- Collect the banking information of your recipient including the name on the account, bank account number and relevant local banking codes.
- Check any tax thresholds or regulations that may apply to sending large sums.
- Compare fees, margins, delivery times, customer service and risk management options between money transfer services. Use OFX to get better exchange rates than the banks offer.
- Create an online account by submitting some basic personal information. You may need to provide additional verification documents, if you’ve moved recently, or if our electronic verification system cannot automatically confirm your identity.
- Request a quote based on the live exchange rate. Accept the quote, and enter your recipient’s details.
- Select ‘finalise transaction’ to send your money using our expedited global by local system.
How to Send Money to Family Overseas for the First Time
If you’re sending money to family abroad for the first time, there are a number of things you should know.
- Make sure you choose a provider who is licensed and regulated in all jurisdictions where they operate.
- If you’re expecting to make additional future payments to family abroad, it is more convenient to use an online money transfer provider who can process your transfer 24/7, on nights, weekends, and holidays.
- If you’re worried about sudden currency fluctuations, you can use our suite of risk management tools to lock in an exchange rate for up to 12 months or to set a target exchange rate.
- You should never transfer money to someone who first contacted you via the internet. Scammers prefer to request money via money transfer because the money moves so quickly. OFX can offer same day or one business day delivery times to many countries, so before you send money to a love interest you met online, check out our security page to read up on the red-flags for common scams.
- If you’re sending a lot of money to family abroad as a gift, you or your recipient may be required to pay gift tax. The sections below will give you some basic info about potential tax implications of sending large sums overseas. While every effort is made to keep this information up to date, it’s best to check with an international tax professional about your unique circumstances.
Get The Service And Savings You Deserve.
No matter where you need to send money, OFX understands the demands of an international lifestyle. Whether you’re sending money for study abroad, destination weddings, or as a special gift, our customer service agents are available online or by phone 24/7 to help.
Sign up with OFX today.
*Average savings based on published rates of ANZ, Westpac, NAB and CBA on a single transfer of AUD$10,000 to USD between 1.9.17 and 5.10.17 excluding weekends. Transaction costs excluded. Quoted savings are not indicative of future savings.
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IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
