What Are The Ways To Transfer Money Overseas?

[Shashank Bhaskar]

Transferring money overseas has become relatively simpler these days. You do not have to undergo various formalities to make such transactions. Thanks to the availability of International Money Transfer facilities, it does not take too long to do so. You can instantly send any amount to your relative, friend, or family living abroad. But before you avail of such facilities, you should have adequate knowledge about them.

Learning about the different methods is a good start. Following are some of them:

Online money transfers

An online money transfer is the simplest way to send money abroad. Many Indians use it to transfer funds to their friends and family living overseas. You simply need to have the following to submit the following details to initiate one:

• Recipient’s Bank Account information
• IBAN or SWIFT code of the recipient’s bank
• Recipient’s information

Note that such transfers exclude the involvement of intermediator banks. Hence, they hold heavy taxes and high exchange rates. But if you choose a reliable provider, you can avail of some discounts on the International Money Transfer app.

Wire Transfers

Wire Transfers are relatively new when it comes to International Money Transfer methods. They help you transmit money from one country to another electronically. They are also cheaper than other means of transfer. Hence, they are helpful when you do not want to bear high processing costs.  For example, you want to quickly transfer money from India to the USA.

But you do not wish to deal with the processing fees. In this case, you should go for a Wire Transfer. Not only is it quick but also cost-efficient.

Bank drafts

A bank draft is yet another popular way to transfer money internationally. It is comparatively cheaper and traceable. You simply need to purchase the bank draft in the currency of the location where you wish to send the money. Then, fill in the recipient’s and your online Bank Account details. Once the information gets verified, the transfer then gets initiated instantly.

Although efficient, bank drafts take longer to reach the recipient. Hence, relying on them during emergencies is not advisable.

International money order

The sender must visit the post office here. They then fill the money order mentioning their and the recipient’s details. After submission, pay the amount equivalent to the currency value along with the issuing fee.  Lastly, the post office hands the receipt to the sender to help them trace the transaction.