People are relocating overseas in greater numbers to pursue their jobs and further education. People want a simple method to get funds from their parents or sponsors in India, whether it be for schooling or initial expenses. To avoid paying exorbitant exchange rates or additional fees, it is crucial to weigh your options when transferring money. In this post, we’ll examine a few of the ways you might send money from India to another country.
Online money transfer
This is one of the most popular methods used by people. It is so because it does not require any paperwork. It is as simple as sending money online. And it’s a relatively faster method than others. You need two bank accounts one in India and another in the country you are residing. Simply collect information about the beneficiary such as account number, swift code, etc, and transfer the desired amount. Although this process includes heavy overhead charges.
Online wire transfers
It is a more recent method and has been gaining popularity. This is similar to sending money abroad by online transfer with the only difference being that it has many intermediatory banks in the transaction. Due to these intermediatory banks, the overhead charges are lower.
Bank draft or cheques
Banks all around the nation have easy access to cashier’s checks and bank drafts. You must go to a bank branch and buy drafts and checks in the local currency of the destination to whom you are sending money. Although they are inexpensive, they take a while to reach the recipient’s account. It is secure because it keeps track of the draft or cheque that does not arrive at the intended location.
Forex card
If you are looking for a quick and easy way without having the hassle of making a new bank account then this is for you. You can issue a Forex card from your Indian bank. All you need to do is simply keep loading your Forex card with the desired amount and desired currency anytime and anywhere. You can do it for yourself or tell anyone else to do it for you. You can use your Forex card to carry out payments or to withdraw cash from an ATM. Although cash withdrawal will likely incur charges. Yet, this is the fastest way to send money abroad. We have written a dedicated article about forex cards which you can read here.
Factors to consider while sending money abroad
- one of the main factors to consider is the exchange rate. The exchange rate fluctuates daily. Make sure to double check rate before transferring money. Also, you might take advantage of a low exchange rate and send more money at once to save when the rate increases.
- Be aware of overhead charges. Overhead charges could be taxes, conversion charges, service charges, etc. Make sure to have full information on these charges as they can easily add up to a large amount.
- The maximum time it takes to transfer money is 72 hr. Hence in case of urgency make sure to be aware of the time it will take to transfer money abroad.
- As a bonus tip avoid sending physical cash through the mail.
To conclude, over the period there have been multiple mediums through which you can send money abroad. Apart from major banks few of the regional banks in association with major banks allow bank transfers. But always make sure to be aware of the total charge while being implied on the transfer before sending.