April 21, 2024

La Ronge Northerner

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Best Ways to Send Money Home When Living Abroad

Sending money overseas has never been easier, thanks to technological advancements. Gone are days when it took days or even weeks before one could receive money from a friend or relative from abroad.

Nowadays it is possible to send and receive money across the globe almost instantly. There are several online money transfer companies such as Western Union that make it easy for people to send money online at the comfort of their homes.

All you have to do is identify a reliable money transfer service near you and initiate the transfer. It is good to explore more than one service provider in order to get the best transfer rates.

Below are some of the best ways to send money home when leaving abroad:

  1. Bank-to-bank transfer

There are certain banks that allow you to move money directly from one bank account to the recipient’s bank account in a foreign country. Such types of transactions can be accomplished online, contacting the bank over the phone, or physically visiting the delivery bank. You will however be charged a small fee depending on the bank conducting the transaction. The bank will require you to provide them with your routing number and bank account number together with that of the recipient.

  1. Wire transfer

This is another great way to transfer huge sums of money from one bank to another. Such types of transfers are done by a bank officer at the delivery bank who fills out the relevant forms on your behalf. In most cases, wire transfers require you to visit the delivery bank personally.

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There is a charge for the transfer and the transaction is more secured by both the domestic and foreign banks. Although it might take a bit longer for the recipient to get the money, it is safer compared to other options.

  1. Prepaid debit cards

There are money transfer services that allow you to send money through a prepaid debit card. If you decide to use this method to transfer a lot of money, you will have to load the prepaid debit card with the intended amount and notify the recipient to withdraw the cash from another country using his or her prepaid debit card. The receiver can also choose to use the prepaid debit card to make purchases.

  1. PayPal

PayPal is another great way to send money home when living abroad. All you need is to signup for an account with PayPal using your email address and load it with the amount you would like to transfer. The recipient must also have a PayPal account in order to receive the money from you.

Once you have sent the money from your account, it will show in the recipient’s PayPal account balance. He or she can then decide to transfer the money to a local bank or use it to shop online.

Technology has made it much easier to send money online. It doesn’t matter how much you want to send; you are assured that your loved one will receive the money in their bank account in a matter of hours if not immediately.