Showing posts with label international money transfer. Show all posts
Showing posts with label international money transfer. Show all posts

Thursday, July 22, 2021

Things to Know About an International Money Transfer Service

Money transfer services, for example, are one of the numerous businesses that have sprung up as a result of the internet. There were originally just a few options for money transmission. 

A person would enter the company and initiate a money transfer. There would be a charge for money to be transmitted to the customer's preferred location. 

Then, whoever required the money would travel to a money transfer service facility near them to pick up a check or cash. Having identification was frequently required for this money transfer services. 

However, things have changed, and so have the methods for transferring funds.

Money truly does make the world go round, and remittances are critical to the global economy's survival. Whatever your purpose for money transfer services, there are several services and operators to select from.

1. Mode of Transfer

Bank Money Transfer Service - At the request of the sender, funds are transferred by issuing Drafts, Cheques, and Pay Orders in favor of the recipient. 

This may be accomplished by going to the nearest branch during business hours and fulfilling all of the criteria. Fill up the pay-in-slip with all of the relevant information and send it to the bank officer. 

Remember to get an acknowledgment for every transaction you make at the bank. Within three days following the deposit of the drafts, check, or pay order, the money will be deposited to the receiver's account.

Online/Internet/Wire Money Transfer Service - This is a type of electronic money transfer service available virtually everywhere in the globe. Simply enrolling for the Internet banking service allows for a paperless, quickest, and easiest money transfer. 

You may transfer or receive money from an overseas account to an account in your own nation using modern technology such as computers and the internet. You get the ability to respond to all crises at any time of day.

Credit Card Transfer Service - All credit cardholders have access to this service. If you dislike writing checks or having a draft drawn on your account, a credit card money transfer might be quite useful. All you have to do now is enter your recipient's credit card number and the amount you wish to send, and you're done. 

You may either have your account charged right now or arrange it to be debited later. Within 2 to 3 business days, the funds are sent to your beneficiary's credit card account.

2. Cost of Transfer

The cost of transferring money is determined by currency rates, transfer mode (cash, bank, internet), commission costs imposed by the remittance agency, and other factors. They will also differ based on the network of the service provider and the various value-added services available. 

Said, calculate how much money the receiver receives after the transaction, indicating the transaction costs. When using a certain sort of money transfer service, one should be aware of the following:

  • Rate Of Change: The rate at which one currency is exchanged for another is known as the exchange rate. This rate will fluctuate based on the global financial situation and other economic factors. The currency value of the recipient is always prudent to wait until it is less than the currency value of the sender so that additional money may be sent out. When someone in the USA wishes to send money to Mexico, they should preferably transfer money when the value of the money is less than the dollar so that more pesos may be transferred for each dollar.
  • Fees: These are the transferring fees charged to the service provider and the money transfer method.
  • Taxes: Some nations apply a value-added tax on the fees. Taxes: Tell the customer service manager before making a transaction for further details.

3. Comparison

Before transferring money, it is usually important to evaluate all available choices. It will help to understand the pattern to compare exchange rates at different times. 

While one provider may have a broad network, another supplier might tout state-of-the-art technologies. Therefore it is essential to recognize and choose one's requirements.

Always inquire how long it takes for the money to be transferred. If you need the money to come soon, this is quite crucial. You should verify the specifics of the costs, transfer time, and other choices accessible for any money transfer service. 

Check to see whether you can transfer money internationally and to another country if that's what you require. Not all money transfer services are accessible in all countries.

Money transaction services are growing safer every day in both local and international settings. It is safe and convenient to use this service, especially in an emergency. 

Send money to an account using a bank account, money order, debit card, credit card, or other methods. It is, however, essential to make sure that all transactions are performed safely and that no personal information is given out that might endanger your account.

Saturday, July 28, 2018

How Can Working Students Send Money back Home?

Are you a student working part-time overseas? Wondering how you can transfer money to your parents back home in India? Check out the top ways to initiate overseas transfers.

Few years ago, Rahul arrived in the US to pursue his higher studies in computer science. Today, he has happily settled into his course and even manages to earn some extra money working on the weekends, helping his professor grade papers.

Having seen his parents try their best to make his overseas education dreams come true, Rahul now wants to repay them. He wants to send some of his part-time work money back home as an expression of gratitude and love to his parents; for all that they have sacrificed for him.

Now, comes the big question! What’s the best way for Rahul to send money to India? Here, in this post, we take a look at the options available to him, and the pros and cons of each method.

Popular Options to Transfer Money to India from overseas:

Demand Draft (DD)

As the name suggests, this method of transfer is initiated by getting a demand draft issued in the name of the receiver. This is an excellent method to surprise your parents. In fact, Rahul used a Demand Draft to surprise his mom with a monetary gift with his first salary.

How Does it Work – To use this method, you have to visit your bank’s nearest branch. Specify the amount you wish to transfer. This amount is automatically debited from your account and the bank issues you a DD in the name of the receiver. You can then courier (airmail) this DD to your parent’s address in India.

Once they have received the DD, they can take it to their bank to encash it. While this may seem straightforward, this method of transfer is time-consuming and requires a visit to the bank on both the sender’s and receiver’s ends. Additionally, it’s slow and takes around 10-15 days for the process to be completed.

Instant Transfer

This one is mostly used for emergency situations when the receiver needs cash immediately. While this method of transfer is quick, there is a limit on the amount you can send. What more, the exchange rates are pretty high, and the transfer cost is also a bit steep. However, the receiver can receive the amount instantly.

How Does it Work – You have to visit the outlet of a transfer service provider. Once you pay the transfer amount, the agent provides you with a Pin. Specify this Pin number to the receiver. The receiver can then visit the nearest outlet of the service provider in India. Specify the Pin, verify his/her identity and receive the cash immediately.

Automatic Clearing House (ACH) Transfer via Bank Accounts

This is one of the most widely used methods to transfer money to India from overseas. This method is also referred to as a direct deposit. The amount you wish to send is automatically debited from your bank account in the US and credited to the bank account of the receiver in India.

How Does it Work – You can initiate the transaction by logging into your bank’s website or mobile app. You have to add the receiver’s bank details and then click on transfer. This method of transmission is quicker when compared to sending a demand draft. And, you can complete the entire transaction with just a few clicks on your Smartphone. No need to visit the bank either on the sender’s end or the receiver’s end.

Final Thoughts

These are the three popular methods to transfer money to India from overseas by working students. Choose the right one that meets your specific requirements and enjoy safe transactions.

Thursday, July 4, 2013

Sending Money to People in Other Countries

These days there is an ever-increasing amount of people both going abroad for holidays as well as choosing a foreign country as a place to live or retire. 

This increase in the amount of people residing overseas has also meant that there has been a steady rise in the demand for international money transfers from banks and of course independent transfer companies.

In fact, these days most high street banks can transfer money to overseas accounts, as well as the independent money transfer companies that are now found in most town centres. For people that transfer money overseas on a regular basis there are other options and by visiting or other similar companies you can actually set up an account for dedicated international transfers. 

There are however, a few simple things to remember before you set off to the bank or transfer office to send money to your backpacking daughter or maybe even send funds as part of an overseas business investment. Below we will look at a few of these considerations, which will definitely save you time and possible even some money.

Your ID

Before you set off out to the bank or transfer office make sure that you have some proof of identity that you can present to the bank teller or transfer staff. These days all international transfers need proof of ID before they will send funds. This is due to international regulations regarding money laundering as well as the illegal funding of terrorist organisations. If you forget to bring your ID you will quickly find out that you have just made a wasted journey and will have to return home to retrieve it.

Pick your Day

A money transfer can take from 10 minutes to 7 days to reach its intended destination. Most banks however can generally get the money to the recipient in around three working days. So, if you are sending money to someone using a bank, remember that the beginning of the working week will always be advantageous. If someone finds themself in a situation where they are very desperate for cash, it is generally a good idea to pay the extra fees and use an instant transfer service.

The Exchange Rate Margin

If you are transferring larger sums of money overseas for maybe a business or an investment, it’s very wise to check the exchange rate margin. This is how much the service provider is actually taking from the currency exchange. If you are only sending a small amount the rate is not really so important but on larger transfers it can seriously add up. So, before you actually send your money make the calculations to make sure that you are not losing too much on the exchange rate.

Your Receipt

Remember to keep your receipt in a safe place, this will be your only proof of sending if for some reason the transfer does not go through cleanly. Keep the receipt until the person you have sent the money to confirms the transfer. It is just a precaution but if you are sending funds to some of the more remote areas in the world, still a good idea.


An IBAN or an international bank account number is something that you will need if you are sending money to another persons bank account outside of your own country. This number will be on the top of your bank statements next your sort code and will be clearly marked ‘IBAN #’. You will also need to know the IBAN number of the recipient’s bank account before the funds can be transferred.

About the Author:
Currency UK at is a money exchange business that is dedicated in helping clients move pounds in foreign currency across the globe. 

Monday, June 17, 2013

Discover the Best Tips for Quick and Easy Money Transfers Abroad

In the modern day there are many different ways people can send money abroad. Obviously it is always good to have a lot of choice; however this can make things more confusing at the same time. A lot of people find it mind-boggling when it comes to deciphering what method of sending international payments is the best. Nevertheless, by the time you have finished reading this article all should be a lot clearer. 

Choose to transact face to face or complete your money transfer online

As mentioned earlier, there are many different ways you can send an international payment. Nevertheless, to narrow down your choices you should decide whether you prefer to transact face to face or complete your money transfer online . There are a lot of benefits to be had via using the internet, however, if you prefer to deal with a person then face to face options are available.

One of the main advantages associated with the internet is the fact that it is a lot more convenient. If you need to transfer money quickly then this is the best way to do so. You can make your money transfer from the comfort of your own home with only a few integral pieces of information – such as your personal information and bank details, as well as the recipient’s details.

Sometimes you may find that better exchange rates are offered online.

If you prefer to deal face to face then make sure that you shop around as exchange rates and fees can vary dramatically. Deal with businesses that you trust and have more than a few branches and most importantly check that the company you chose are registered with the Financial Conduct Authority.

A credible and secure money transfer company

When searching for the best online money transfer company you need to take a lot more into account than the points already mentioned. Finding a good deal is one thing, but you need to make sure that the website is genuine and that the company is credible. After all, the last thing you want is for your money to be lost altogether.

The best way to check the worth of the business is to make sure that they have a substantial level of experience, check how long they have been trading – most companies will say this somewhere on their website. If you have their FCA registration number you can check that they are registered on the website. 

Finding the best exchange rates for your money transfer

And last but not least, you obviously need to make sure that the company you opt for offers good exchange rates. After all, let’s say you are sending money abroad to pay a maintenance company for work they have done on your holiday home. They charge $500 for their service. It does not matter to them whether your exchange rate is good or not; $500 is what has been agreed. If you look for a good exchange rate you won’t lose too much money. However, if the exchange rate is poor then in reality you are going to end up paying a lot more than $500.

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