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How To Send Money Abroad

Overview

Akansha was studying in Singapore when she met with an accident. She broke her leg and was confined to a wheelchair for a month. She needed money to take care of her expenses; when she was fit Akansha did a part time job in an event management company which helped her meet personal expenses. Now she was feeling bad about asking help from her dad. Mr Gupta, Akansha's dad wanted to help her but didn't know how to transfer money to Akansha's account.

According to a report published in The Economic Times, in 2016, the amount of outward remittances had touched a record $ 4.6 billion (as of may 2016). This figure was around $1.6 billion in 2015. * In spite of such a staggering increase in outward remittances, there are still many people in India who are not aware of the easy and cost-effective ways to send money abroad.

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One of the safe and reliable ways to transfer money abroad is through banks.You can send money abroad online by using net banking. If you have activated net banking services, log into your account using login ID and password. Click on the Fund Transfer Abroad option and add recipient's details. Once you've filled in all the details, initiate the fund transfer.

You can send money abroad using Telegraphic Transfer, also known Wire Transfer. Funds are transferred between two banks or financial institutions through Society for Worldwide Interbank Financial Telecommunication or SWIFT (the financial services secure messaging network). IndusInd Bank is a member of SWIFT,and it lets users transfer different currencies including the US,Singapore, Australian, Hong Kong and Canadian dollars, the British Pound Sterling, the Japanese Yen, the Saudi Riyal, Swiss Franc, UAE Dirham, to name a few.

Wire or Telegraphic Transfer is fast. The transfer is usually complete within two or four business days, depending on the destination of the transfer and any other currency exchange requirements. There are several benefits of Telegraphic or Wire Transfers. You will get highly attractive foreign exchange rates while converting your currency through this process. Also, there is no upper limit for the amount transferred through this process.

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