In the fast developing era of online services, everything has become user-friendly and compact in terms of spending time and efforts. Sending money abroad is one such activity that carries various options to be considered.
Be it, money transfer from any country to another, there are mediums to make the task easy and simpler. Let us further look into the different channels that anyone can make use of.
Before considering options to send money abroad, the individual has to remember the following details to make an error-free transaction online,
- Calculate and arrive at the exact amount that you are going to sending.
- The estimated time of when the money is going to be received by the receiver.
- The mode of transfer to contemplate if the transactions are going to be in a recurring nature.
- The type of currency that the receiver will be receiving
- The cost of making a money transfer abroad
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Generally, there are 3 options that are available when it comes to sending money abroad, namely, the bank, Foreign exchange brokers and the high-end money transferring mediums like western union, transferwise etc. The only hassle faced in the money transfer process is the cost to be paid while carrying out the activity, this cost is known as transaction fees.
Transaction fees differ for every medium that you choose. Figuring out the best and cheapest way to send money abroad is by following the pre-transfer details. The exact estimation of the amount that you are going to send, the destination that the money should be arriving at and how fast does the receiver requires the money, will help you choose the right medium because the transaction fees totally depend upon the individual’s personal needs.
All the leading banks offer money transfer services upto 25 foreign countries and is one of the most easiest ways to send money abroad. As every bank has its own regime to be followed, few banks depending on the country will directly transfer money from the sender’s account to the receiver’s account provided the recipient’s bank details furnished prior to the transaction. This might take up 3-5 business days as per banking regulations.
This method is called the bank drafts. The sender should draw a draft containing all the information about the amount to be sent and the receiver’s banking details and send it to them via mail or courier. This process takes a bit longer to be completed than the inbound process as it takes up to 15 days for the recipient to receive the money.
Foreign exchange Brokers
This method works best if the individual is transferring a higher amount of money in a recurring form. When the transfers are repeated more than once or twice, that particular individual gains a priority with the frim. Firstly, you need to open an account with a reputable currency exchange broker. When you become an account holder, the benefits of fixed exchange rates for a period of time is added.
Delux Money Transfer
The exclusive way to send money abroad is by making use of the transfer mediums that were created just for the sole purpose of transferring money abroad. Some of the mediums include, WesternUnion, transferwise, Paypal etc,.
However, these institution plan the transactions days ahead and offer the prime luxury of scheduling your transfers as per convenience. Although, the later the better because delayed transfers are eligible for a discount that is cheaper at least by 5-20%. It works as simple as just transferring money from one person to another person’s account, but in from one country to another.
Be sure to remember all the details before you choose a medium. Happy Transfer.