Sending money to family abroad
I have family in Argentina (uncle&aunt, cousins, and grandma) who are poor. For example, one of my cousins monthly wage is $400-$800 a month, depending on the exchange rate you use. Sending something like $10k a year would be very beneficial for them (I.e cousin could go back to college, uncle could pay for home improvements, could upgrade grandma’s home, etc) How should I go about this, should I give straight cash, should I pay for things I think are worth it? What pitfalls should I avoid when doing this? Should I start low and ramp up money? Also, what is the best way of sending money? Sending over traditional services results in official exchange rate which is half of street exchange rate of USD->ARS Age 24 Yoe 2.5 TC 350k
For argentina now, black market exchange rate is Far better. So take cash and have it xchanged
This is the easiest way but I would only travel once a year to Argentina. Not a bad option but curious if other options exist.
Cryptocurrencies??
I would ask them to take the initiative of enrolling and then sending you a tuition receipt that you can reimburse. Speaking from experience, sending straight cash tends to make people feel cushioned and as a result they don’t work hard to make it on their own. Just my $0.02.
This could be interesting. There are credit cards for international travel that don’t charge an exchange rate, maybe you could pay directly over the phone/mail etc.?
School is free but traveling + work is 12 hours a day for her making school difficult if not impossible
Send bitcoin on lightning network. Zero fees and instant. Use an open source wallet of course. Bitcoin adoption is high there due to inflation
If you want to help them do it selflessly without any expectations. otherwise you’ll get hurt in case any instances of ungratefulness contributing 10% to charity is a good thing just think of it as a selfless service and do it. besides no monetary help pay their school fees and other expenses so that you know it’s getting utilised for good 👍
Yeah I don’t expect anything in return, just feel like if they can have better life without affecting my life much it is worth it
I have a USD bank account back home (not Argentina) and send money over there. It's a joint account with a family member. Then they take the dollars and exchange it themself.
This is what I’m thinking is the best option, only caveat being that it is hard to trust the government to not steal your money at some point in the future, even if they leave it alone for now. They have a history of creating currency controls out of thin air.
My suggestion is that you say you want to help with a specific project and only that. Also, going home once a year is good so I'd pick something you prefer it that you know will have value and start doing it. Make sure there is a time limit and don't ask for receipts like Microsoft. You want to help not build resentment by asking people for proof before you send. Ask that your cousin start school while you cover expenses and if it costs 4 years say you can sponsor 4 years @ X amount. It isn't your problem if the money gets wasted. You did your part.
Very kind of you to share.
We send money to family using Ria. Get good exchange rate, i suggest checking tax rules too. Where I send (india) my parents don’t have to pay any taxes. Also, it’s nice of you to think about your family.
Send it out if love as a form of charity and you’ll sleep comfortably without needing anything in return. Ria / money gram are okay but there are limits. Taking cash would be a good idea especially with the 10k limit.
Just a guess. People may take granted and one day if you don’t send money, they blame you. So if money has a purpose (Eg for someone to get to college), then you may somehow manage the situation.