Sending and receiving money is easier than it has ever been before. Using banking apps, you can help your friend pay for concert tickets and you can deposit checks from the comfort of your own home.
It’s easier than it has ever been before to send money abroad too! But, why do people use companies like Remitly to send money so far away from home?
Here are four reasons why people use money transfer services to send money overseas.
Support Friends and Family
The most popular reason to send money overseas is to send cash to friends and relatives who live in another country. In some cases, it might be a family member who comes to the U.S. to work and needs to send money back home. In other cases, a child may be living overseas and could use a few bucks until that job offer is finalized.
Some people send money regularly, while others only send money from time to time. Money transfer services make it easy to send various amounts of money nearly any time of the day.
Pay for Overseas Tuition
It has always been popular for students to spend a semester abroad. However, it’s becoming more and more popular to get your bachelors abroad. Either way a student decides to go about their time spent in another country, they can’t just drive home when they need a little extra cash.
It’s commonplace for families to send money to students who are studying abroad. That might mean sending them money for food, housing, or books. In some cases, it means paying for overseas tuition.
There are plenty of investments to be had in one’s home country, but investors who think big look to other countries to expand their portfolio.
A few different kinds of foreign investments include:
- Commercial loans
- Official flows
- Foreign direct investments (FDI)
- Foreign portfolio investments (FPI)
In addition to sending money overseas for these types of investment opportunities, investing in real estate overseas is a popular strategy, especially if you get to vacation at the property you own! But, it means sending plenty of money overseas.
Paying for a Vacation
Vacationing in another country is a once-in-a-lifetime experience. If you want to get the most out of your time away from home, it takes a lot of planning, which usually means sending money overseas.
From hotel rooms to rental cars and tickets to events, chances are, you’ll be wiring some money to someone.
Destination weddings are also a reason why people send money. Caterers, florists, and wedding planners all need to be paid. In addition, if the bride is touring the area before the wedding, she may need a little extra cash while she’s away from home.
As technology makes it quicker and easier to travel to new lands, it is also making it easier for us to send money anywhere in the world at nearly any hour of the day. You can bet that the easier it gets, the more commonplace it will be for people to send and spend money overseas!