A Rundown On How Bank Remittance Works

[Shashank Bhaskar]

With technological advancements, the world has become smaller and more connected. Today, interacting with someone across borders is as convenient as communicating in the same vicinity. The same goes for money transfers. Banks provide flexible channels to send money across borders. Such services serve helpful when you move abroad and want to transfer earnings back home.

The transfer takes up to a few hours to days, depending on the Remittance channel. Banks use their network worldwide to make this happen. They have a system in place to carry out the process without errors. The only requirement is entering the correct details and adhering to the terms. Hence, understanding how remitting money works is essential. Go through these steps:

Select service provider

Several institutions offer transfer services. If you want to send funds to someone with a Bank Account, you may select your existing bank. Most banks have links with intermediaries to facilitate this. Otherwise, you find various private service providers with competitive rates. Compare them for informed selection.

Assess charges

Banks levy a standard fee for providing International Money Transfer services. They finalise it based on their policy. It is best to check the same on their website to estimate the transfer cost. Use it as a comparison tool to get the best offers and save costs.

Select transfer mode

Due to digitisation, you can transfer both online and offline. You are no longer limited to banking hours or location. With digital mediums, you carry out the transfer process seamlessly. On the other hand, the traditional approach requires you to complete the formalities in person.

Study exchange rates

The service fee is the primary cost involved in Bank Remittance. But that is not the only charge. Banks also levy other charges based on their policy. One of which includes exchange rate markup. This differs based on the fluctuations it goes through. Hence, it is essential to check the same before initiating the transfer. Check sources online to understand the conversion rate prevailing at the transfer time.

Enter the beneficiary's details

You must fill in specific details to send money abroad. The primary information includes the transfer amount, currency, reason to remit, etc. Besides, there is a section to input recipient details. It includes full name, contact number, bank account details, address, etc.

Initiate payment

After verifying the charges and the details, it is time to make the payment. This involves the transfer amount and the applicable charges. After receipt, banks commence the process of sending money overseas. You get updates regarding the same to keep you informed.

Track transfer  

sWith the tracking facility available on the International Money Transfer App, check the transfer status. If you find any issues, reach out the customer care immediately. Avoid waiting until the last moment to notify because they deal with quick movements across intermediaries.

Once you understand the process, transferring money overseas becomes seamless.