How to send money to relatives abroad
Sending money half way round the world is as quick, simple and secure as making a local payment.
It’s normal to feel apprehensive, but this experience – whether they’re studying, teaching, volunteering or just getting to travel alone – is a necessary part of growing up, gaining independence, and becoming a confident young adult.
Now, the question is how to support your child while they are overseas and get money to them safely and easily?
Safety tips to give your first-time traveller
- Make sure they have travel insurance that covers lost luggage, cancelled flights and medical emergencies. •
- Millennials love technology, but they need to keep it to a minimum while travelling to avoid being a target for criminals.
- Looking after their money is critical. They should keep only small amounts of cash on hand, and have copies of credit cards and passports in a safe.
- Pickpocketing is a real risk. To avoid being vulnerable, they need to stay on their guard, and not be distracted by people.
- Know the contact information and location of your country’s embassy or consulate. They can help in the case of an emergency.
How safety apps can help
Personal safety apps can keep friends and family informed of your child’s location and send out an alert if they encounter any difficulties.
There are also useful safety apps to keep them notified or cautioned about security, weather, disease or other issues relating to their destination that they need to be aware of.
To ensure the apps work, it’s important that your child has reliable mobile data for the duration of their trip. GigSky, for example, gives travellers the flexibility to stay connected in more than 180 countries and regions, where they check email, find directions, or send a message back home, by purchasing a cellular data plan for however long they need it.
Talk about budgeting
It’s easy for young adults travelling overseas for the first time to forget about the importance of budgeting. They’re seeing new places, the shopping is exciting, and there is so much entertainment on offer – there’s no wonder they may lose sight of how much they are spending, especially when it’s in a foreign currency.
You can help them manage their cash by setting limits on what they spend, agreeing on these before they depart, and following up regularly to ensure the budget is on track.
You’ll need to have a plan in place for when they overspend and find themselves in a tight spot. That’s life, unfortunately. Just make sure that they are aware of the consequences and that together you re-establish the rules. This will benefit your child in the long run and help them to stay on top of their finances.
Accessing cash while overseas
It’s a good idea to explore the range of debit and pre-paid cards on offer before your teenager sets off.
Give your child enough cash in the local currency for the first few days of their trip, until they can access a cash machine or bank.
They should never carry too much cash, and they should keep any cash they have on them in a safe place. Extra cash should be locked in a safe at their hotel or hostel. If they have a debit or credit card, make sure the bank knows they are travelling or their transactions may be declined.
Find out if charges will be levied when they withdraw cash at an ATM or pay for goods in shops, hostels and restaurants.
Sending money abroad
With an international bank account, you can make payments into your child’s account from around the world in pounds, euros, dollars and Australian dollars.
You’ll also be able to manage your accounts on the go using your mobile device, so that you can easily transfer funds to your child for their travel and study needs, or make payments internationally.
If you’re looking for options for sending money abroad to your child, take a look at the International Bank Accounts that we offer.