A Quick Guide on Money Transfer from India to Abroad

With the frequent movement of people from one country to the other, outward remittance is one of the common practices that have increased over the years. If you are going to a foreign land to explore education, employment opportunities, or vacation, you must have sufficient funds to be financially secure over there. Here are the things you should know about international money transfer:





Important Factors When You Transfer Money Internationally

Transfer Speed


When you transfer money internationally, it usually takes 48-72 hours for the money to be sent online from India. The time frame may vary in the case of demand drafts and cheques.

Exchange Rate


When you transfer money to a foreign country, always check the exchange rate which is the difference in the currency value of your home country and the country in which you send money. Even a small change in the exchange rate can have a significant difference in the amount you send internationally.

Additional Charges


Any platform or channel that you use for transferring money charges a transfer fee that may be fixed or a certain percentage of the amount that you transfer. Other than this, in some cases, service tax and foreign conversion tax are also charged.

Best Ways to Transfer Money Internationally

Bank Drafts and Cashier Cheques


You can purchase a bank draft and cashier’s cheque in the currency of the place where you have to make outward remittances. It is a convenient and cheap way to send money internationally.

Offline Money Transfer


An international money order is the oldest way to send money to a foreign location. You can deposit money orders in the bank or cheques can be cashed in cheque cashing points.

Online Money Transfer


Online money transfer is one of the best financial ways to send money overseas. You just need the account details, IBAN, or SWIFT code of the recipient bank to transfer money. However, you may have to pay heavy additional charges in this case as it is quick and easy.

Online Wire Transfer


It is one of the cheapest and best ways for international money transfers. Various financial institution offers wire transfer facility. The intermediator bank sends the money to an international location with minimum overhead charges.

This guide will help you to transfer money internationally with convenience.

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