Open a Local Bank Account
One safe way to financially support a loved one overseas is by opening up a local bank account in the foreign country. You can add the name of your loved one to your account and keep just the amount you want available in the bank. This is secure since no one else will have access to the account. It can also be inconvenient or impractical depending on local banking laws and regulations.
Refillable Debit Cards
Another option is to give your loved on a refillable debit card or gift card. This is a card that looks and acts mostly like a normal credit card. You can fill the card with a set amount of money. Your loved one then uses it to buy things or pay for services. Two drawbacks are that the card might not be accepted everywhere and losing it could cause problems.
Online Money Transfer Services
Online money transfer services are a convenient and safe way to send money abroad to a loved one. A site like sharemoney.com allows you to send money to many different countries quickly and inexpensively. The money can be deposited into an account, picked up or delivered to the home of your loved one.
Also make sure your loved ones living overseas have a budget on what your support will be. This will avoid having to send money more frequently than needed.
Develop a budgeting plan before your loved ones move overseas. You can download free budgeting worksheets that can be used. We hope you enjoyed this read. May we ask you for a quick “comment/share” so other can value this information.
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Wire Transfers
Wire transfers move money between major financial institutions. They are generally a very safe way to send money to a loved one overseas. Wire transfers do have a few issues. The first is that your loved one will need an account with a large bank in most cases. A second issue is that wire transfers can be expensive making them worthwhile only for sending large sums of money.
Mobile Phone Apps
A final option is to send money through a mobile phone app. These apps allow you to send money from your bank account, phone wallet or other source with the push of a button. It is then received quickly by your loved one through a phone wallet or other account. These can be convenient although losing the phone can lead to lost money and other problems.
Any financial support that you provide while your loved one is abroad will be greatly appreciated. You just have to be careful about which methods you choose to use to send the money. Always take the time to research the benefits and drawbacks of any service.
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