Why Families Overseas Rely on Financial Support
Family overseas may rely on you for financial support to cover day-to-day expenses for housing, food, health care, and education. Your money could also fund your loved ones’ entrepreneurial pursuits or allow them to live out their dreams as you have in the US.
Money earned in the U.S. goes further back home and can make a significant difference in the lives of your family members, effectively reducing poverty and increasing quality of life.
As World Bank Group President David Malpass said, “Remittances are a vital source of income for developing countries. The ongoing economic recession caused by COVID-19 is taking a severe toll on the ability to send money home and makes it all the more vital that we shorten the time to recovery for advanced economies.”
Why Current Remittance Methods are not Efficient
Currently, the options for sending money internationally aren’t very user-friendly. While sending money overseas can benefit your loved ones, the process can end up being more work for you—and more costly.
You may have to wait in long lines and deal with paperwork. On top of that, you may be hit with high transaction fees, ultimately taking a bite out of the money you do have to send back home. Remittance fees can average 10 to 20%, so if you’re sending $300 back home, you’re paying between $30 to $60 in fees. Add those costs up over time and it’s a high price to pay to send money abroad.
The Pomelo card is one of the safest ways to send money internationally.
When you know how much that money impacts your life and helps your family back home, you know that every dollar matters.
That’s why Pomelo was created. We created an equitable way to send money internationally that doesn’t punish the sender with unnecessary fees.
Challenges in COVID-19 Era
As if sending money abroad wasn’t already a process, the COVID-19 pandemic has added additional problems and considerations.
Given that the Delta variant is surging globally, you and your loved ones may be staying at home more. You don’t necessarily want to go somewhere to wait in line with others, and your loved ones back home may not want to shop in person if they don’t have to.
The pandemic has also led more people to use cards instead of cash, as it’s more sanitary and doesn’t exchange hands so frequently.
Using the Pomelo app, your loved ones can receive a card with a specific allowance to use and purchase things online or in-person in a convenient and secure way.
Related: How Pomelo Helps Immigrants Support Families During COVID-19
How Your Family Abroad Benefits From Using a Pomelo Card
When you sign up for the Pomelo card, you can invite your loved ones and family members abroad. They’ll be sent virtual or physical cards to make payments, so there’s no waiting to get cash.
Since there is no waiting for cash, your family abroad can spend easily and as they need to without any delay. We all know having to wait to access funds to pay day-to-day bills can have a negative impact on your loved ones. On the other hand, accessing funds right away can improve your loved one’s quality of life.
Using Pomelo, you can send money abroad to your family, and they can use it immediately, making it an accessible alternative to other money transfer organizations.
Pomelo uses cards to distribute funds, so your family can shop online and pay for things in a safe, secure, convenient way.
Accessing a card and mobile app offers a refreshing way to receive funds with even more flexibility. Your family has more options like shopping online. They also don’t have to carry around lots of cash, which can come with its own risks.
For example, in the case of theft or loss, once the cash is gone it’s gone. The Pomelo card is one of the safest ways to send money internationally.
In the case of an emergency or any other time-sensitive issues, you can easily increase the amount you send. You can instantly transfer funds abroad to deal with the matter at hand instead of worrying about trouble accessing funds.
5 Ways You Benefit From Supporting Your Family Abroad
1. Instant Access
Pomelo users get approved for a card and can send funds instantly using credit, instead of cash. You don’t have to go anywhere to make this happen.
2. Build Credit
Your loved ones abroad become authorized users of the card and you pay off the card, effectively building credit as you make on-time payments.
3. Complete Control
You have more control by setting an allowance — say $200 — and can track how much is being spent and get insight into the transactions, so you know where the money is going. You can even pause your account if you want to.
4. No Fees
The greatest advantage is that you pay absolutely no fees (really). So, instead of paying fees every time you send money abroad, you can all get the most out of the money you’ve worked so hard for. Pomelo functions as a credit card, so the merchant ends up paying instead of you as the user.
5. Widely Accepted (and Easy to Apply)
Use Pomelo anywhere Mastercard is accepted. You simply need to be over 18 years of age and be a U.S. citizen or permanent resident to qualify.
You and your family members abroad need an Android or iPhone to access the money transfer app and get started with registration.
The Bottom Line
If you’re looking for cost-effective ways to send money internationally that benefit you and your family, Pomelo is something to look into.
Ditch the lines and waiting time! Send funds instantly and easily with more security for you and your family.
Paying off your card is one of the easiest ways to build your credit score too.
Try out the best way to send money overseas and reserve your Pomelo card today.
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Read next: How Pomelo Compares to Remittance Companies