In Progress
6) Major Financial Decisions
Sending money back home (fees, boundaries, sustainability)
As an international professional, you may feel the immigrant tax—the pressure to send money home. Use the Pay Yourself First rule. Never send money that you need for your U.S. emergency fund or visa fees. Avoid traditional banks for small transfers; they charge $35–$50 plus a hidden 3-5% exchange rate markup. Use fintech apps like Wise, Remitly, or OFX. These apps are transparent and can save you hundreds of dollars a year. Set a Family Support Cap (e.g., 10% of your net income).
As an international professional, you may feel the immigrant tax the pressure to send money home.
- Use the Pay Yourself First rule. Never send money that you need for your U.S. emergency fund or visa fees.
- Avoid traditional banks for small transfers; they charge $35–$50 plus a hidden 3-5% exchange rate markup. Use fintech apps like Wise, Remitly, or OFX. These apps are transparent and can save you hundreds of dollars a year.
- Set a Family Support Cap (e.g., 10% of your net income). If you go over this, you risk your own financial stability in the U.S.
Free Resource: Best International Money Transfer Service 2026💸
[Best Money Transfer Apps for International Students](https://applyindex.com/blog/money-transfer-apps-for-international-students/)
Resources
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