I ran into almost the same thing while traveling. You send what feels like a decent chunk of money, and by the time it lands, a big slice has vanished into fees and “exchange rates.”
In your case that’s brutal. $500 turning into $437 just because it crossed borders is wild, especially when it’s an emergency and you don’t have time to shop around or explain a new app to someone back home.
Banks are still the default for a lot of parents, and they’re easily the worst option for this stuff. High wire fees, terrible FX rates, and zero transparency until after the fact.
It really does make you realize how outdated the system is. You’d think in 2026 there’d be a faster, cheaper way to move your own money to family without losing 10 to 15 percent.
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