Since the inception of globalization, the world has become a shared home for everyone. Traveling across borders has become a flavor of the day. Hundreds and thousands of people cross international borders daily for education, business, medical, and leisure. With the increasing number of travelers, the demand for making international money transfers has also surged.
Thanks to the internet, the process to transfer money abroad has become easy and convenient. You can transfer money from your account to an overseas account with just a few clicks on your computer. There are several ways to make an international money transfer online, such as:
IndusInd Bank’s Wire Transfer
If you wish to transfer money from India to anywhere else, you can choose IndusInd Bank’s Wire Transfer as your medium of transfer. It is one of the best money transfer tools that ensure a safe and quick transfer of your hard-earned money. The best part is that while purchasing foreign currency to send abroad, you can avail yourself of the unbeatable foreign exchange rates.
Your transaction is facilitated through a legal network of world banks known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT). IndusInd Bank is a member of the SWIFT, ensuring the safety of your money. To send money through Wire Transfer, you do not necessarily have to have an account within IndusInd Bank. However, you will need to have a bank account with a sufficient balance in it. After submitting your and the recipient’s details, the transfer amount will reach the recipient within 2 to 4 working days.
International money transfer online
Compared to banks and cash transfer agencies, it is a safe and inexpensive method to transfer money abroad. You do not need to visit a physical location to send money abroad. You can make an international money transfer from the comfort of your home. You will need to create an online account, link your bank account, and fill in a mandatory online form. Also, you can avail yourself of attractive foreign exchange rates.
Bank-to-bank transfer
It is one of the commonly opted options to make international money transfers. It is worth noting that you will have to visit your bank’s nearby branch and submit an international money transfer request to transfer money abroad. Compared to online options, you will have to incur a higher transfer fee which is a certain percentage of the transfer amount.
The best part about the bank-to-bank transfer is that even though you will have to pay a higher transfer fee and foreign exchange rates, your money is always safe and secure with the bank. If the recipient is not able to receive the funds, you can always get a complete refund of the transfer amount.
Cash transfer agencies
You can also transfer money abroad through cash transfer agencies, such as Western Union Money Gram, etc. It is the most viable option when you do not have an active bank account. To transfer money abroad to your loved ones, you will need to visit a nearby branch. You will need to fill an application form and pay the transfer fee along with the transfer amount. Upon receiving your application, the service provider will transfer your money. The best part is that the recipient can receive the funds within just minutes.
Foreign currency demand draft
Although it takes longer than the other options to send money abroad, it costs far lesser. Also, there is transparency in how the transfer fees and foreign exchange rates are decided. To make an international money transfer through FCDD, you will need to visit your bank and request a demand draft. After submitting your bank details, the bank will issue a demand draft in foreign currency. You will need to send it to the recipient to submit it to his/her bank.
