What Are Low-Cost Money Transfer Options?

[Shashank Bhaskar]

Transferring money as cash, cheque, bank draft, or money order is too old in today's technology-driven world. While conventional techniques seem less prevalent than speedier technological methods for transferring money between accounts, states, and even countries, this does not rule out the possibility of using them.

Furthermore, if cost is your primary issue, there are low-cost money transfer methods, with the lowest method varying based on your needs. Many other transfer services, such as wire transfers to another bank, can be set up with the help of a bank teller. You need the beneficiary's account number to send money and the bank's routing number for another Bank Account transfer.

Sending funds to a different bank gets accompanied by costs. So, know the different low-cost fund transfer methods:

Bank

They help with different transactions. If you transfer funds from between accounts inside the same financial institution, do so for free at your bank. It gets done physically at a bank by withdrawing funds from one account and depositing them into another or completed online.

Overseas fund transfers are possible through your bank, though you need a lot more information, such as the account holder's name and address, information about the financial institution where the funds get sent, and the recipient bank's SWIFT or IBAN.  A reputed bank will send money from Canada to India instantly.

Western Union or MoneyGram

These are two companies that offer similar services for sending money to another country. They charge a set rate for the transfer, based on the speed, the recipient's location, and the amount sent. You get charged an exchange rate if you are sending money overseas or internationally.

These services do not always provide a competitive exchange rate, resulting in a hidden fee whenever you send money internationally. However, the most significant advantage of these services is that they are dependable and convenient. Money transfer to India from the UK gets done in quick and easy steps using this service.

Email Money Transfers

They are available from several banks, particularly the larger ones. This money transfer works in the same way as an electronic check. Although the transaction gets launched by email, and the recipient receives alert that the funds are available, the funds do not get physically transmitted by email.

Although a security question is usually necessary to identify the recipient before retrieving the funds, you do not require the recipient's account number. Use this facility to transfer money from the UK to India.