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4 Ways on How You Can Send Money Abroad to Someone
Posted on Friday, March 4th, 2022 | By IndusInd Bank
Want to make an international money transfer to your child overseas? Or maybe one of your relatives living abroad is facing a financial emergency and is in urgent need of cash. Whatever may be your reason for overseas money transfer, outward remittance is the best way to do it.
Simply put, it is a money transfer method which enables you to move money from a domestic bank to an international one. Now that the basics are out of the way let us understand the variousways you can carry out outward remittance.
Wire Transfer
Fast, secure, and efficient, wire transfer is a form of electronic fund transfer and one of the most popular ways to send money abroad. You can wire transfer money in two ways, which are:
Bank Wire Transfer
If you have a bank account, you can transfer funds abroad online or offline via a bank wire transfer. To initiate a transaction, you need to provide information like the details of the beneficiary, the currency in which the transfer needs to occur, bank account information, address of the bank, etc. Note that the details required may differ slightly depending on your bank.
Once you provide the required details, the bank transfers the funds directly to the beneficiary’s bank account or via a bunch of intermediaries. All the communication takes place using a SWIFT code on a secure network. Hence, you never have to worry about your funds going missing due to a security breach throughout the process.
Fund Transfer Through Different Service Providers
Don’t have a bank account? You can make international fund transfers through an authorised agent or service provider as well. Here, you only need to provide the beneficiary details, cash, and your own identification documents. The agents then verify the details and send the money to the beneficiary’s account through wire transfer.
Whether you choose to make a bank wire transfer or go via a third party, you will have to pay transfer fees and exchange rate charges. The amount you pay will vary between banks. The upside? The transfer process is quick and very secure.
Foreign Currency Demand Draft
Most banks offer a foreign demand draft (DD) facility for outward remittance. Here, the demand draft is made with the foreign currency you choose, and an equivalent sum is deducted from your bank account. Moreover, banks charge extra for issuing a draft, and you have to bear the courier charges involved as well.
The entire process of transferring funds through this mode takes about 10-12 days. Additionally, since demand drafts are easily traceable, you can be at peace that your funds will not go missing.
Online Fund Transfer via Internet Banking
Some banks allow you to transfer funds abroad via Internet banking too. All you need to do is log in to your internet banking account, enter the beneficiary details, the receiving bank’s code, and other required information to start the transfer process. Remember, since the process doesn’t involve intermediary bank accounts, you might have to bear hefty taxes and high exchange rates along the way.
Send Outward Remittance Through a Trusted Partner Today!
Now that you know the different outward remittance, the next step is choosing the right banking partner to help you out. For instance, at IndusInd Bank, we offer facilities to transfer funds in 16 different currencies at your convenience.
What’s more, if you need any assistance, we are just a call away. Visit the IndusInd Bank website to learn about our outward remittance services, and carry out international fund transfers to your loved ones without hassles.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
