How to make an online international money transfer?

[digitaldev28]

Nowadays, with an increase in the number of organisations hiring remote employees from different parts of the world, it has helped the country prosper and progress in terms of foreign income and exchange. Companies choose various methods to pay their employees residing in different parts of the world. These steps of transferring money from one country to another have helped boost other nations’ economic development and prosperity.

The fastest method to move money between countries is through a Wire Transfer. You can send funds abroad and convert them into foreign currency. Along with banks, multiple transfer providers cater to customers who need to send large sums of money across the world quickly. Here are the details for bank transfers:

Setting up

Some banks ask you to visit the branch, while others offer the convenience of setting up an online money transfer to India. Each bank differs, so you need to check the offerings of the sending and receiving banks in detail.

Visit the app

If you have the online banking feature, log on to the app, and navigate to the international money transfer section on the screen. Alternatively, you can search for the feature on the Google webpage and select the app download link for Android and IOS. Upon downloading the application, you need to register your account, enter the transaction details, and start remitting money.

Online transfer limit

Your bank requires you to set an online transfer limit for a Foreign Telegraphic Transfer. If the amount is above the daily limit of USD 25,000, you need to authorise it through a call. They send you a unique code to your registered mobile number and email address for verification.

Recipient bank details

To complete the Remittance, provide specific information, like the recipient bank’s name and address, your recipient’s name, address, account type, Bank Account Number, and BIC or SWIFT code.

Amount and currency

The country’s currency automatically appears in the Bank Wire Transfer form when entering the recipient’s information. If not, select the correct currency and enter the transfer amount. Generally, a Bank Account in foreign currency gets denominated in local currency. Double-check whether you are transferring money in the desired currency.

Processing fees

Your bank charges processing fees for the International Wire Transfer ranging from USD 10 to USD 20. So, enquire about them beforehand. Though you pay one fee with your bank, there is an addition of intermediary, and the recipient bank fees.

Duration

After completing the Wire Transfer online form, the app estimates the transfer duration. Regardless, your bank allows you to track the status of the transfer. Most transfers take one to three business days.

Conclusion

The transfer takes longer if the destination Bank Account is in a different time zone with varying working hours.