Transfer money abroad
The need for transferring money abroad arises on several accounts. When your family member goes overseas for education and their tuition fees is to paid or medical treatment abroad or foreign investments or just regular maintenance for your family members abroad. You may want to gift or donate money also which calls for transferring money abroad.
With the online option to transfer money abroad, the process of transferring funds is much faster than before. The simplicity of the transaction along with safety makes the online transfer option preferable over any other methods.
For education purpose a foreign currency demand draft is ideal as it’s a fixed preset payment to the institutions. Online transfer of funds from an Indian bank account to an overseas bank account of the beneficiary is directly done through a wire transfer. These serve as the safest mode of money transfer abroad.
Other way is to transfer money abroad which requires a transfer of funds online but delivery is done in the physical form. So here in the banking partners are tied with to deliver the physical funds to them. One can pick up the funds from the nearest bank partnered with us.
The beneficiary details are given by the sender like name, bank number, SWIFT Code, amount, currency, etc. There are various charges on these remittances like Nostro account charge, swift charge, GST, etc. One needs to understand the time lag in delivery of funds as there might be difference in the time zones or if a weekend falls in between. The beneficiary has to carry proper documents when visiting the bank for funds collection.
There is no fluctuation in the currency rate at which the client transfers the money abroad as the money once transferred has a fixed rate associated with it.