When your child is away from you, studying in a foreign country, concern about their well-being is natural. Ensuring they have enough money for necessary expenses and that you have reliable means to send it across can relieve such anxieties.
Unexpected spends can be attributed to the higher cost of living abroad or unforeseen situations such as sudden health complications requiring expensive medical care. In such circumstances, you may have to transfer funds to your child in a hurry.
Due to the current pandemic and economic slowdowns, students in foreign countries are also subject to losing their part-time jobs. This situation has increased their need for financial support from you.
Apart from the speed of money transfer, other factors such as security, low exchange rates and processing charges are essential when you want to send money abroad.
Here are some time-tested methods you can opt for:
- Wire transfer via banks
You can send money from your savings account using the SWIFT code that identifies your child’s international bank account. This process is secure and allows you to book your order online at any time. Since your bank’s current exchange rates will apply, you need to enquire that before initiating a wire transfer. Wire transfers take up to 24 hours for completion, but factors like the number of intermediary banks involved, bank holidays and weekends, currency conversions can affect the time taken for a wire transfer to complete.
- Foreign Currency Demand Draft (FCDD)
You can draw a demand draft (DD) for the transferrable amount in the foreign currency of your choice. An equivalent amount of money will be debited, in INR from your account. Most banks Your child can withdraw the draft from their international bank account. Since FCDDs are drawn in your child’s name, these are safe.
- Forex cards
You can load money in foreign currency in a prepaid forex card and give it to your child. They can pay for their expenses abroad with this card or withdraw cash in foreign currency from ATMs. If they run out of balance, you can reload it electronically from your bank account in India. However,
- Currency-exchange marketplaces
A forex exchange broker’s website offers quotes on exchange rates from partnering banks and exchange houses. Since such partners try to outbid each other, you can find competitive rates. Also, the brokers might not charge any commission. You can book the transfer with an adjustable advance payment to lock-in a favourable exchange rate. Then you must furnish relevant KYC documents. After verification, you can transfer the money.
- Digital money transfer services
With digital money transfer services, you can transfer funds directly from your savings account to your child’s account or digital wallet. For all outbound transfers from India, the entire process – from verification to transfer – and can be conducted from the comfort of your home.
However, like currency-exchange marketplaces, digital money transfer services also have limits on the duration for which rates can be kept blocked. Along with this, verifications may also take time to get processed.
Using a digital transfer service can be anmethod of sending money to your child. Western Union offers a host of benefits such as:
- Reliable channels for outbound money
- Online verification with e-KYC
- Real-time money transfer tracking
- Instant confirmation on successful transfer
- Quick service –
- including US, UK, Canada, Australia, Singapore
- Over 145 years of expertise, yet keeping up with changing times
You want to ensure your child’s safety and comfort. And during this pandemic, they need your support more than ever. However, when they are in a faraway country, the next best thing to your physical presence is your financial support. But you need to select a trustworthy transfer service to send money quickly, safely, and as economically as possible. Choose wisely!