4 Common Ways to Transfer Money to Family Members Abroad

The need to transfer money to family members abroad has become increasingly common. You can ease the financial burden on

your loved ones by supporting them with living expenses or school fees. Therefore, finding the best way to transfer

money across borders is crucial.

In this blog, we'll discuss 4 methods for seamless global financial transactions. From classic wire transfers to modern

fintech options, we'll explore the pros and cons.

With this knowledge, you'll make informed decisions when transferring money to family members.

Option 1: Making a wire transfer

A wire transfer is an electronic method to globally transfer money to family members. It is ideal for high-value or

time-sensitive transactions.

You are required to provide your family member's banking details for your bank to initiate the process. Your bank

verifies the request, ensuring sufficient funds.

Upon verification, your bank sends secure messages to your family member's bank, formally requesting the funds transfer.

For international transfers, intermediary banks may assist with currency conversion.

Your family member's bank receives and credits the funds, typically completing the process within a few business days.

Pros

• A secure and reliable way to send money internationally
• Commonly preferred for urgent and high-value financial transactions
• The direct transfer minimizes the risks associated with interception
• Widely accepted globally, offering accessibility in various regions

Cons

• Higher fees compared to alternative methods
• Complex process, especially for international transfers
• Once sent, transactions cannot be reversed or canceled

Option 2: Using a money transfer service

Money transfer services have emerged as a popular alternative to traditional wire transfers. These services provide a

more streamlined and cost-effective approach to transfer money to family members across borders.

You can enjoy faster transfer speeds compared to traditional wire transfers, often within hours. Their competitive

exchange rates and lower fees allow you to make considerable savings on transaction costs.

Besides, skipping the confusing forms, you can navigate the process seamlessly with user-friendly online platforms

offered by these services. The reassurance of secure transactions is maintained through their robust security measures.

However, with numerous companies offering this service, it's essential to explore and compare different options to find

the one that best suits your specific needs.

For newcomers in the world of global money transfers, having a trusted provider and personalized support is paramount.

DNBC's global money transfer service stands out as a reliable option, providing personalized 1-on-1 guidance.

To further facilitate your decision-making, DNBC invites you to take advantage of our free consultation service. Our

experts are ready to assist you in making informed choices for your international money transfers.

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.

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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.

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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 .