How To Transfer Money Overseas: A Complete Guide

Nowadays, transferring money from one country to another is not that tough. Whether you are supporting relatives with money, paying tuition dues, or even facing international expenses, transferring money using an international channel is now safer and easier than before. It is time to know how to send money abroad.

What is an International Money Transfer?

International Money Transfer is transferring money from your account in one country to another person’s account in another country. One may also transfer money using his/her savings account by applying through the mobile app or by visiting the branch, as it becomes possible to transfer money overseas today using an improved portfolio of technological innovations and banking.

Step-by-Step Guide to Transfer Money Overseas

Here is a simple process to follow when sending money internationally:

Step 1: Choose Your Transfer Method

Choose how you want to send money abroad. Options include:

• Bank Transfers: Send your savings balance directly to the recipient’s account.
• Online Platform: Transfer money digitally using sites like PayPal, Wise, or Western Union.
• Mobile Banking App: Most banks offer apps for sending money internationally for convenience.

Step 2: Gather Required Details

You will need some key information for starting the transfer:

• Recipient’s Full Name
• Recipient’s Bank Details 
• SWIFT/BIC Code: This unique code identifies the recipient’s bank.
• Currency: What currency do you wish to send?
• Purpose of Transfer: Some banks may want to know why you are sending the money.

Step 3: Calculate Fees

Most foreign money transfers involve fees. These can include:

• Transfer Fees: A standard fee charged for the transaction.
• Exchange Rate Markups: Some services charge rates above the existing rates as hidden costs.
• Receiving Fees: Some banks charge for receiving international wires on the other side. Check what these are in order not to be surprised.

Step 4: Initiate the Transfer

After choosing your transfer method, enter the necessary information, check the transfer fees and the exchange rate, and send money internationally. This can be done via an online application, through the bank’s site, or via a physical visit to the bank.

Step 5: Track the Transfer

You will get a confirmation number or tracking ID once your transfer has been initiated. You can now keep track of your transaction until it is fully completed.

Benefits of Transferring Money Overseas

Transferring money overseas offers a range of advantages, especially with modern banking innovations:

Fast and Secure Transactions

Modern banking technology guarantees speedy and secure international money transfers. Digital platforms and mobile banking apps can deliver money to beneficiaries within minutes or hours.

Wide Accessibility

Send money abroad from anywhere: home, at work, or traveling. Many banks and online platforms allow 24/7 transfers.

Support for Multiple Currencies

Foreign money transfer services cater to a broad spectrum of currencies, making sending money to most countries easy.

Best Ways to Transfer Funds Internationally

Money can be sent through bank transfers, online platforms like PayPal or Wise, or mobile banking apps. These methods are safe, fast, and available for a convenient transfer of money abroad with little trouble.

Tips for Hassle-Free International Money Transfers

1. Compare Providers: Compare access costs and exchange rates with banks and other online providers to select the most cost-effective.
2. Double-Check Details: Ensure the beneficiary’s name, account number, and SWIFT/BIC code are right to ensure no time losses.
3. Advance Planning: If not an immediate transfer, one may wait for favorable exchange rates to enhance his amount.
4. Understand Limits: Some banks and platforms impose daily or monthly transfer limits. Verify these before undertaking a big transaction.

Conclusion

Sending money to a foreign country is no longer a big deal. Technology has made it easier how to send money overseas today compared to the past decades. There are numerous avenues to send money internationally, including bank transfers, mobile apps, and internet platforms. An international money transfer keeps you financially connected for your family needs, education, or business.

FAQs on Transfer Money Overseas

Can we send money internationally with Google Pay?

Google Pay international remittances can be made via third-party services such as Wise and Western Union.

How much tax is applicable when sending money abroad from India?

A 5% TCS is charged in India as remittances above INR 7 lakh under the rules of the Liberalised Remittance Scheme. 

Can I keep my Indian savings account if I move abroad?

You can maintain Indian savings accounts abroad. 

How do you use an Indian bank account abroad?

It can be used for online transactions, fund transfers, and other banking services.