Since the inception of globalization, crossing borders for business, education, medical, and leisure has caught with convenience. The need to transfer money abroad has also increased. Thanks to the internet, you can now transfer money abroad from the comfort of your home. All you need is a smart device and a sufficient balance in your bank account.
There are several options available to send money abroad. For instance, you can transfer money abroad through your bank, cash transfer agencies, online, or foreign currency demand draft. However, each method comes with different rates and offers. So, you must choose one that best serves your needs.
Here are the top ways to transfer money abroad:
- IndusInd Bank’s Wire Transfer
IndusInd Bank’s online wire transfer through IndusForex is one of the best ways to send money abroad. It offers a safe, easy, and quick way to send money from your bank account to an overseas bank account. The benefit of sending money through IndusForex is that your hard-earned money is safe. The best part is that you can avail yourself of unbeatable foreign exchange rates while buying foreign currency.
The transactions are conducted through a legal network of world banks known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The IndusInd Bank is a member of the said network, ensuring the safety and security of your transactions. Also, to send money through the Wire Transfer, you do not necessarily have to have an account with IndusInd Bank. However, it is imperative to have a bank account with sufficient balance. It generally takes about 2 to 4 working days for the recipient to receive the funds. Keep in mind that the processing times depend on the destination country, transfer amount, etc.
- International money transfer online
With the availability of the internet, almost every money transfer service provider in India is coming up with online platforms through which you can send money abroad online. The benefit of online services is that you can send money at a lower transfer fee and foreign exchange rate. You can create your profile online, link it with your bank account, and fill in the recipient’s details to transfer money abroad.
- Bank-to-bank transfer
It is one of the common ways to transfer money abroad. To send money abroad, you will need to visit a bank branch and submit a request. It is worth noting that banks generally charge higher transfer fees compared to online platforms. They usually charge a certain percentage of the transfer amount, which can be significantly high if you are sending a large sum.
But, although you pay higher fees and incur higher foreign exchange rates, your hard-earned money is safe and secure with the bank. If the recipient is not able to receive the funds, you can always get a refund from the bank.
- Cash transfer agencies
It is another option to transfer money abroad. It works best when you do not have a bank account or want to send cash to the recipient. You can send money abroad through cash transfer agencies known as Money Gram or Western Union. To make an international money transfer, you will need to visit the agency, fill in a mandatory form, and pay the transfer fees along with the transfer amount. After receiving the application, the service provider will transfer money abroad. The upside of a cash transfer service is that the recipient can receive the funds within an hour.
- Foreign currency demand draft
It is another option to transfer money abroad. Although it is time-consuming, the transfer fees and foreign exchange rates are comparatively lower. It generally takes about 10 to 15 days to send money abroad. So, if you are not in a hurry, it is better to visit your bank, request a demand draft in foreign currency. You will need to provide your details to the bank.
After getting the demand draft, you need to send it to the recipient. As soon as he submits it to the bank, the funds will reflect in his bank account statement.
