How to support your family living abroad
Say your youngest has jetted off to another location around the world to pursue a new career, or perhaps your eldest is taking the leap to study overseas for a semester. How can you help them pursue their dreams? Some people can help out their family members overseas by sending money to support their pursuits.
Sending money overseas can be daunting however, so what’s involved in making a transfer for the first time?
How to send money overseas for the first time
With the right provider, sending money overseas can be very simple. If you’re sending money abroad for the first time however, there’s some things you should know.
First, you have options when it comes to transferring money overseas. The first thought for many is to use their bank to make a transfer. However, banks can charge hefty margins (or ‘markups’) on their exchange rates, not to mention the often-expensive fees involved.
Second, make sure that the provider you’re choosing is fully licensed and regulated in all jurisdictions. And lastly, knowing how exchange rates work, and how their fluctuations can impact the amount you transfer, is the best place to start.
OFX is Silversurfers exclusive global money transfer partner and open 24/7. With their unique ‘always on’ service, their team of currency experts are always available to answer any questions you may have about exchange rates and make the process easier for you.
What is the best way to send money to family abroad?
Now that you’re looking to send money overseas, what’s the best way to transfer? Well, as shown above, there are many options.
1. Cash payments
Retail outlets may be available in your area, or at the airport, and you can use them to handle sending your money overseas in cash. This option is often more expensive because of the high overhead costs associated with having retail outlets. Not to mention that, depending on how much you’re sending, you might not be comfortable with carrying around lots of cash when you go to transfer.
2. Credit, debit and prepaid card payments
Some places will accept card payments instead of cash and this may incur additional credit card fees.
3. Payments between two bank accounts
You could go to your bank and transfer money between your bank account and another account overseas. Whether this can be done in person, over the phone, or online depends on your bank . Using a bank may also mean paying the high fees and margins that banks typically charge.
4. Online money transfer services
An easy and secure way to send money overseas is using an online money transfer service like Silversurfers partner, OFX. You can create a free account and send money whenever you need using a simple online platform, and if you get stuck, there’s a 24/7 phone support line available for expert help. You also won’t have to deal with any cash, credit cards or bank drafts, it’s all online using direct debit or BPAY.
Tips for sending money to support your family living overseas
Now that you know how to send money, and what your method for sending money overseas will be, here’s a few extra tips to make sure your family is getting the best deal.
Look for services that can offer rate-monitoring tools. OFX offer tools like Market News and Exchange Rate Graphs so you can stay up-to-date with what the exchange rates are doing, and how it will impact your transfer.
About OFX- Foreign Money Transfers Made Easy
With OFX, Silversurfers members can enjoy great rates, expert guidance and 24/7 customer support.
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to the accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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