Our families abroad may be facing difficult circumstances due to poverty, unemployment, political unrest or other issues. Helping them can help them get out of their difficult situations and provide them with support and resources that they need during tough times.
In addition, it is an act of solidarity, as we are connected by familial bonds across the world. By supporting our families abroad, we can demonstrate that we care about their struggles and understand the challenges they face on a daily basis.
This connection can foster deeper relationships between those who live far apart and bring us closer together despite the physical distances that divide us.
Helping our family members also allows us to learn more about a different culture or region. By communicating with and providing assistance to our extended family, we gain insight into customs, languages and political dynamics in different parts of the world.
We come to understand more deeply how history has shaped particular cultures and communities while also realizing how similar people are beneath all their cultural differences.
Sending money to family abroad can, at times, be stressful and expensive. While you might be happy to help your family out, there’s a lot to deal with, including fees, exchange rates, and the security of the transactions you’re making.
Whether you’re working abroad temporarily and sending money home to support your family or have relocated permanently and now financially support family members in another country, keep reading for some money saving tips you might find useful.
Use the Right Transfer Service
Finding the right transfer service can make all the difference to how much you spend and how easy and stress-free it is to make transactions. For example, you can use Ria Money Transfer to send money directly from your phone to several different countries.
With an app, you don’t need to worry about going to the bank or using a physical money transfer service to make the payment; you can simply set it up and send the cash from anywhere. Plus, many online money transfer services allow you to track exchange fees and take advantage of other money-saving services.
Transfer in Larger Amounts
The more money you send, the less the fees will add up to as a percentage of the total amount. When you send larger amounts of money back home to family, you’ll reduce the fees you pay for both exchanging currencies and using the service, if applicable.
Plus, it’ll increase the amount of money that reaches your family, so waiting until you have more to send is a win-win situation.
Compare Exchange Rates
When you send money abroad, the exchange rate can often be one of the most expensive parts of the process, depending on the currency differences. Before sending money back home to family, one of the best things that you can do to save money is spend some time comparing exchange rates from different providers.
Doing this will help you find the best deals. Many money transfer providers offer currency converters on their websites, or you can find one you find easy to use online.
Get the Timing Right
Exchange rates can change by the day, so timing it right is crucial when it comes to sending money. By figuring out when the exchange rate is at its most favorable, you can make more informed decisions regarding when to make a transfer and keep your expenses as low as possible.
Take Advantage of Discounts and Promotions
Money transfer services often run discounts and promotions that you can use, so keep your eye out for any opportunities to save on sending money. It’s worth signing up to email newsletters or other alerts, such as push notifications from the app on your smartphone, so that you don’t miss out on any chances to spend less when sending money abroad.
Leveraging Technology for Money Transfers
In our digital world, leveraging technology to save money on international money transfers has never been easier. Here are a few tips and tricks that can help you transfer money around the world while maximizing your dollar:
- Shop around: Different services offer varying rates so take some time to compare providers. Go for one with no fees, low transfer fees and secure transfers with no additional exchange rate margins added on top of what you’ll pay anyway.
- Consider using an app: Check out if an app provider offers lower costs for overseas transfers than a bank or traditional money transfer service. With app-based providers increasingly popular, it’s worth considering transferring cash that way as the costs are likely to be lower wherever it’s going in the world.
- Use a reputable exchange dealer: Considering the hyperconnected global economy, getting the most from your foreign exchange trade requires accuracy and timing which is why it sometimes pays off taking your business to experts like a broker or dealer who can get you better rates than banks or even a bureau de change at an airport. They buy pound currencies in bulk or wholesale quantities meaning cheaper deals for customers, just be sure to confirm their legitimacy beforehand as there have been several scams operating in recent years that lack adequate regulation.
- Sign up for loyalty programs: Similar to many retailers, loyalty programs are also utilized by foreign currency transfer services providing repeat customers with discounts each time they send funds overseas through them – making these services even more competitively priced compared to alternatives available on the market currently!
With people traveling to live and work in other countries more often these days, sending money back home to family has gotten more common. If you’re in this situation, understanding how you can best save money while helping your family out is essential.