For many older adults, helping children and grandchildren living abroad is a matter close to their hearts. Sometimes this involves regular support—paying for education, medical expenses, or rent. But even when the goal is simple and clear, the process of transferring money can be complicated. International regulations, sanctions, and banking requirements demand attention and caution.
Why it is important to consider international restrictions when making transfers
Not all international transfers are the same. In some cases, restrictions are imposed at the level of international law. Some countries are subject to sanctions, which means that transfers to them may be prohibited or require additional checks. In the US, for example, there is a special list of OFAC-sanctioned countries, which includes states and organizations subject to sanctions.
If money is sent to such regions, banks and payment services are required to verify each transaction. Sometimes funds are blocked indefinitely until all details are clarified. Therefore, before making any transfer, you need to check whether there are any restrictions for the selected country. This helps to avoid situations where money is “stuck” in an account and does not reach the recipient.
How to safely send money abroad
The most common way is to go to a bank. Large organizations cooperate with international payment systems and verify the legality of transfers. This option is considered reliable, but it often comes at a high price: commissions can be significant.
Many people choose online services. They work faster and offer lower rates. But the main thing here is to make sure that the company has a license and is actually registered in your country. Without this, there is a high risk of running into scammers.
There are also more complex destinations for transfers. For example, Iran. You often see requests like “send money to Iran” on the internet, but in reality, transfers are restricted by sanctions. Sometimes there are special intermediaries or channels that operate strictly according to the law. In such cases, it is better to check with your bank or a lawyer in advance to find out what options are available.
Another detail is limits. Transfer amounts may be limited by bank rules or international regulations. If your family needs regular assistance, it is worth finding out all the conditions in advance and choosing a service that suits your specific situation.
The role of lawyers and financial advisors
International transfers almost always involve documents, checks, and rules that are subject to change. It can be difficult for an elderly person to figure this out on their own: new forms, unfamiliar terms, confusing fees. In such situations, the help of specialists takes most of the burden off and makes the process easier to understand.
Lawyers check whether the recipient’s country is subject to any restrictions, help avoid violations of sanctions legislation, and advise on the safest method of transfer. Financial advisors, in turn, help choose a bank or payment service with the best terms and explain how to properly store checks and receipts so that no problems arise in the future.
Such consultations are especially useful if the family lives in a region with restrictions. In this case, specialists will suggest legal options for support so that the money reaches the recipient and does not get stuck in checks or blocked. Sometimes lawyers even help in disputes with banks if the transfer is delayed or there are suspicions of a violation of the rules.
For an elderly person, such assistance means not only the safety of their funds, but also peace of mind. When there are specialists nearby who explain each step and are ready to intervene in case of problems, transfers cease to seem like a daunting procedure.
Tips for seniors when making international transfers
To ensure that transfers go smoothly and without unnecessary stress, it is best to plan each step in advance. A few simple rules will help you avoid mistakes, save money, and feel more confident.
- Plan ahead. Decide how much money you need to send and when, so you don’t have to rush and make mistakes.
- Discuss it with your family. Your loved ones will help you choose a convenient service and remind you of the deadlines.
- Check for restrictions. Make sure that there are no new rules or sanctions in the destination country that could stop the transfer.
- Choose reliable services. Use banks or official payment systems; do not trust intermediaries with “lucrative” offers.
- Keep your documents. Save receipts and electronic confirmations in case of disputes.
- Consult with experts. Lawyers or financial advisors can help you figure things out if you have any doubts.
- Consider insurance. Protection services for transfers or accounts provide additional peace of mind.
William Gall is a seasoned attorney specializing in civil litigation and family law. With a legal career spanning over two decades, William has built a reputation for his meticulous attention to detail and his unwavering commitment to justice. In addition to practicing law, he is a prolific writer, contributing regularly to various legal blogs where he shares his insights on current legal trends, case law, and best practices. His articles are well-regarded in the legal community for their thorough research and practical advice, making complex legal concepts accessible to both legal professionals and the general public.