send money to family

Send Money to Family Overseas

Pay lower fees and benefit from better exchange rates when sending monetary gifts to family overseas.

Getting money to a loved one overseas doesn’t have to be stressful. With many options available for transferring money internationally — from banks to specialist money transfer providers to an old fashioned money order — it’s just a matter of finding the right one for you. Here we’ll lay out your options and give you insights into each one so you can get the most bang for your buck when you send money to family overseas.


Option 1: Big banks

There are several ways you can transfer money to your family abroad, or an overseas recipient. One of the slowest methods is to purchase an international money order from your bank – basically, a check in a foreign currency – and mail it to your family member.

You can also use your bank to wire the money to your recipient’s bank account. But banks are notorious for offering poor exchange rates and charging high fees. Sending money through your bank is secure but can be quite expensive.

However, when using a specialist money transfer provider you can save money when you shop around for the best deal. Read on to learn about their services.


Option 2: International money transfer providers

While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees. You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.

There are a number of money transfer companies that you can use to send money overseas. How you pay for the transfer and how your recipient receives the money can vary depending on the provider. Generally, a transfer involves you providing funds to the transfer provider, which then sends the money to your recipient in another country. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.

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Option 3: PayPal

Send money to friends and loved one overseas from your PayPal account. While PayPal allows you to send money inside the U.S. for free, there are fees associated with sending funds overseas. The other expense you need to take into account when transferring money overseas is the exchange rate. PayPal’s exchange rate is determined by a financial institution and adjusted regularly to stay in line with market conditions.


Choosing the right transfer provider

With so many options available, how do you choose the right one for you? Before making your transfer, ask yourself these questions when comparing providers:

    • How fast is the money needed? Some providers will make your funds available for the recipient within minutes. Others will get your money there in 1 to 2 business days.
    • Which country is the money being sent to and in which currency? Not all providers offer all currencies. Some offer a wide range, while others are more limited. A few countries prevent money from moving into the country from overseas, but it is worth checking to make sure that whichever way you send the money it will actually be able to be collected and in the right currency.
    • Is there a minimum or maximum transfer amount? Some companies will transfer as little as a dollar, but others won’t deal with anything less than a few hundred. Look for a match with what you’re trying to send.
    • What are the fees and exchange rates? Whatever method you use, most likely you will have to pay a fee for the service, and there will be an exchange rate that will vary from day to day and company to company. See how the rates offered by one provider stack up against those offered by its competitors. And weigh the cost of the transfer fee. Some providers will waive their fee if you transfer more than a set amount. But remember that some providers may charge a low fee but offer a poor exchange rate.

Foreign exchange rates explained

The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

Compare your options for transferring funds overseas

Select your currency and transfer amount, and compare the fees, rates and transfer times of different providers.

 

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting
Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 18.648 Online, Phone, Bank Account to Bank Account MXN 93,242 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 3 - 5 days USD 75.00 18.714 Online MXN
92,166
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
1 day - - Online, Phone, Bank Account to Bank Account Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 100 3 - 5 days USD 5.00 18.63 Online, Phone MXN 93,056 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1 Within an hour - - Online, Bank Account to Bank Account, Cash Transfer Use promo code FREE to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

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