Sending money internationally has become a common practice. With so many NRIs, sending money internationally has become a norm in India. There are many options available for internal money transfers. Banks are not popular in such transactions as they charge nearly 11% of the amount you want to transfer.
There are some basic steps involved in sending money internationally. Let us look at these steps for our understanding.
- Get Registered
After you have opted for the transaction medium and app, create your account. You need to give your details and documented proof to finish the registration process.
- Details of the Recipient
You are also required to submit the banking and personal details of the individual you want to send the money to. You also have to provide the location in case the recipient is coming to take the money. Be careful while giving your details, as they should match your official identity card.
- Select the amount
After you have entered the recipient’s details, you will have to choose the amount you wish to send them. You also have to select the currency for the transfer.
- Make the Payment
You will then be required to make the necessary payment. You can choose a credit card transfer to a bank account or any other option for the transaction. Depending on the options available, choose one that fulfills your needs.
- Tracking the funds
Apps and websites that facilitate international transfers also allow you to track your payment. You will be given a transaction Id for this. You can keep track of the transfer using this Id. Usually, an estimated time frame is provided within which the transaction will occur.
Each of the mediums has its benefits and drawbacks. Depending on your needs and convenience, you can transfer money internationally.
Let us look at some mediums through which you can transfer money internationally.
Transfer through Wise
Wise is an online medium that allows you to transfer money internationally. It is a cost-efficient medium that eases your international transfer. They are known to give reasonable exchange rates. If you use a bank account for the transfer, you are charged a fee of less than 1% of the amount you want to transfer.
Depending on the country you are sending the money to, the transfer period can range from 1-3 days. A credit card bank transfer will be done within seconds through this medium. There is a transfer limit of around $1 million in Wise.
Transfer through OFX
OFX is another popular medium for international money transfers. It is a swift and safe medium. You don’t have to pay any transfer fee while using this medium, but the exchange rates tend to be higher.
The duration of the money transfer is not as fast as Wise. The transaction will take around 2-3 business days, depending on the country you are sending to.
You can send a minimum amount of $1,000 for a transaction without an upper limit in OFX. This structure is only for bank accounts. You cannot use debit cards or cash in OFX.
The medium is well known for its user experience and has a 24*7 support line.
Transfer through PayPal
PayPal is another popular medium used for international transfers. It gives you a lot of accessibility and different varieties of payment methods. You can send the funds to the respective PayPal account. The individual can then transfer it to their bank accounts. PayPal is especially popular for peer-to-peer international money transfers.
PayPal is a safe and convenient transfer option that comes with hefty fees. You can send a maximum of $60,000 per transaction through PayPal.
To use PayPal for international money transfers, you and the recipient should have PayPal accounts. You can use the online website or the app to complete the transaction. PayPal charges around 5% of the total transaction as a fee.
Transfer through WorldRemit
WorldRemit has low cash transfer fees and covers more than 130 countries for international transfers. Signing up is free of cost on this app. You can do international money transfers using the advantages of credit cards, debit cards, prepaid cards, Google Pay, etc., using WorldRemit. The transfer fee will depend upon the country you send the money to. Often this fee will also depend on the amount of money you are sending. Fund transfers are instant through this medium. But if you want to deliver the cash at home, the transaction will take between 1-7 days. You can send a maximum of $9,000 per transaction.
To conclude, international funds transfer is neither as difficult nor expensive as people think. If you know the right medium, it can be a smooth and effective process. Any of the mediums mentioned above can be beneficial for you. Choose wisely to reap the benefits.