Best ways to transfer money internationally
1.Bank Drafts and Cashier’s Checks
Bank Drafts and Cashier’s Cheques are available at various bank outlets across the country. You can physically purchase the bank drafts and cashier’s cheques in the currency of the location you’re sending money to. They are an ideal way to send money abroad as they are comparatively cheap, however take longer durations to reach the recipient. The drafts and cheques are traceable in case the checks or drafts don’t reach the destination, and offer total peace of mind while making money transfer internationally from India
2.International Money Order/ Offline Money Transfer
Before online wire transfers came into existence, money orders were the preferred way to send money abroad, even for people who didn’t know how to send money to another country. Money orders can be deposited into your bank account or cashed at any of the check cashing locations. It is still a safe and cheap way of sending money out of India.
3.Online Money Transfer
Online money transfer is one of the simplest methods to send money abroad. A majority of Indians use this method to make money transfer internationally from India. The process simply requires the destination account details, IBAN or SWIFT code of the recipient bank, account holder information, etc. However, do keep in mind since this process excludes intermediator banks, you may be levied heavy taxes and high exchange rates.
4.Online Wire Transfer
This is the latest mode to have emerged in the money transfer business and offer low fees as well as levied charges for making an international money transfer from India. There are various financial institutions available which you can use to make a wire transfer such as banks, or authorized money exchangers, such as Western Union, Book My Forex etc. This process does usually take longer than online money transfers but is one of the cheapest ways possible to send money abroad. Online wire transfers include intermediator banks to send across money overseas, to be able to provide affordable or negligible overhead charges.
4.Online Wire Transfer
This is the latest mode to have emerged in the money transfer business and offer low fees as well as levied charges for making an international money transfer from India. There are various financial institutions available which you can use to make a wire transfer such as banks, or authorized money exchangers, such as Western Union, Book My Forex etc. This process does usually take longer than online money transfers but is one of the cheapest ways possible to send money abroad. Online wire transfers include intermediator banks to send across money overseas, to be able to provide affordable or negligible overhead charges.
Today, you are no longer limited by the number of options available to you to make a money transfer internationally from India, and have access to a plethora of companies and online platforms to choose from. Whichever one you choose, make sure to verify details such as the recipient account number and other details. Do not forget to compare prices and exchange rates and pay attention to how long the transfer will take, especially if the recipient is on a tight deadline. Always keep a record of your transaction in case you need to track it in the future and beware of frauds and scams. Only choose tried and trusted platforms when it comes to dealing with your money.
