfer services. Its there and it’s really hard to calculate how much you are getting charged.
What is this hidden fee? There are two types of fees: the declared fee and the hidden fee which is a margin that they put on the REAL exchange rate they give you. Find out more
If you’re looking for a time and attendance software, this post is here to help you make an informed decision which software you can choose.
The industry is led by Kronos and Replicon, with Time Doctor (that’s us) offering a third option for you to consider. We have done a thorough job of describing each of these options for you so you can make an informed decision when you choose your time and attendance software. We have also laid out a comparison of each tool’s feature set in the table at the end of the article.
The first tool we’re going to discuss is Kronos. Founded in 1977 by two MIT grads, this company began by inventing the very first microprocessor-powered time clock, and has evolved into one of the leading players in human capital management. Pricing can be difficult to tack down, so you’ll need to reach out to them directly for a quote. Depending on your company’s size, goals and needs, be prepared to invest anywhere from $5,000 to $1,000,000. I know that’s quite a spread, but with these prices comes an intense support network, as well as a multitude of specialized products.
Lets start off with the aesthetics. Because you’re going to view this software throughout the day, it’s important you like it.
You can see that the layout is very professional, clean, and bright. You can easily add and track employees. Find out more
Whenever you send money to Brazil (or any country), you if not the recipient will get charged with hidden fees.
This is because ALMOST EVERY transfer method has hidden fees. Banks and online money transfer services you use to send money don’t declare their hidden fees, but its there and so it’s really hard to calculate how much you are getting charged.
There are two types of fees, the declared fee, and the hidden fee which is a margin that they put on the exchange rate. There is the REAL exchange rate and there is the exchange rate that they give you.
For example, if you use Western Union to send $1000 from the U.S. to Brazil (see TABLE 1 below), there will be a hidden fee of $8, in addition to the declared fee of $5, making the total fee at $13.
Tables comparing money transfer services including the cost of hidden fees
The good news are that there are now some FinTech companies that are popping up as alternatives to the banks. They give you a much lower cost alternative for transferring money to Brazil.
The tables below give you a comparison of these cheaper options. Find out more