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Best Way to Transfer Money Overseas

Overview

Many believe that the process of outward remittance is complicated as the transactions are governed by stricter rules. However, this is a comparatively easy process once you learn what is considered acceptable by the RBI and what not. There are a number of channels to send money overseas. All you have to do is to select the channel that meets your requirements and comply with the regulations.

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Online Banking

With online banking, you don’t have to visit a bank. The transaction can be done from the comfort of your home. If you have net banking facilities, login to your bank’s online service and check the “remittance” option. Put the account details of the recipient and proof regarding the purpose of the fund transfer. The benefits of transferring funds overseas via online banking include

  • It’s convenient ( you don’t have to visit the bank, you can transfer funds from the comfort of your home)
  • Remittance facility when transferring money online is available 24*7
  • Safe, easy and quick mode of transfer of funds

IndusInd Bank allows non-account holders to transfer money overseas. If you do not have an account, you have to provide your identification and residence proof (for instance, your passport) at the bank. You also have to register the details of the recipient and verify those details. This is done to prevent fraud and ensure safe and secure transfer.

Wire transfer

Transferring funds from India to overseas via Telegraphic Transfer & Wire Transfer is the most secure and reliable option. The term “wire transfer” came into general usage in 1870s when telegraph networks (built with wires between cities) sent information related to money transferred between people located in different areas.

One can send a wire transfer in different ways, and some are faster than others. The fees associated with wire transfers depend on how quickly a sender would like the money delivered to the recipient.

Through wire transfer, it takes 2-4 business days to complete the transaction. However, the time taken to transfer funds depends on the destination of transfer and any other currency exchange requirements. Transferring funds through Wire Transfer has a number of benefits. You will receive attractive foreign exchange rates. Moreover, there is no upper limit of money to be transferred through this process. For wire transfer,you have to visit a bank and talk to them about your transaction requirements.

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