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How to Transfer Money to an Overseas Bank Account

Overview

The traditional methods to send money overseas have been replaced with new innovative ways. Earlier, people used to rely on the post offices for transferring money. However, in the past couple of decades, technology has become more sophisticated, and many efficient ways were introduced to send money to overseas bank account.

Over here we discuss ways to send money overseas. The most popular of them is wire transfer.

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Wire transfer usually refers to the electronic transfer of foreign currency from one bank account to an overseas bank account. Two types of transfers are allowed through Wire Transfer – Inward Remittance (transfer of foreign currency to India) and Outward Remittance (sending money to an overseas bank account). Both Inward and Outward remittance process must comply with the Government and the Reserve Bank of India (RBI) regulations. Compared to Inward Remittance, there is less scope of Outward Remittance in India. The most popular and safest way to send money overseas from Indian banks is through Wire Transfer. If you want to send money to an overseas bank account, you have to approach your local bank for that.

You can easily access this facility from any branch of the IndusInd Bank. You have to visit the branch and fill in a form for transferring money to overseas bank account. You have to furnish details such as recipient's bank name, address, and account details along with the SWIFT code of the overseas bank. The SWIFT code is a unique identification code and is critical to the entire process of wire transfer. These details will help the bank to determine where the money should be transferred.

Once this step is over, the bank will send a message to the receiving bank in the overseas country. This message is sent through a secured system. After this, the funds can be transferred from your account to the overseas account. This is the most secure and fastest way to send money overseas. It is fast, depending on how early you submit your application and how fast the bank completes the entire process. The foreign currency that arrives are considered "cleared" funds so, there is no "hold" period for them.

Sending money to overseas bank account usually takes one or two business days. IndusInd Bank offers Wire transfer of currencies such as British Pound Sterling, Japanese Yen, Australian, American, Canadian, and Singaporean dollars, Saudi Riyal, UAE Dirham, and Swiss Franc.

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