How To Send Money Home as an Expat

How To Send Money Home as an Expat

Whether you’re living abroad permanently or taking an extended holiday, there may be times when you need to send money back home. 

According to IExpats there are over 5 million British people now working abroad – with large numbers of people living in places such as Australia and Spain. This means that around 1 in 10 people could be receiving their salary in a foreign country. However, if you have property, family or commitments back home then having this salary in your foreign bank account and in a foreign currency might not be ideal. As such, being able to send home money as an expat is really important. 

It can be hard to move to another country. One of the challenges can be managing your finances in two different countries. In this article, we look at the best way to send money abroad.

Sending Money Home

The good news is that there are different ways that you can send money home as an expat, which means that there is likely to be a method that suits you.

  • Online Bank Transfer

You might think that it is as simple as carrying out an online bank transfer when it comes to sending money home. However, when sending money in a different currency or to a different country using your existing bank account can come with a range of fees and expenses. Although you might think a small fee is okay for a one-off transaction, if you need to send money home regularly then the amount you pay in fees can wrack up. 

  • Carry Out a Money Transfer

In lots of cases carrying out a money transfer can work out the most effective way to send money abroad. The great thing about money transfers is that they are transparent about any fees they do have so there are no nasty surprises. You may even find that for sending money between certain countries there are no fees at all. 

  • Using an E-Wallet

Using an e-wallet service such as PayPal can be a great way to send money to people. If you’re sending money using their friends and family option, then there are usually no fees. However, both parties need to have a PayPal account and then the person at the other end will need to withdraw the money you send from their PayPal account to their bank account, which isn’t always possible if you’re looking to send money abroad to pay a bill for example. 

Things To Look Out For 

One thing to look out for is how quickly the money you send is likely to be received. Some places offer instant money transfers which is great for when you want money to reach your intended recipient quickly. However, you shouldn’t just assume that these transfers work instantly and instead always check the timeline that they offer before you commit to using them for their transfer services.

Of course, you should always be aware of any fees and make sure there is no small print where fees may come as a surprise. It might also be worth looking at just how easy it will be for your recipient to collect or receive the money – and that they’ll be able to receive the money on the other end without too much hassle.

The great news is that there are different options which will suit different people, so however much money you need to send home and whoever you need it to reach you should find that there is a method to suit you – just do your research and work out what is going to be best suited to you and your needs.