Streamlining Global Money Transfers for Families

Elevated Magazines
Oct 23
5 min read

Looking to send money abroad for family without being ripped off in fees?

Then you've come to the right place.

I know that frustration. Millions of people send money to family abroad every month, and nearly all of them are paying way too much.

But it doesn't have to be that way. Transfers can be fast and cheap, and with the right knowledge and tools you can save hundreds or thousands of dollars a year. At the same time you'll be helping your family with the money they need to live.

Here's what we'll cover…

Why Traditional Money Transfers Cost So Much
The Real Cost of Sending Money Home
5x Smart Ways To Send Money For Less
How To Choose The Right Transfer Method

Why Traditional Money Transfers Cost So Much

Sending money abroad with a traditional bank has always been expensive.

Here's why:

When you use a bank for an international transfer you're paying a fee and a hidden markup on the exchange rate. These sneaky costs are much higher than the advertised "transfer fee."

The global average cost to send $200 in September 2023 was 6.4%. That's more than double the UN target of 3%. For a $1,000 transfer that means you're losing $64 or more on fees alone.

See that for sending money from the United States to India.

That's money that should be going to your family.

The Real Cost of Sending Money Home

The world is full of people sending money to family in their home countries.

In 2024 alone, migrants are estimated to have sent $700 billion to low and middle-income countries. That's billions of dollars flowing across the world every year to support families.

But here's the kicker…

Massive amounts of that money get eaten up by transfer fees. Exchange rate markups, intermediary charges, and other hidden costs nibble away at every single payment you make.

Let's break it down with an example: You send money every month to your family, say $500. If you pay 6% in total costs that's $30 per transfer. Over a year you lose $360 that should have gone to your family.

And that loss is real to the people you care about.

Sending money transfers to India from abroad makes a difference to families in India. The money you send goes towards rent, food, education, healthcare. The more transfer costs you can reduce the more money makes it into your loved ones' pockets.

Also, did you know:

95% of money remitters send from the US say they do it to support friends or family. This is not about business, investments, or commercial transactions. It's about helping out the people you love.

Smart Ways To Send Money For Less

Ready to take back control of your money? Here's the best ways to slash your costs and keep more for your family.

Compare Multiple Transfer Services

Not all transfer services are created equal.

The first step to saving money is doing your homework. Different providers charge different rates and fees for different things. Let's see what matters:

Originating country
Destination country
Transfer amount
Speed of delivery
Recipient payout method

Some providers are cheaper for certain routes and expensive for others. Take 10 minutes to compare at least 3-4 different options before every transfer.

Use Digital Transfer Platforms

Digital money transfer platforms have revolutionized the industry.

Traditional banks work with outdated, expensive systems. Digital platforms use mobile tech to cut out the middlemen and pass the savings on to you. Look for platforms that:

Offer lower fees than banks
Use better exchange rates
Process transfers faster
Use transparent, up-front pricing

The best part? You can send money from your phone in minutes. No branch visits or paperwork.

Avoid Weekend And Holiday Transfers

Timing is important when sending money overseas.

Currency markets are closed on weekends and holidays. If you start a transfer on Saturday your money will sit in limbo until Monday. That could cost you money if exchange rates shift in the meantime.

Try to do weekday transfers when currency markets are open. You'll benefit from:

Better exchange rates
Faster processing
More predictable total costs

Send Larger Amounts Less Frequently

Sending small amounts several times a month is a recipe to multiply fees.

Consolidate your money if possible. Instead of sending $200 four times a month, send $800 once. You'll pay a single fee instead of four.

Of course, you have to be able to afford to save the money until your transfer date. It's no use if it causes hardship at home. Balance both sides.

Set Up Regular Scheduled Transfers

Lots of digital platforms offer discounts or improved rates for repeat transfers.

You can set up automatic monthly transfers to your family. It's a win-win-win because you:

Lock in a consistent, good price
Never forget to send money
Get lower fees for loyal customers
Can budget more effectively

Your family also gets the bonus of knowing when to expect money each month.

How To Choose The Right Transfer Method

There is no single best way to send money internationally. It depends on your situation.

Consider these factors:

How quickly does the money need to arrive? If it's an emergency you might need to pay extra for an instant transfer. If it's regular support you can use slower (and cheaper) methods.
How will your family receive the money? Bank deposits, mobile wallets, and cash pickups all have different costs and fees. Choose what's most convenient.
How much are you sending? Larger transfers may get better rates. Smaller amounts may be cheaper with certain services that charge flat fees.
How often do you send? Frequent senders should find a platform with loyalty program or frequency discounts.

See if you can combine some of these methods for better savings.

Making Every Dollar Count

Money is hard earned by you and your family. Every dollar that disappears in fees is one less dollar they can use for food, rent, school, medicine, and all the other things they need to live.

The good news is that you have choices. By educating yourself on the real costs and smart transfer methods you can save big money on fees.

Start by auditing your current transfer method. Compare the real total cost (fees plus exchange rate markup) against a few digital alternatives. You'll be surprised what a difference it can make. Your family will love the extra money too.