Do you wish to send money overseas? There are multiple ways of sending money internationally. From the wire transfers to making use of some reliable money transfer company or agent –you can make the choicest decision while sending money to someone abroad. However, if you are thinking of sending money in the most secure and reliable manner, then sending the same through a bank account can be your safest option. Various banks are nowadays, offering both the online as well as offline modes of money transfer internationally. However, you would still need to consider various factors while sending the money overseas.
Choosing to Send the Money Overseas
The best way to transfer money internationally depends on various factors like:
- The amount of money you are sending
- The overall cost of sending the money
- The number of times you will be sending the money
- The manner in which the recipient wishes to accept the money
- The time period within the money needs to be transferred successfully
Sending Money Overseas
Step 1: You must look at your options while sending money internationally. You can go for the following options:
- Bank transfers using a bank account
- FX (Foreign Exchange) brokers
- High-street money transfer schemes like the Western Union
As per the golden rule, the transfer of money through banks are considered to be safe and highly reliable.
Step 2: Analyze the overall cost of sending the money. The cost would depend on a number of factors that could be in the following form:
- Foreign exchange rates
- The amount the particular bank or firm is going to charge you for making the money transfer
- Charges the recipient might have to cover for receiving the money
Step 3: This step would involve confirming all the details such that they are correct and the desired amount reaches the intended recipient. You must also ensure that the company or mode of transfer chosen by you is able to handle the transfer amount and the time frame as well. While sending a big amount, you must ensure that it is transferred safely.
Using the Bank Account for Sending Money
The banks are considered to be the safest and the most reliable modes of transferring money internationally. Here are some advantages of sending your money with the help of a bank account:
- Easy to Arrange: Your bank will guide you through the entire process and you will be able to make the transfer in a seamless manner. Moreover, you can also make the transfer with the help of your smartphone in the comfort of your home through the online transfer.
- Convenient: The banks are usually on the high street and therefore, you can set up the transfer of your money overseas as some regular payment.
- Safe & Secure: Your money is protected while being transferred overseas. As most of the details are properly verified by the banks, the transactions are absent from any potential threat from the hackers.
There are two ways of money transfer to India using a bank account:
- Internet Banking: Most of the banks nowadays, offer the ease of online payments. You just need to log in with your Internet banking credentials. Then you can fill the desired form properly and can make the online payment with the help of your online wallet or debit/credit cards.
- Branch Payment: In case you are skeptical about sending money online, you can go to the offline branch of the bank and then make the transfer.