Best Way to Send Money to your Child Living Abroad
Introduction
It may be necessary for anyone with family members residing overseas to send money to them as a present or to help with their expenditures. Unfortunately, a lot of them eventually encounter lengthy and difficult processes when attempting to send money internationally.
However, things don’t have to be that way. You should be aware that it is useful to send money internationally without experiencing headaches each time before doing so for your loved ones who live overseas.
Best Way to Send Money to Your Child Living Abroad
Let’s look at some of the easiest and best possible ways to send money abroad with speed, low costs, and security.
Using an Online Money Transfer Service
It has never been simpler or safer to transfer urgent money online. TangoPay money transfer services are designed to make the transaction as easy and quick as possible while also allowing you to avoid paying bank transfer fees.
The actual mid-market rate is used to compute fees, and the amount you will pay is always disclosed. You may pay using your bank, a debit or credit card, or Apple Pay, which is compatible with computers, smartphones, and tablets. Additionally, 90% of transfers are completed in a single day. Therefore, there is a way to ensure that your child receives the funds they require, regardless of the circumstances. TangoPay is the best option for those who want to send money to more than 70 countries without any fees.
Sending Money Using Your Bank
For foreign money transfers, the high street bank has historically been the first port of call. Most banks provide this service to any customer who has an account with them. You will be guided through the procedure by the bank.
Both your child’s and your own account’s BIC (bank identifying code) and IBAN (international bank account number) are required. The downside is the costs sending even a small amount of emergency cash overseas might cost a good few pounds.
Typically, you will have to spend between £15 and £30, and the price may go up if you want fast service. A transfer may take up to five days to complete. It’s also possible that the foreign bank will charge you to get the money. However, because banks are governed by the Financial Conduct Authority, you won’t lose any money if something goes wrong.
High Street Money Transfer Services
The high street money transfer services, like MoneyGram, which are frequently available at the Post Office, are an additional choice. These are simple to set up, but once more, there may be significant costs, and you won’t have the same protections as when you use your bank, so there won’t be any reimbursement if your money disappears. You may offer the money in whatever way you like, and you’ll receive a reference number. This number is the key to unlocking the money, so only your kid should receive it. Verify that your child can reach the location where the funds will be used.
Tips for Sending Money Abroad
Here are some things to remember no matter where your child is studying.
Set Boundaries and Determine the Frequency of Contact
Try to get more involved with the latest video chat and messaging features for kids, since they are more likely to favor utilizing them for communication. It’s critical to be transparent and truthful about your communication needs regardless of the medium you use. The secret is to avoid worrying too much and demanding too much, which can push your youngster away.
There is no doubt that you will hear from them once the money has run out. Since sending money overseas is probably going to be a popular subject of conversation, it’s a good idea to look into the finest services that provide the lowest costs.
Be Aware of a Trustworthy Method for Sending Money to Your Child
It may be quick and simple to send money to family members who live overseas. Banking services that used to take days to process and cost a lot of money have been replaced by digital transactions.
You can send money to more than 70 countries worldwide fast and effortlessly with services like TangoPay. You may deposit money straight into your child’s local bank account via TangoPay, or they can safely pick up the cash at any agent location.
To make sure the money transfer goes well, you must maintain communication before, during, and after the transaction. Using a trustworthy provider that will alert you when the money has been cleared or collected is therefore beneficial.
Final Thoughts
You want to make sure that your kid is comfortable and protected. And now more than ever, they need your help during this pandemic. Your financial support, however, is the finest alternative to your presence when they are in a foreign country.
To move money as fast, securely, and affordably as possible, you must choose a reliable transfer provider. TangoPay is the greatest choice since it has no hidden costs, low exchange rates, advanced encryption for safe transactions, an easy-to-use interface, real-time tracking, and round-the-clock customer support.
