Showing posts with label money transfers online. Show all posts
Showing posts with label money transfers online. Show all posts

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, November 5, 2015

Money Transfers Made Easy: How to Send Money Safely and Cheaply

Sending a money order or even a check through the mail simply is not a quick or safe way to forward money to someone you love. While it's possible to ask your bank to transfer money from your account to another, this is only an option if the recipient has the same banking institution and can be subject to delays based on the amount of money being sent. 

If you need to get money to someone quickly but you don't want to spend a fortune on the transfer, here are some safe transfer options that won't cost a ton of money.

Paypal Transfers and Cash Cards

There is more than one way that you can transfer money through Paypal. What's great about Paypal is that you can send money with or without a bank account as long as the recipient has their own account. 

By accessing your account, you can send money from the balance or you can attach a funding card and safely send money from the credit card or bank account directly.

If you don't have a Paypal or bank account, many retailer sell funding Paypal cash cards where you can add money and then deposit it into an account by giving the recipient the code. The costs are minimal, with cash cards costing less than $5.00 to add up to $500. 

Google Wallet for Person-to-Person Transfers

While Paypal can be used to pay businesses or to send money to a friend, Google Wallet is strictly for person-to-person transfers. With this option, you can send money to anyone who has an email address by downloading the app. 

The recipient will receive an email giving instructions on how to receive their money, but they must open their own Wallet account before they can place it in their account or spend it. This is a great way to secure banking info while still sending money on the cheap. Google Wallet is not compatible with prepaid cards for funding purposes.

Quick Money Transfers to Multiple Banks

If you want to send money internationally and you don't want to pay expensive international transfer fees, companies like make international remittance quick and easy. You can use your bank account or credit card to deposit money into a bank in Brazil or even the Philippines. 

After Sharemoney verifies your identity and the funds, money is deposited immediately in a safe and secure manner. The great thing about this transfer service is that they offer great rates and the lowest transfer fees compared to competitors like Moneygram and LuckyMoney.

Social Media Money Transfers Through Facebook

It didn't take long for Facebook to see the profit potential in money transfers. Now, Facebook users can send and receive money from their friends on their account. It takes 3 days for the transfer to process and currently users can only fund the transfer with debit cards through a banking institution. 

This is a great peer-to-peer payment option that is safe and offers you convenience and protections.

When you transfer money, cost should be a concern but you shouldn't overlook security. With all of the fast electronic methods to choose from, choosing an option can be overwhelming. 

Consider limits, fees, time frames and what is needed to send and receive money. Once you investigate the options, you can send the money the appropriate way.

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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