Grandparent’s Day is the time to celebrate, honor, and love any and all grandparents. Whether that’s by giving them a phone call, sending them a card, or transferring them money, on September 11, learn how to safely send money to your grandparents that live abroad.
Celebrating Grandparents in LatAm
Today, the elderly throughout Latin America and the Caribbean make up 11% of the total population. Although this number is lower than those in North America or Europe, the rate of aging in LatAm is expected to reach 25% by 2050, exposing additional costs that will affect this population, including healthcare spending, greater tax resources for long-term care, and pensions, etc.
With the significant growth of the elderly population expected in Latin America, now is the time to help your grandparents and transfer money to cover rising living costs.
How transferring money to your grandparents can help
Growing older is becoming more costly. Retirees receiving pensions in the Dominican Republic (DR), Mexico, Bolivia, Chile, and El Salvador already receive benefits that are well below the average of those in other LatAm countries. Elderly populations throughout Latin America still receive pensions, but as the population grows, it will lower the pension funds available. In fact, less than 20% of the elderly populations in the DR and El Salvador receive pensions. With low numbers like these, it will become increasingly important for the elderly to receive financial assistance from their families.
Money transfers to grandparents can help make their lives easier. For example, transferring money can help with the availability of extra cash for groceries, payments for doctor’s visits and bills, or even the expenses for homecare or hospice assistance.
How to transfer money with Paysend
Sending money on Grandparents Day using Paysend is simple. All you have to do is open our app on your smartphone and click on the purple transfer button located at the bottom of the screen. Once you hit the transfer button, answer the following prompts to send money to your loved ones:
- Choose the country in which your grandparent is living
- Enter the amount you wish to send
- Choose the transfer method which could be “to account” or “to card”
- Check the transaction fees & delivery time
- Fill out recipient details
- Type in your card details
- Check & confirm your transfer details to make sure money is being transferred directly to one of your grandparents
Securely transferring funds should be a top priority, even if you already know who you’re sending money to. The good news is that transferring money internationally is now safer than ever, thanks to many improvements in tech and updated compliance regulations. With Paysend, your transfer is going through our licensed bank, the Central Bank of Kansas City, which upholds high safety and privacy standards.
Want to start sending money to your grandparents in Latin America? Download the Paysend Global Transfers app from the App Store or Google Play* today!
*Standard data rates from your wireless service provider may apply.
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App Store. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries.