4 Common Ways to Transfer Money to Family Members Abroad

Pros:

• Quick and convenient transactions, often faster than traditional methods

• Some services offer competitive rates, providing better value

• User-friendly online platforms for easy initiation and tracking

Cons:

• Charges may apply, varying based on factors like transfer amount and destination.
• Some services may impose limits on maximum transfer amounts
• Coverage restrictions may exist for certain regions or countries
• Risk of fraud; users should choose services with strong security measures

Option 3: Sending a money order

Sending money orders remains a traditional method of transferring funds. It is favored by those who appreciate a tangible and secure approach.

To initiate a money order, you simply purchase one from a provider such as a post office, bank, or a money transfer service. You’ll need to pay the desired amount along with a service fee. Then you’ll need to provide your family member’s information, in some cases, the purpose of the money order.

A money order is a physical document that includes details about the sender, recipient, and the amount. It also has security features to prevent fraud. Once purchased, it can be sent by mail or directly handed to your family member.

Despite being perceived as somewhat old-fashioned, money orders prove highly practical in specific scenarios. Their prepayment requirement eliminates the need for a bank account, making them a secure option for bill payments. In some cases where recipients lack easy access to banking services or established bank accounts, money orders offer a more accessible alternative.

Pros:

• No bank account required for sending or receiving money orders.
• Suitable for those needing a paper trail for documentation.
• Widely accepted by various entities

Cons:

• Fees vary based on the purchase location.
• Some providers may limit the maximum amount that can be sent via a money order.
• Not as fast as electronic transfers, especially by mail
• Requires a visit to a physical location, potentially inconvenient for those preferring online or remote options.

Option 4: Using a money transfer application (app)

These are similar to online money transfer services, but they also tend to be solely app-based, rather than being available online.

These apps vary in how they work, but they generally only require an email address and/or phone number for your recipient. You’ll both need to download the app, then you can link a bank account, debit, or credit card to fund the payment.

The way how these apps work may differ, but typically, all they need is the email address and/or phone number of your family member. Once both of you download the app, you can easily link a bank account, debit, or credit card to initiate the payment.

Transferring money is typically fee-free within the same app, although there may be fees for funding payments with a credit card. Even if your family members don’t share the same money transfer app, they can often receive funds directly into their bank accounts by providing the necessary details.

Pros:

• Near-instantaneous transfers within the same app
• Well-suited for transferring smaller sums of money
• Fee-free to transfer money between accounts within the same app

Cons:

• Higher fees, particularly for currency conversion
• Exchange rates may not be favorable
• Suitable for tech-savvy recipients only
• You both need to have the same app, otherwise, transfers won’t be free

Considerations for global money transfer between family members

After exploring the different methods discussed above, it’s essential to take into account these key considerations before making your final decision. This ensures that the process of money transfer between family members becomes more streamlined and leads to significant savings.

Exchange Rates:

• Give priority to finding the best rates, as they have a significant impact on the final amount received.

Fees:

• Understand all fees and charges upfront to avoid surprises and make informed decisions.
• Compare transfer fees from different providers, as they can vary greatly.

Speed:

• Assess the urgency of your family’s financial needs
• Choose a service with faster processing times for urgent situations
• For less time-sensitive transfers, opt for options that offer better rates and lower fees, even if they take a bit longer.

Accessibility:

• Choose a transfer method that is easily accessible to your recipient.
• Consider their location, available banking services, and preferences

DNBC – the trusted partner to transfer money to family members

Facilitating financial support to family members across borders should not feel like a hurdle. At DNBC, we understand the importance of keeping families connected. That is the reason why we strive to simplify and make our international money transfer service affordable.

No matter where you are in the world, we firmly believe that sending money home should not cost the earth. Therefore, our dedicated efforts ensure your funds reach their destination promptly and efficiently.

To kick off the new year in 2024, DNBC is excited to announce a special offer! New customers now can open a free account with us and enjoy a 20% discount on the monthly maintenance fee for the first three months. For more details, please check out here .