At a point in your life, you may have desired an occupation-related move far away from the comfort of your home and loved ones. In most cases, such a significant action brings about financial responsibilities. On average, the migrant workers send US$200 or US$300 to their homes every one or two months. According to the World Bank, people in the U.S. each year send $74.6 billion to residents in low- and middle-income countries.
Let’s check out some top reasons people send money to their families.
1. A Gift to a Family Member
Gifts are means of showing people that you’re thinking about them. It could be a small token of appreciation for a thing someone has done or a present for a special occasion like a birthday, anniversary, or graduation ceremony. You can send money to them as a gift to celebrate their special day and make them feel special and loved.
2. Support Family With Tuition Fees
Education is essential in eliminating illiteracy. Most low-income and middle-class people struggle with financial constraints, and their kids drop out. If you’re abroad, you can send money home to aid in the tuition fees of your younger siblings or children in your homestead. Doing this will take a massive weight off your family’s shoulders.
3. To Cover Medical Expenses
Healthcare bills like hospital stays, doctor appointments, health insurance premiums, and prescriptions can burden a family. Hence, sending money to your family to cover such charges is essential. Other overlooked medical costs include special diets, well-child care for newborns, hotel stays for medical visits, and acupuncture.
4. Making Mortgage Repayments
If you have a mortgage or some property you’ve purchased at home, you can send money to sort the monthly repayments, including the principal amount plus the interest charged on the loan. Your family may have taken a mortgage to help them buy a house but need help paying the lender. It will significantly relieve them if you send money to assist with the mortgage payments.
5. Paying for a Destination Wedding
Destination weddings are becoming increasingly popular as almost everyone wants to create beautiful memories on their special day. It could be your wedding or for one of your family members that you’re helping to sponsor for stuff like the venue, catering, or entertainment services. If it’s your wedding and it is occurring several months away, you can send money to the family to organize everything on your behalf.
6. To Fund International Travels
Most people who have families abroad often embark on an extended holiday to visit and spend time with them. They do this after spending lots of years away from their families. A family member may also wish to plan international travel for various reasons; for instance, to visit, do research, or attend a function – hence the money you send can assist them in facilitating their journey.
7. Send Stipends to Your Parents
Stipends are regular fixed income, usually not based on the amount of work someone does. Parents may be overwhelmed with many responsibilities as they balance sorting the monthly bills and providing the basic needs. You can show them appreciation by sending them money as stipends, enabling them to sort out their needs without straining much.
Best Way to Send Money Home
Determine the best way by comparing different money transfer services and choosing the most convenient one. Some services may save you money depending on the amount you’re sending. Whatever the reason for sending money to your family, you got to enjoy the best exchange rates and minimum fees.
You can send money home to family in the quickest, most affordable, and most accessible way. If you send the money through a cash pickup, the recipient will pick up the money conveniently from the service provider you selected. However, you can also send the money directly to their account.
As seen above, business is not the only reason people send money to their families. The global world we live in makes people move around the continent in search of greener pastures to enable them to help their families back home. Hence, after getting well-paying jobs overseas, they send money to their families as gifts or stipends to cover medical expenses, mortgage repayments, tuition fees, international travel, and pay for a destination wedding.