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How to gift money to family and friends in the holidays

Gifting cash for the holidays may not be the best way to show your loved ones you care. While most people appreciate getting cash, it doesn’t really seem personal. Online payments, checks and gift cards may be better options.
How to gift money to family and friends in the holidays
The easiest thing to give as a gift to someone is cash. It is perhaps the most useful gift since the receiver can decide what they want to buy with it. But while most people appreciate getting cash as a gift, it may not seem like a personal present that is apt for the holidays.
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While giving cash eases the burden on you to decide what gift suits whom, there are other easy ways to gift money to family and friends during the holidays that will still be thoughtful. Another thing about giving cash is that people usually forget who gave them the money, especially if they get cash from multiple people. Also, putting cash into an envelope along with a holiday card is not really the safest thing to do either. 

So, if not cash, what then? Let’s check out a few other options. Meanwhile, also read how to spend your money wisely this holiday season.

Online or digital payments 

We live in a digital world. Almost everything we do and the payments we make are online. So why not gift money online as well? Again, this may not be the best way to give a present for the holidays since it’s almost the same as giving physical cash. So you may have to do a little more to make it seem personal and thoughtful. 

Most digital payment apps allow you to personalize your transfer with backgrounds for the occasion. Use them to add that holiday spirit while you’re spreading joy.

You have plenty of options today if you’re looking to send money through digital platforms. You can transfer money from one bank account to another in a matter of seconds. And most of these transfers are offered free of charge as well. Online transfers are safe and protected by many layers of security. Just make sure you don’t disclose any of your personal information or speak to unauthorized personnel while making the transfer. 

However, one of the drawbacks of online money transfers is that you cannot ask for the money back if you send it to the wrong person. So, make sure you have all the receiver’s details absolutely correct before you authorize the transfer. 

Good old checks 

With digital payments having taken over most financial transactions, people have almost stopped writing checks. Why take the trouble of writing a check when you can send and receive money at the click of a button? But writing a check and giving it as a gift for the holidays has more of a personal touch than giving cash or transferring money online.

Besides, many banks today allow the recipient to take a picture of the check on their smartphone and upload it onto the mobile banking app to cash in the checks they get. 

Want to make it even more personal? Simply write a holiday card and give it along with the check. There are a few hassles with giving checks though.

If the person you’re giving it to cashes in the check too late or if you don’t have enough money in your bank account at the time, the check will get rejected. Also, writing a check usually comes with a fee. However, checks are safe. Only the recipient mentioned in it will be able to cash it in. 

Also Know about: How many gifts should Santa bring this year?

Get a gift card 

Gift cards are in vogue now. Get a gift card from Beem. Download your Beem as gift cards and send them to friends and family. Be the reason for the season with gift cards from Beem. It’s the easiest way to gift money to your loved ones during the holidays.

You can never go wrong with gifting someone a gift card provided it is relevant to what they want. This could turn out to be a really special gift, especially if it helps the recipient get something they really want. 

For example, if your friend or a family member has been wanting to buy a gadget or a piece of furniture, getting them a gift card that will contribute to their purchase will make it very special. A gift card could even be for something as small and personal as a set of cookies or cupcakes from the local bakery. 

That said, gifts cards are not secure at all. Since the recipient’s name is usually not mentioned on it, a gift card can be used by anyone. If it gets stolen, you can’t do much about it either. 

The biggest trouble with gift cards is getting a relevant one. You will either have to know the recipient really well or do a whole lot of digging around to find out what that person wants the most. Giving a random gift card or something that is not relevant to them will not make it worth their holiday. 

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Author

Johnathan James

Johnathan James

With over 11 years of experience, Johnathan started his writing career as a copywriter. Coming from a finance and management background, he excels in covering financial topics. When he's not spurning out fintech content, you will find him playing football, basketball and racing.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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