Financially supporting your family in India
A large percentage of my readers come from India and are now residing in the UK or US. Amid the pandemic, some families would like to send money back to their own family in India. So here are some tips on how to financially support your family in India during these troubled times.
India’s concept of nuclear families has conditioned children to support their parents financially into old age. But supporting your family from afar can, at times, seem overwhelming, as costs include medicine, retirement money and health check-ups to name just a few.
Yet, once you’ve saved up enough money to begin financially supporting your family in India, there are still several hoops you have to jump through. Primarily, you’ll want to research the most secure ways to send money to India.
Ways to pay
Below, we’ve outlined the safest and most secure ways you can transfer money to your family overseas. These methods ensure your money arrives to its intended recipient, usually without any excessive fees. Read on to find the method that best works for you.
PayPal
Since the dawn of eBay, PayPal has been a relatively consistent and undeniably secure payment platform. PayPal is free to use. Simply create an account and link a bank or debit card. When you connect your bank, it can take three to five days for PayPal to verify your account before you’re able to send money.
Once you verify your bank account and debit card, you’re ready to start sending money. The individual receiving the money will also need to sign up for a PayPal account, but they do not need to add a card or bank account to initially receive money – though they will need it to access these funds later. Once they have an account, you’ll be able to send money directly to them through a security-enabled account.
Wire transfers
Wire transfers are another way to send money securely to your family in India. The process is relatively simple. You’ll request your bank to send funds electronically to another account. Alternatively, if your bank has a cash office in India, you can send cash directly to your family. They’ll have to provide documentation, and sensitive information to confirm their identity, ensuring your money is secure and your family receives it.
Western Union
Western Union specialises in sending money overseas. Therefore, using their services to send money to India is guaranteed to be both safe and secure. You can choose to send money through Western Union directly to your family’s bank account, complete a wire transfer online or even use Western Union’s mobile app for on-the-go transfers.
Alternatively, if you’d rather send your family cash, you can do so at any one of the Western Union agent locations. Your family will just need to provide their nearest location with their personal information and identification to receive their funds.
While determining the best way for you to send money to your family in India might seem overwhelming, it doesn’t have to be difficult. Many financial institutions have made it easy for you to wire money directly to your loved ones or send them cash, as needed.
Ultimately, you’ll want to communicate with your family to determine what works best for them, too. Find a money location near them to pick your ideal service. Alternatively, you may need to ensure they have a PayPal account created with their financial information readily available. Either way, it’s quick, safe and does not accrue large fees.
*Collaborative feature post*
