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How To Wire Money Overseas?

Overview

Smita recently planned a surprise vacation trip to Bangkok for her parents. Her parents were pretty happy; they visited the night markets, enjoyed the long boat ride along the river and were quite excited after visiting the Grand Palace. Everything was going fine until yesterday when she received an urgent phone call from her father. While shopping for gifts and souvenirs, her parents ran short of money and asked Smita to help them. Smita asked one of her friends in Bangkok to lend money to her parents. Now Smita is searching for options to transfer money to her friend’s account. Her colleagues suggested her to do a Wire Transfer to her friend’s account; but she was clueless about how to wire money overseas.

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Here, we discuss how to and the best way to wire money overseas:

Wire transfer (also known as Telegraphic Transfer or TT) is one of the hassle-free ways to send money overseas . A wire transfer is carried out between two banks or financial institutions through a network called Society for the Worldwide Interbank Financial Telecommunication or SWIFT.

Here is how you can wire money overseas:

1. Activate your Online Banking Profile

This is a prerequisite of transferring money overseas. Visit your bank and ask them to activate your online banking account. Once it's activated, log into the account with the username and password provided by the bank. After you have logged into your profile, check the option for making a wire transfer.

2. Set a transaction Limit

There is a limit for transferring money overseas, and you need to specify it to the bank before you make a transfer. The maximum limit of transfer (as specified by the Reserve Bank of India) is USD 2, 50,000 per year under the Liberalised Remittances Scheme.

3. Input details of recipient's Bank

After you have set your transfer limit, for completing your transaction, provide the bank and account details of the recipient. You have to provide details such as: • Name and address of the recipient's bank • The account details of the recipient (such as type of account and account number) • The SWIFTBIC code of the recipient's bank. This information is required for your bank to identify the recipient's bank.

4. Specify the amount and the currency

Once you have entered all the details, you will see the country and currency options. Choose the preferred currency from the drop-down menu and specify the amount of money you want to transfer.

5. Fees

The banks usually charge a certain amount or processing fee for carrying out wire transfer. Talk to your bank before and know about the fees. Usually, it takes 2 to 4 business days to complete the transaction.

With IndusInd Bank, you can place your transfer order anytime of the day. We have a fast, simplified, and paperless process.

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