Choosing A Better Loan

3 Affordable Ways To Send Money To South America

by Görkem Talsma

If you have a loved one living in South America, there may come a time when you need to provide them with financial assistance. Sending money abroad can be costly, but there are some affordable solutions available to you.

Here are three affordable ways to get your loved ones in South America the money they need in the future.

1. Wire Transfers

When you need a quick and effective way to send money to your loved ones in South America, a wire transfer could be a viable option. Wire transfers have been used by many people to send money abroad, and the process is fairly simple.

All you have to do is initiate the transfer at your bank or a cash office in your area. Your loved one can then pick up the money from a cash office in South America, or enjoy the benefit of having the money wired directly from your bank account to theirs. The average cost of an international wire transfer is about $63.

2. Prepaid Debit Card

Another simple and affordable solution for sending money to South America is a prepaid debit card. These cards can be purchased by your loved one at most gas stations or convenience stores in South America. Once the card has been purchased, your loved one will need to provide you with the information needed to deposit money directly onto the card. After the card is funded, it can be used like a traditional debit card to pay for emergencies as they arise.

It's important that you instruct your loved one to compare fees before making a prepaid debit card purchase, since they can vary from one card to another. Activation fees can cost up to $29.95, and some cards charge a $10 monthly maintenance fee. Despite these fees, a prepaid debit card is an affordable way to get your loved ones in South America the money they need in a hurry.

3. Online Accounts

If both you and your loved one have online payment accounts that you use to purchase from auction websites or other online vendors, you can initiate a money transfer directly from your online account into theirs.

These online accounts give you a safe and secure way to provide your loved ones with the money they need, and there are typically no fees involved. You shouldn't expect the transfer to be available right away, since it often takes time to process these transactions.

Being able to affordably send money to South America is important when you have loved ones living abroad. Rely on wire transfers, prepaid debit cards, and online accounts like to get cash to your loved ones in the future.