An international money transfer is the procedure of sending money overseas. These services specialise in foreign exchange services. When one person opens an account with the service, deposits the money and wants to send via your local bank account at that time not charged with any fees. Then, one indicates what country that person wants to transfer the funds to by providing the recipient’s IBAN/SWIFT number and account number. The service then processes the transaction for particular person, which is usually at a better exchange rate and with lower fees due to economies of scale.
Most international bank-to-bank transfers are expensive and slow. One can get a better deal on international money transfers using a dedicated foreign exchange company. Some Indian providers offering this service are Ex Travel Money, UAE Exchange India, Thomas Cook India, Fx Kart, Insta ReM, Book My Forex or Buy Forex Online.
There are two kinds of international money transfer providers: online-only companies and those with storefronts. These services provide more ways to pay and collect cash on international basis.
How do these options work?
Option A: Money transfer companies
- Register online with the transfer service on the basis of personal choice.
- Input the transaction details, including the amount that to be transferred.
- Get it approved by the transfer company. One should need to scan or email a copy of that particular’s ID for the first transaction.
- Transfer funds through the bank using the account details from that person’s transfer company.
- Get that money. That person’s transfer service will deposit the funds in the destination account.
Option B: Transfer money using your bank
- One will need to be able to send money online with his current bank account.
- Usually one need to know the address of the receiving bank, the account details of the receiving account, the account name and often the receiving bank’s SWIFT code (an international bank identification system).
- It’s a good idea to check with your bank about exchange rates.
- One can use this method to send an international money order online to the home bank account or to a third party.
The different types of international money transfer providers.
Brick-and-mortar companies, such as Western Union and Money Gram, all this let make a cash or EFTPOS payment in person, usually without prior registration. The recipient can collect cash moments after one has made a payment by showing identification.
Online-only lenders may let transfer money overseas usually through a bank transfer. These providers deposit the money in the recipient’s foreign bank account.
In most cases, one must register for an account to make the payment on online basis to overseas, and usually, registration is free of cost.