Transferring Money To Your Family Who Lives Abroad: A How-To Guide

June 24, 2024

Almost everyone has family living abroad, and every once in a while we need to send some money to help them out because it can be hard when you are somewhere where you are considered a stranger. Here, we will provide you with a guide on how you can transfer the money to your family members.

Choose a reliable transfer method

When you want to send money abroad, you need to choose a reliable transfer method. Various choices are there, and it all depends on your needs and preferences. Bank wire transfers, for example, are safe and well-checked, but they have high exchange rates and additional fees. Western Union and TransferWise are also reliable and swift, and they are ideal for urgent transfers. There are also online platforms that allow you to connect your bank account so that you can send money quickly and easily. Usually, they have user-friendly interfaces and are perfect for sending lesser amounts of money. Finally, for those who are more into technology and innovative solutions, cryptocurrencies are perfect due to their lower fees and faster processing times. When choosing the right transfer method, you should think about speed, cost, convenience, and overall security. All of this will help you choose the way that is best for your needs, whether you are sending smaller amounts frequently or you want to transfer a larger amount. 

Use online payment platforms

Online payment platforms are a reliable and fast option to send money abroad. You can transfer and receive funds swiftly across international borders with various apps. Also, you can link your checking, savings, or credit cards for easy money transactions, and because of this flexibility, you can choose various funding options to meet your specific needs. If you’re wondering how to send money to Mexico, you can check out various online payment systems that let you start and monitor your transactions from anywhere, which is really convenient. Of course, before choosing the one, you should check out and compare rates and prices, and find the one that will suit you the most.

Compare fees

We would all love it if we had methods to transfer our money safely to someone abroad for free but that is not possible, so we need to find a good service that also does not charge a lot of money. What we suggest you do is that you put all the different money transfer options on a piece of paper and next to them, write the fee that they are charging. You will see that it varies depending on the amount that you are transferring. Once you have written all of them down, it will be much easier for you to make a decision about which one you will take. Of course, you should not only take the cheapest option because you have to consider how safe it is to transfer money using some methods.

Gather the necessary information

Once you have determined what service you are going to use it is now necessary that you gather all the important information so that you can send the money properly. This is quite easy to do. All you need to do is go to the service, see all the things that you need to fill out, and then ask the person to whom you are transferring your money to give you all you need. Some of the information needed most likely is the full name, bank account details, contact information, and address; more could be added depending on the service. It is incredibly important that you are careful with the information you are sending to your family members abroad because you do not want someone to find a way to steal the money you want to send. We would suggest that you do not use public wifi and that you make sure that your family member is also careful.

Send it

Once you have gathered the necessary information, it is time to send the money to them. The usual way this is done is by logging onto your bank on your phone or computer. YOu will fill out the transaction form with the information and then you will complete it. You should get a confirmation message from the bank that the transaction has gone through and that the person on the other side has gotten the money. After you have sent the money, you should inform your family members that you have done it and that they can go and collect it. Once they have safely collected the money, you can have peace of mind knowing that everything went well. 

Additional advice

Plan for the transaction

What you should know is that it may take time for the money to be transferred from one place to another so you will have to plan when you will send the money to your family members. If you need the money to be sent and received the same day, you should look for such options. Some banks will do that for you but usually, they will charge you higher fees for doing so. You should talk about the number of days it will take for the money to arrive at the destination if that is something that matters to you.

Think about transfer limits

Various transfer options have different minimum and maximum sums that you can send to someone. If you want your money transfer to be as smooth as possible, it is important to know what these limits are, as you don’t want to have some unpleasant surprises when you figure out you cannot send as much as you wish. Some restrictions include lower limits for new users, while some apps don’t allow you to make any larger transfers until you complete further verification procedures. 

Transferring money may not seem as easy as you thought once. You need to do a lot of research and talk with a lot of services if you want to spend the least on transaction charges. Once you have found your preferred service, everything will become much easier and smoother.

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