Sending money abroad has become easy and transparent. Your days of standing in long queues or waiting for the bank to open to make an international money transfer are long gone, Thanks to the internet. You can send money abroad for education, business, immigration, medical treatment, etc from the comfort of your home. You just need a bank account with sufficient balance in it and a smartphone with internet connectivity.
There are several ways to make an international money transfer. Here are the popular ones.
● IndusForex
It is an online tool provided by the IndusInd Bank. It allows you to seamlessly transfer money abroad. It is one of the safest and quickest ways to send money to your loved ones. The transaction is conducted through a legal network of banks known as the Society for Worldwide Interbank Financial Communication (SWIFT).
To make an international money transfer through IndusForex, you do not necessarily have to have a bank account with the IndusInd Bank. You will need a bank account with a sufficient balance in it. While buying foreign currency to send abroad, you can avail yourself of the best foreign exchange rates.
● Offline Bank-to-bank transfer
It is one of the popular ways to send money abroad. It requires you to visit the bank and submit a request to send money online. The bank generally charges a percentage of the transfer amount as transfer fees, which can be higher at times. But, it is worth noting that your money is safe with the bank. You can get a refund if the recipient does not get the funds for some reason.
● Cash transfer service
It is the best option if you do not have a bank account. To send money abroad, you will need to visit a cash transfer service in your area. After paying the transfer fees and transfer amount, the service provider will send your hard-earned money abroad. The recipient receives the money within just minutes of the transfer.
● Foreign currency demand draft
It is a time-consuming process to make an international money transfer. But, it comes with lower transfer fees and affordable foreign exchange rates. To make an international money transfer through FCDD, you will need to visit the bank, obtain a demand draft in foreign currency, and send it to the recipient. The whole process can take between 10 to 15 days.
