During his trip to Kuala Lumpur, Ankush was on a shopping spree. From shopping at international high-end fashion stores at Siam Paragon to buying knick knacks at China Town in Petaling Street – he was enjoying the shopping experience in Kuala Lumpur so much so that he overspent and fell short of money. In Kuala Lumpur, he took a loan from his friend who stays there. Now back in India, Ankush is looking for ways to send money overseas.
Wire transfer is one of the best and the fastest ways to send money overseas.
What is Wire Transfer?
This is a process under which foreign currency is transferred electronically. A traditional wire transfer is carried out through a network called SWIFT or Society for Worldwide Interbank Financial Telecommunication. This is the most convenient and fast way to send money overseas online. This is because it's safe and takes only one or two days to transfer money to overseas banks. The clearance of the money is also fast. Since the money is transferred fast, so the recipient doesn't have to wait for long to withdraw funds.
Usually, when an amount is deposited to an account, the banks usually put a hold on that deposit for at least a business day before the account holder could use it. The banks do this to ensure whether the transfer is legitimate or not. But in case of a wire transfer, a "no hold" is placed on the money. This means the recipient can access the money as soon as he or she receives it.
Compared to other ways to send money overseas, the processing time for wire transfer is also less. You can complete wire transfer within a day. This, however, depends on how early you submit your application for a transfer. It usually takes several hours to show the transfer in the recipient's account.
How to use Wire Transfer service?
If you want to send money overseas through wire transfer, you have to submit an application to the bank. You have to provide details such as the address and name of the bank, the account details of the recipient, identity proof, and the SWIFT code of the recipient's bank.
Tips to Remember
Each bank charges a specific fee to send money overseas online. Avail wire transfer services of IndusInd Bank offers at a much convenient rate.
Send a wire transfer to loved ones at best forex rates online!