The process of sending money abroad has become easy and convenient, thanks to the internet. You can make an international money transfer online for education, immigration, visa, family maintenance, etc from the comfort of your home. All you need is a computer with a sufficient balance in your bank account.
However, you must be aware of certain factors before sending money abroad, such as transfer fees, foreign exchange rates, transfer limits, and other norms of money transfer.
International money transfer
Before understanding how international money transfer works, let us know what it means. Generally, people confuse outward remittance with international money transfers. Even though they are similar in many ways, they have noticeable differences. For example, outward remittance allows foreign workers to transfer low-value money to their loved ones in their home country. Whereas with international money transfers, there is no such distinction. It simply refers to the transfer of money from a home account to an overseas bank account.
How does an international money transfer work?
There are three key players in an international money transfer, such as:
- The sender (you)
- The recipient
- The money transfer service provider
To send money abroad, you (the sender) will need to initiate a money transfer request with your preferred service provider. You will need to provide your and the recipient’s details. To make an international money transfer, you will need to pay the transfer amount along with the transfer fee.
After receiving the payment, your service provider will transfer the amount to the overseas bank account. If everything is in proper order, the recipient will receive the funds within 2 to 4 working days.
Benefits of an international money transfer
Here are the benefits that you can avail yourself of while sending money abroad to your loved ones:
- Safe, Secure, and Fast
Unlike the old days, sending money from a home bank account to an overseas bank account has become safe and convenient. The best part is that you do not have to worry about losing your hard-earned money. Your bank always keeps you updated and refunds your money in case there is a problem.
It is worth noting that while making an international money transfer, your transfer is facilitated through a legal network of banks known as SWIFT. Almost all banks have a member with SWFIT, ensuring the safety and security of your transaction. Also, international money transfer online is the quickest way to send money abroad.
- Low service charges
Compared to cash transfer agencies like Western Union, Money Gram, or bank-to-bank services, international money transfer online is inexpensive. Keep in mind that banks may charge higher fees which significantly increase the overall cost. They generally charge a certain percentage of the total transfer amount. The higher the transfer amount, the higher the charges. Whereas with international money transfer online, you will only have to pay a nominal sum of the total amount you wish to send abroad, not the percentage.
- Zero paperwork
Given global warming, countries are adopting new environmental safety laws. Everyone is becoming aware of the dangers of deforestation. Therefore, international money transfer online services ensure that minimum or no paperwork is involved to send money abroad.
While sending money abroad, there is no paper to sign or receipt to receive. All documents and notifications regarding your transfer are sent to your registered mobile number or email address.
- 24X7 availability
Your days of standing in long queues or waiting for the banks to open are long gone. With international money transfer online, you can send money abroad from the comfort of your home. You will need a computer with a sufficient balance in your bank account.
Banks and money transfer agencies need to be open to help customers send their money abroad. But, with the international money transfer online, you can send money from anywhere. All you have to do is create an online account, add your details, and link your bank account. You will also need to add the recipient’s bank account details to make subsequent transfers.
If you want to send money abroad for your loved ones, it would be wise to opt for an international money transfer online. It offers a safe and quick way to transfer money from your account to an overseas account. You can send money for education, employment, immigration, visa, family maintenance, etc.
However, before making an international money transfer, monitor the transfer fees and foreign exchange rates. The transfer fee depends on the transfer amount and the destination country, and the foreign exchange rates are subject to fluctuations. Send money abroad when the foreign exchange rates are in your favour.