We live in an increasingly globalized world. International restrictions are no longer what they once were because can work across the borders thanks to technology, hire contractors and freelancers from anywhere in the world, and travel is more widely available and accessible than ever before.
People are also moving overseas and living in different countries more often than before.
All of these factors lead to an increased need to send money abroad. There are also increasingly convenient services facilitating international money transfers. According to transfer service Remitly, it’s even possible to send money directly to a recipient’s bank account anywhere around the world, and they can receive it within hours.
The following are some of the most common reasons you may find yourself sending money abroad this summer.
If you move overseas, that doesn’t necessarily mean all your bills from your previous home country disappear. There are a lot more people who are moving overseas maybe for a period of a few months to work on certain projects, to take work sabbaticals or to volunteer abroad.
These people may still have to take care of household expenses and mortgage payments or rental payments, as well as certain debt and medical expenses.
When you go abroad temporarily, you might have someone who stays back in your home country manage the day-to-day elements of keeping up with these expenses, but you still have to get them the money they need to make the payments. You may also just be sending the payments directly to companies.
It’s very common for immigrants, especially in countries like the U.S. and Canada, to send money to family members in different countries.
For example, many people who move to the U.S. or Canada from Mexico, Central America, or even places like the Phillippine and Vietnam will send financial support to family members on a regular basis.
If you’re a parent of a teen or college student, you may find that you need to send money overseas for your child who’s studying abroad or traveling for a brief period of time.
Your teen or college student may need extra cash from time-to-time during their summer adventures.
Paying Contract Workers
Whether you have a side business like a blog, or you’re operating a larger-scale business, it’s very likely that you outsource some of the work to overseas contractors.
It’s very common to work with overseas contractors on various projects because it’s budget-friendly and it can expand the available talent pool you can utilize for your business.
You have to then pay those contractors, which requires that you find a cost and time-efficient way to send money overseas.
Finally, if you’re going to be planning a wedding abroad, you may need to send various payments to vendors overseas.
When you’re sending payments infrequently but they may be larger amounts of money, you have to ensure you find a transfer service that’s convenient but also one that doesn’t charge high fees. If you have a wedding budget, which most couples do, the fees for transferring money can add up quickly if you don’t do your research and choose the right transfer service.