How to Send Money to Family Abroad

How to Send Money to Family Abroad

1. Collect the banking information of your recipient including the name on the account, bank account number and relevant local banking codes.
2. Check any tax thresholds or regulations that may apply to sending large sums.
3. 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.
4. 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.
5. Request a quote based on the live exchange rate. Accept the quote, and enter your recipient’s details.
6. 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.

1. Banks typically charge a margin of about 5% on the daily exchange rate in addition to hefty international money transfer fees. That means that on a $10,000 transfer you could be paying as much as $500 to your bank plus additional fees when you send money to family overseas.
2. You can save a lot of money by using OFX, because we specialise in international money transfers. Our margins are up to 75% less than what the banks charge.* 
3. Make sure you choose a provider who is licensed and regulated in all jurisdictions where they operate.
4. 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.
5. 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.
6. 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.
7. 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.