Whether you wish to send money from India to the USA, the process of making an international money transfer has become straightforward. There are several ways you can opt to send money abroad. For instance, you can opt for bank-to-bank transfer, wire transfer, money transfer agency, or foreign currency demand draft.
Each of the said options has its features and limitations. The transfer fee and the foreign exchange rates vary across money transfer service providers. However, if you send money through an online platform, you will save significantly on transfer fees and exchange rates.
How does international money transfer online work?
There are three key players in an international money transfer online - the sender, the recipient, and the service provider. To make an international money transfer online, you (the sender) will need to initiate the transfer through your online money service provider. You will need to provide the recipient's bank account details, such as bank name, account number, and SWIFT code.
After entering your details, you will need to provide the transfer amount and transfer fees. Your service provider will then send the funds to the recipient’s bank account. Generally, it takes from 2 to 4 working days for the funds to sit in the overseas account.
Reasons why international money transfer online is a better option:
Safety and security
Unlike the traditional money transfer method, sending money from India to the USA through online services has become convenient and safe. The transactions are conducted through a legal network of banks known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Almost all financial service providers are members of the SWIFT, ensuring the safety and security of your hard-earned money. Besides that, international money transfer online is the quickest way to send money abroad. It should not take more than 2 to 4 working days for the funds to reach the recipient.
Affordable charges
Unlike banks and cash transfer agencies, such as Western Union and MoneyGram, international money transfer online is inexpensive. Banks and money transfer agencies have service fees and hidden charges that add significantly to the total cost of sending money abroad.
Furthermore, banks and financial institutions charge fees based on the amount you send. It is generally a percentage of the total transfer amount. So, the higher the transfer amount, the higher will be the transfer fees. As with the international money transfer online, you will need to pay a nominal sum of the total amount you wish to transfer - not the percentage.
Absence of paperwork
Another benefit of international money transfer online is that there is zero paperwork involved to send money from India to the USA, Canada, or anywhere else. While making a transfer, there is paper involved to sign or receipts. All notifications regarding your transfer are either sent to your registered mobile number or email address.
Availability
The best thing about an international money transfer online is that you no longer need to stand in long queues or wait for the bank and money transfer agencies to open to send money abroad. You can send money abroad from the comfort of your home. All you need is a laptop, an activated net banking account, and a sufficient balance in your bank account.
Banks and money transfer agencies will have to be open to transfer funds abroad. But, with international money transfers online, there is no such restriction. You can send money to your loved ones at from anywhere.
In short
Whether you want to send money from India to the USA for education, immigration, employment, medical treatment, family maintenance, or business purposes, sending it through an online platform may be the best option to make safe and quick transactions. The upside is that you can avail yourself of lower transfer fees and affordable foreign exchange rates.