Living and Working Abroad: What to Know Before Sending Money Back to Family
Jan 16, 2023
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Working abroad and sending money back home to family is a common situation for many people around the world today. Often, there are better work opportunities and higher rates of pay available in other countries, not to mention the entire experience of moving somewhere else, making new friends, and getting to know another culture. Whether you are moving abroad to work for the first time or you are an experienced traveler, there are a few things to know before you start sending money to help out your family.
How to Send Money
First of all, you will need to consider how you are going to get the money from your bank account in the country where you are living and working, to your family back home. The good news is that there are now more options available than ever before to transfer money quickly, easily and cheaply. You do not have to go to the bank or another physical location to make the transfer and then wait days for it to be completed with options like the Ria Money transfer app. Speak to your family and let them know which app you’ll be using, and make sure that it’s available in the country you’ll be sending money to.
Consider Your Expenses
Living and working abroad might be an amazing opportunity for many people to earn more money than they would be able to get in their home country. However, you will also need to consider the expenses that you will incur living and working elsewhere in the world. Often, high wages correlate with high living costs so when you consider the cost of accommodation, bills, transport and food, you may not have as much disposable income to send back home each month as you first imagined you would. Thankfully, there are lots of good ways to cut your expenses such as moving in with friends or finding shared accommodation rather than living on your own.
Put Together a Timeline
Whether you are sending money back home to your family to help them with monthly expenses or they’re going to be saving it so that you can also enjoy it when you return, it’s good to have a timeline in place. This could simply be a rough idea of how long you expect to be working abroad and how often you are going to transfer money. If you want to put the cash aside, then it might be a better option to open a high-interest savings account instead and transfer the money before you go back home. If you’re sending money to help with regular bills and expenses, then consider how often you are going to get paid to figure out the best time to make the transfer. Consider whether you’ll be sending money weekly, monthly, or every few months depending on what works best for you and your family.
Working and living abroad is a great experience and an opportunity to help families financially for many people. Keep these tips in mind before you start this next chapter of your life.
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