Sending money? Quick tips for sending international money transfers

Father and son in front of a waterfall smiling together

Sending money overseas may not be a common thing for everyone, however for immigrants it can be integral to their family finances. 

In Australia, 30% of the population are immigrants and many of them send money to families overseas.

This approach is typically talked about in the digital payments sector. For example, managing director of Asia-Pacific at WorldRemit, Scott Eddington says that “immigrants and overseas foreign workers are often working to support themselves whilst also supporting their families and communities back home.” 

However, you don’t need to be an immigrant to send money overseas. There are many reasons to send money abroad. Here are a few below.

Send money to fund someone’s education

It is no surprise that university students like studying abroad. Many Australian universities partner with other institutions abroad and do student exchanges to give young adults a different cultural experience. 

While living temporarily abroad a student may need to open a foreign bank account and occasionally need financial assistance. With international money transfers (IMTs) you can get your Australian dollars and send them to the student in the correct currency for them to use. If you use an IMT specialist you’ll receive competitive exchange rates giving you more bang for your buck.

Send money to help with bills

As the world becomes more interconnected there might be a chance members of your family may choose to move abroad permanently. A perfect house warming present might be sending them some money to help them get settled. 

It could also be the case that you are thinking of retiring overseas and want to make regular payments from your Australian bank accounts to your new home.

Send money to give presents

Sending gifts with Australia Post may sometimes be an expensive hassle. You may find yourself spending more on the shipping than the cost of the present. That’s why it might be better to send a money transfer, and save yourself the present searching and sending hassle.

Send money to buy property overseas

With Australian property prices being much higher than many other markets overseas it comes as no surprise that some people want to invest overseas. Buying property overseas might seem like an impossible task but if you partner up with an IMT service you’ll find that owning property overseas is much like owning it in Australia. Although, just like any major purchase, do your proper research before investing in something. 

If you are looking to learn more about IMTs check out Mozo’s money transfer guides to get your questions answered.

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