Best Ways for International Money Transfer Services From India

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Are you one of those people who like shopping online but finds it difficult to make purchases because they lack a credit card? I’ll provide you with a wonderful solution in this post for International Money Transfer. With your ATM debit card, you can quickly establish a virtual credit card that you can use for any international purchases where Indian debit cards are not accepted.

Factors to Keep in Mind While Doing International Money Transfer

When you transfer money internationally, there are a few things to consider in order to get your money’s worth.

Transfer Speed: You should expect an ideal timeframe of about 48-72 hours for the money sent from India through appropriate online channels and a few days for cheques and demand drafts.

Exchange Rates: The foreign exchange rate is the value of a currency compared to another foreign currency. A small difference in the exchange rate can make a significant difference in sending a large sum of money.

Overhead Charges: While transferring money, very often you’ll be charged a transfer fee that can be fixed or a percentage of the amount you are transferring, as well as foreign conversion tax and service tax in some cases, for each of the entities involved in the transfer process.

There are 3 main ways to make payments overseas from India.

  1. Bank debit or credit cards
  2. Online money transfers
  3. SWIFT/ Wire transfers

Bank Debit/ Credit cards

Most banks in India allow for international transfers and payments through your debit or credit card. Banks have linked up with companies like VisaMastercardAmex, or other transaction processing firms so that your card can be processed overseas.

But this is a feature that you may have to activate for your Indian-issued debit or credit card if you want to use it for international transactions- including those on online shopping sites. You can usually activate it online through your bank’s online banking facility.

Here is a step by step guide to using a bank debit or credit card for international payments:

  1. Ensure that your card works internationally by confirming the card or activating the international purchases feature online
  2. Sign the back of your card
  3. Use the card either by swiping in person or inserting the chip into the reader or by entering your card details on a payment page online
  4. Look over the details
  5. Confirm your transaction

Using a bank debit or credit card can be an easy choice for international payments since it is the same card you use within India for domestic purchases. But, the same card used internationally can end up costing you more because of international transaction fees and hidden fees with exchange rates.

Make sure to check your bank’s fees and charges for using your debit or credit card abroad.

Online Money Transfer

Online money transfers is a more recent method of sending overseas payments. These methods may make it quick, safe, and simple to send money to more locations. Also, you can frequently access online money transfers directly from a mobile app at any time.

Let’s take a look at two most popular options: PayPal and Wise. There are many other options are also available but we talk here only PayPal and Wise.

>> PayPal

With millions of consumers and businesses using its network, PayPal is the industry leader in online money transfers. The recipient party must first have a PayPal wallet in order to use this seamless method of money transfers and marketplace transactions.

>> Wise

Wise is best for easy low-cost international banking solution to transfers from India globally to 60+ currencies. Wise saves money for you by using smart tech to make payments quickly and securely to local currency bank accounts. Wise is regulated by FCA, and is trusted by over 12 million people around the world.

More read : Top 10 Trending AI Websites That Will Excite You to The Core!

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SWIFT/ Wire Transfer

Money can be sent from one bank account to another abroad using SWIFT or wire transfers. In contrast to online shopping, this works effectively for transactions like tuition payments, deposits, or any larger purchases.

The name of the international financial network that enables banks to transfer funds internationally is SWIFT. Although the majority of India’s medium-sized and big commercial and public banks are SWIFT members, it never hurts to double-check.

Also, when sending money abroad from India, be sure to obtain the SWIFT code and bank account details of your recipient. Every banks has different swift codes for international payments like IFSC code for Indian Payment.

Here is how SWIFT and wire transfers work with banks and Western Union:

The easiest and fastest way to do a SWIFT or wire transfer with your Indian bank is through online banking. Here are the steps, although they may vary from bank to bank:

  1. Sign in to your bank’s online or net banking system
  2. Click on the tab for “Transfer” or “Funds Transfer
  3. Select international transfers
  4. If this is the first time with your recipient, add their details as a beneficiary (it may take 30 minutes to confirm)
  5. Once the beneficiary is confirmed, head back to international transfers
  6. Input the amount to send
  7. Input the reason for sending
  8. Confirm your transaction

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